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Whether they know it or not, almost everyone has adopted their own artificial intelligence-driven personal assistant. Whether you use Siri, Alexa, Cortana, Google Assistant or something else, you have incredible AI technology right at your fingertips.
Soon, those assistants may also be complete with instant translation technology, allowing anyone to have a conversation with anyone else in the world, without a language barrier. That means as a CRE broker, you’ll be able to do business and build relationships with people in every market all over the globe.
A recent Futurism article discussed how major tech companies are incorporating real-time translation services into AI assistant devices like Cortana, Siri, and Google Assistant. Futurism also noted Alexa is not far behind, and Chinese company Xiaomi is incorporating a translator into their Xiao AI as well.
According to the article, more than 60 million Americans speak a language other than English in their homes. Instant translation technology will benefit people in every role, from students and teachers, to doctors and even to those who deal in commercial real estate.
What does it mean for CRE?
Potential buyers and investors who typically may not have been able to enter the commercial real estate market in the US due to language barriers will soon be able to get in on the action. Translation tools will make it easier for people from all over the world to move anywhere else, and CRE will go even more global.
People will be able to live and work wherever they want, even if they don’t know the language. This opens the market to include more international buyers brokers can work with, and with the translation technology, it will be easier for them to build necessary relationships.
If you’re interested in learning more about what AI tools and technologies will mean for the CRE industry, download our resource: Demystifying the future of artificial intelligence. In it, we discuss in greater depth why AI matters for CRE, how it will affect the industry and what you can do now to prepare for oncoming changes.