Property management enabled by artificial intelligence post Covid-19: an exploratory review and future propositions
The Covid-19 pandemic outbreak across the globe has disrupted human life and industry. The pandemic has affected every sector, with the real estate sector facing particular challenges. During the pandemic, property management became a crucial task and property managers were challenged to control risks and disruptions faced by their organizations. Recent innovative technologies, including artificial intelligence (AI), have supported many sectors through sudden disruptions; this study was performed to examine the role of AI in the real estate and property management (PM) sectors. For this purpose, a systematic literature review was conducted using structural topic modeling and bibliometric analysis. Using appropriate keywords, the researchers found 175 articles on AI and PM research from 1980 to 2021 in the SCOPUS database. A bibliometric analysis was performed to identify research trends. Structural topic modelling (STM) identified ten emerging thematic topics in AI and PM. A comprehensive framework is proposed, and future research directions discussed.
Keyword : property management, artificial intelligence, real estate management, structural topic modeling, residential management, text mining
This work is licensed under a Creative Commons Attribution 4.0 International License.
Agrawal, R., Wankhede, V. A., Kumar, A., Upadhyay, A., & Garza-Reyes, J. A. (2022). Nexus of circular economy and sustainable business performance in the era of digitalization. International Journal of Productivity and Performance Management, 71(3), 748–774. https://doi.org/10.1108/IJPPM-12-2020-0676
Allameh, E., Jozam, M. H., de Vries, B., Timmermans, H., & Beetz, J. (2011, June). Smart Home as a smart real estate: a state of the art review [Conference presentation]. 18th Annual European Real Estate Society Conference, Eindhoven, The Netherlands. https://doi.org/10.1108/17539261211250726
Allan, R., Liusman, E., Lu, T., & Tsang, D. (2021). The COVID-19 pandemic and commercial property rent dynamics. Journal of Risk and Financial Management, 14(8), 360. https://doi.org/10.3390/jrfm14080360
Aluko, O. E. (2010). The impact of urbanization on housing development: the Lagos experience, Nigeria. Ethiopian Journal of Environmental Studies and Management, 3(3), 64–74. https://doi.org/10.4314/ejesm.v3i3.63967
Ayoade, O., Ahmed, V., & Baldry, D. (2019). Interoperability optimisation for shared equity housing model development and FTB homeownership in the UK. International Journal of Housing Markets and Analysis, 12(4), 558–580. https://doi.org/10.1108/IJHMA-12-2017-0110
Baharum, Z. A., Nawawi, A. H., & Saat, Z. M. (2009). Assessment of property management service quality of purpose-built office buildings. International Business Research, 2(1), 162–174. https://doi.org/10.5539/ibr.v2n1p162
Barua, S. (2021). Understanding Coronanomics: the economic implications of the Covid-19 pandemic. The Journal of Developing Areas, 55(3), 435–450. https://doi.org/10.1353/jda.2021.0073
Becker, R., Lublasser, E., Martens, J., Wollenberg, R., Zhang, H., Brell-Cokcan, S., & Blankenbach, J. (2019). Enabling BIM for property management of existing buildings based on automated As-IS capturing. In Proceedings of the 36th International Symposium on Automation and Robotics in Construction (pp. 201–208), Banff, Canada. https://doi.org/10.22260/ISARC2019/0028
Berggren, A., Gunnarsson, M., & Wallin, J. (2021). Artificial intelligence as a decision support system in property development and facility management. Digitala Vetenskapliga Arkivet, 1–41.
Bischof, J., & Airoldi, E. M. (2012). Summarizing topical content with word frequency and exclusivity. In Proceedings of the 29th International Conference on Machine Learning (ICML-12) (pp. 201–208), Edinburgh, Scotland, UK.
Cheng, Y. C. (1998). The knowledge base for re‐engineering schools: multiple functions and internal effectiveness. International Journal of Educational Management, 12(5), 203–224. https://doi.org/10.1108/09513549810370393
Cheung, K. S., Yiu, C. Y., & Xiong, C. (2021). Housing market in the time of pandemic: a price gradient analysis from the COVID-19 epicentre in China. Journal of Risk and Financial Management, 14(3), 108. https://doi.org/10.3390/jrfm14030108
Ciccozzi, F., Cicchetti, A., & Sjödin, M. (2013). Round-trip support for extra-functional property management in model-driven engineering of embedded systems. Information and Software Technology, 55(6), 1085–1100. https://doi.org/10.1016/j.infsof.2012.07.014
Dalén, A., & Krämer, J. (2017). Towards a user-centered feedback design for smart meter interfaces to support efficient energy-use choices. Business & Information Systems Engineering, 59(5), 361–373. https://doi.org/10.1007/s12599-017-0489-x
De Bellis, N. (2009). Bibliometrics and citation analysis: from the Science Citation Index to cybermetrics. Scarecrow Press.
