What are the potential risks of using AI in commercial leasing?

2 Bias and fairness

Another potential risk of using AI in commercial leasing is bias and fairness. Bias is the tendency of AI models and algorithms to produce outcomes that are skewed or discriminatory towards certain groups or individuals, based on factors such as race, gender, age, or location. Fairness is the extent to which AI models and algorithms treat all parties equally and impartially, without favoring or harming anyone. Bias and fairness are crucial for commercial leasing, as they affect the reputation, trust, and legality of the industry. To prevent bias and fairness problems, commercial leasing professionals need to ensure that they use diverse and representative data sets, test and monitor their AI models and algorithms, and implement ethical and transparent AI principles and policies.

3 Complexity and explainability

A third potential risk of using AI in commercial leasing is complexity and explainability. Complexity is the degree of difficulty or sophistication of AI models and algorithms, which can make them hard to understand, control, or modify. Explainability is the ability of AI models and algorithms to provide clear and understandable reasons for their decisions and actions, which can help users, customers, and regulators to trust and verify them. Complexity and explainability are important for commercial leasing, as they affect the performance, reliability, and accountability of the industry. To overcome complexity and explainability challenges, commercial leasing professionals need to ensure that they use appropriate and robust AI models and algorithms, provide adequate training and support for their users and customers, and comply with relevant standards and regulations.

4 Security and liability

A fourth potential risk of using AI in commercial leasing is security and liability. Security is the protection of AI models and algorithms from unauthorized access, modification, or damage, which can compromise their integrity, functionality, or confidentiality. Liability is the responsibility of AI models and algorithms for their consequences, whether intended or unintended, which can expose them to legal or financial claims. Security and liability are essential for commercial leasing, as they affect the safety, quality, and reputation of the industry. To mitigate security and liability risks, commercial leasing professionals need to ensure that they use secure and reliable AI models and algorithms, implement adequate safeguards and backups, and establish clear and fair terms and conditions.

5 Adoption and integration

A fifth potential risk of using AI in commercial leasing is adoption and integration. Adoption is the acceptance and usage of AI models and algorithms by users, customers, and stakeholders, which can depend on their awareness, trust, and satisfaction. Integration is the compatibility and interoperability of AI models and algorithms with existing systems, processes, and workflows, which can affect their efficiency, effectiveness, and scalability. Adoption and integration are vital for commercial leasing, as they affect the value, impact, and competitiveness of the industry. To enhance adoption and integration, commercial leasing professionals need to ensure that they provide clear and consistent communication, education, and feedback, and that they align their AI models and algorithms with their business goals and customer needs.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?