Marcus & Millichap, a commercial real estate brokerage firm based in Calabasas, California, has been at the forefront of adopting technology in the industry. With a history of embracing innovation, the firm implemented an electronic inventory system in the 1970s and went live online in the 1990s. Recognizing the transformative potential of proptech and AI, Marcus & Millichap has invested in advancements in these areas and formed partnerships with AI-propelled tools like Archer and EquityMultiple.
One of the key areas where Marcus & Millichap utilizes AI is in enhancing underwriting, market intelligence, research content, and buyer-seller matching. By leveraging AI technologies, the firm is able to streamline and automate processes, improve data analysis, and gain valuable insights for their clients. However, the firm also emphasizes the importance of human expertise and relationships in commercial real estate, recognizing that technology should enhance, not replace, the role of individual brokers.
Marcus & Millichap continues to explore new tech-based investments and partnerships to further improve their operations and better serve their clients. By staying at the forefront of proptech and AI advancements, the firm aims to maintain its position as a leader in the commercial real estate industry [af9ec57c].