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VTS CEO Nick Romito Talks Open Data for AI and Machine Learning in CRE

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With AI and machine learning becoming buzz words in Commercial and Corporate Real Estate, more and more companies are capturing comprehensive data and realizing the need for open platforms.

Fully leveraging AI and machine learning is five years away in real estate, estimates Nick Romito, CEO and co-founder of VTS, a leading leasing and asset management company, "Today’s mindset is that it is just a foreign thing."

In this Video Showcase, Romito says the industry is learning how to gather and structure data so that real estate can catch up with other verticals like healthcare.

Romito’s most "unpopular" opinion is that the multitude of real estate platforms should be completely open with data flowing freely in and out. Larger real estate incumbents are beginning to agree, he says, but the movement remains "behind the scenes."

The future of daily real estate could be macroeconomic data (real estate combined with environmental, social, health metrics, etc.) helping people decide which cities to invest in and why.

Keep current with industry insights and trends from around the world. The Realcomm | IBcon Video Showcase is a monthly feature of curated interviews selected from our Conference LIVE Video Library. Learn how Commercial and Corporate Real Estate organizations implement new technology, fail fast to improve, build innovative teams, connect buildings and neighborhoods, and manage cyber hacks and security attacks.

Check out other Realcomm videos on YouTube.

Realcomm Staff Realcomm Conference Group LLC is the leading research and educational institution that produces annual conferences and expositions on technology, automated business solutions and intelligent buildings strategies for executives in commercial, corporate, government and institutional real estate. Realcomm was founded in 1999 with the goal of bringing industry leaders together each year to discuss, demonstrate and debate the latest innovations that impact the industry.

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