2019 Multifamily Innovation Digital Magazine

So why has AI now become the
latest buzz-word in Real Estate
and Construction Tech? Exponential
growth in computational
power coupled with the ability to
cost-effectively store the estimated
2.5 quintillion bytes of data
created every day has brought
computing to a point where
algorithms can be effectively
developed and provide accurate
results.
The unfortunate reality, however,
is that while we have been able
to harness increased computing
and storage power to make undeniably
revolutionary technology,
the field of computing has made
relatively little progress towards
the original vision of Artificial
Intelligence.
Despite this, there are innovative
startups using today’s AI to help
the Real Estate and Construction
industry keep up with the demand
for higher outputs, reduced cost,
and solve other difficult challenges.
One problem these startups
face is a lack of data. Nearly
all AI solutions require massive
amounts of reference
data for training. Without
training data, the solutions are
academically interesting but
lack the accuracy to be useful
in real-world projects without
significant human oversight.
Since the industry has proven
to be a laggard in technology
adoption, the historical data
needed often does not exist.
Larger, more tech-savvy firms
may have some data sets but
are wary of sharing it with
outside parties. Although
data availability will increase
as new technology adoption
increases, the overall lack of
data will continue to be a significant
barrier to Multifamily
tech startups in the near term.
Recent venture capital attention
in the space should
increase the number of companies
actually developing defensible
technology solutions.
Increased investment dollars
will also attract more innovative
talent to the market and
allow startups to scale faster
so they can provide value on
larger projects. But we have a
long way to go and have only
scratched the surface of AI in
Multifamily tech today despite
the hype.
CTO, Matthew Ohlman is a software engineer
passionate about building engineering
teams and products that push
the boundaries of technology in order
to transform industries. His 15 years of
experience include creating a variety of
product solutions for the AEC industry.
He performs technical due diligence on
potential investments and for corporate
enterprises in addition to managing
Shadow’s advisory program.
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