Leveraging Large Language Models for Actionable Insights in Facility Management : An Applied Study in Commercial Housing Real Estate

Sammanfattning

Artificial intelligence is one of the long-term trends in the twenty-first century. Historically, the real estate industry has been slow to adopt new technology, but generative AI introduces a range of innovative applications that traditional AI has not addressed. Creating a unique opportunity for the real estate industry to evolve and position itself at the forefront of technological advancements. Despite the promising potential of large language models, research applying the technology on real world problems within real estate sector is almost non-existent. Only a limited number of studies currently exist exploring the area. No applied studies of the technology have yet to be made in Europe to the authors knowledge. The purpose of this study was thus to contribute with an applied study of the technology within the context of facility management. Exploring how generative AI can increase efficiency within facility management by utilizing large language models to analyse tenant matters. Execution consisted of partnering with a real estate company, developing propritary frameworks, technology, and testing these on real world data. A design based researched method was adjusted to fit this study. In total 822 tenant matters where analyzed by a large language model (LLM). The findings show that a large language model can be utilized to analyze tenant matters. Furthermore, that model outputs can be trusted and utilized to improve services for tenants. This study highlights the importance of original data quality, data selection, understanding data inputs and contextualizing instructions for the large language model to achieve successfull automated information extraction. Concluding that analysing tenant matters with generative AI makes it possible to identify and quantify how a real estate company functions, performs, and meets tenants’ needs as a whole —not just from a facility management perspective.