Most commercial real estate firms believe AI will transform their business. Only 9% have done anything about it. That is not a technology problem. It is a workflow problem - and no one is asking the right question to close the gap.
Eglae Recchia, CEO of Keyway, has been building purpose-built AI infrastructure for CRE for five years. Her read on the 91% is direct: the industry moved toward solutions before identifying the problems.
Three things worth noting from the conversation:
The build-vs-buy math is settled. A CTO she spoke with recently gave his team open access to general-purpose LLM APIs. They spent $100,000 in tokens in a month and got inconsistent outputs. Keyway's entire team works on one problem. A CRE firm's tech team does not.
Hallucinations are an underwriting liability. General-purpose models produce different answers to identical inputs. That is tolerable for email drafts. It is not tolerable in a fiduciary environment. Keyway's agent orchestration layer, trained on thousands of CRE deals and tens of thousands of OMs, enforces consistency.
50,000 data points per asset, normalized in real time. The platform surfaces the delta between an OM's claimed comp set and what the market actually shows - along with a similarity score and a corrected set - in under two minutes.
Firms that identify which workflow to hand to AI first will compress analysis cycles that currently consume senior analyst time.
Firms that keep waiting for a cleaner entry point will find their competitors have already moved on to the next workflow.
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