De Toro, P., Nocca, F., & Buglione, F. (2021). Real estate market responses to the COVID-19 crisis: which prospects for the metropolitan area of Naples (Italy)? Urban Science, 5(1), 23. https://doi.org/10.3390/urbansci5010023
Del Giudice, V., De Paola, P., & Del Giudice, F. P. (2020). COVID-19 infects real estate markets: short and mid-run effects on housing prices in Campania region (Italy). Social Sciences, 9(7), 114. https://doi.org/10.3390/socsci9070114
Donthu, N., Kumar, S., Mukherjee, D., Pandey, N., & Lim, W. M. (2021). How to conduct a bibliometric analysis: an overview and guidelines. Journal of Business Research, 133, 285–296. https://doi.org/10.1016/j.jbusres.2021.04.070
Ellegaard, O., & Wallin, J. A. (2015). The bibliometric analysis of scholarly production: how great is the impact? Scientometrics, 105(3), 1809–1831. https://doi.org/10.1007/s11192-015-1645-z
Ferreira, F. A., Spahr, R. W., & Sunderman, M. A. (2016). Using multiple criteria decision analysis (MCDA) to assist in estimating residential housing values. International Journal of Strategic Property Management, 20(4), 354–370. https://doi.org/10.3846/1648715X.2015.1122668
Fink, A. (2005). Conducting research literature reviews: from the Internet to paper (2nd ed.). Sage Publications.
Ge, X. J., Runeson, G., & Lam, K. C. (2003, September). Forecasting Hong Kong housing prices: an artificial neural network approach [Conference presentation]. International Conference on Methodologies in Housing Research, Stockholm.
Gibson, V. (1994). Strategic property management: how can local authorities develop a property strategy? Property Management, 12(3), 9–14. https://doi.org/10.1108/02637479410064223
Goss, R. C., & Campbell, H. L. (2008). The evolution of residential property management: from caretaker to income maximization managers. Housing and Society, 35(1), 5–20. https://doi.org/10.1080/08882746.2008.11430555
Gross, M., & Wolny-Kucińska, A. (2021). Public real estate resource–a burden or a source of income? A study of municipal land management in Poland. Land Use Policy, 106, 105447. https://doi.org/10.1016/j.landusepol.2021.105447
Hallstrom, D. G., & Smith, V. K. (2005). Market responses to hurricanes. Journal of Environmental Economics and Management, 50(3), 541–561. https://doi.org/10.1016/j.jeem.2005.05.002
Hamidi, S. K., Weiskittel, A., Bayat, M., & Fallah, A. (2021). Development of individual tree growth and yield model across multiple contrasting species using nonparametric and parametric methods in the Hyrcanian forests of Northern Iran. European Journal of Forest Research, 140(2), 421–434. https://doi.org/10.1007/s10342-020-01340-1
Hendershott, P. H., MacGregor, B. D., & Tse, R. Y. (2002). Estimation of the rental adjustment process. Real Estate Economics, 30(2), 165–183. https://doi.org/10.1111/1540-6229.00036
Heywood, C., & Kenley, R. (2008). The sustainable competitive advantage model for corporate real estate. Journal of Corporate Real Estate, 10(2), 85–109. https://doi.org/10.1108/14630010810905606
Holzinger, A., Weippl, E., Tjoa, A. M., & Kieseberg, P. (2021, August). Digital transformation for Sustainable Development Goals (SDGs) – a security, safety and privacy perspective on AI. In International Cross-Domain Conference for Machine Learning and Knowledge Extraction (pp. 1–20). Springer. https://doi.org/10.1007/978-3-030-84060-0_1
Hsu, Y. H., & Juan, Y. K. (2016). ANN-based decision model for the reuse of vacant buildings in urban areas. International Journal of Strategic Property Management, 20(1), 31–43. https://doi.org/10.3846/1648715X.2015.1101626
Hui, E. C. M., Lau, H. T., & Khan, T. H. (2011). Effect of property management on property price: a case study in HK. Facilities, 29(11/12), 459–471. https://doi.org/10.1108/02632771111157132
Jedwab, R., & Vollrath, D. (2015). Urbanization without growth in historical perspective. Explorations in Economic History, 58, 1–21. https://doi.org/10.1016/j.eeh.2015.09.002
Kabaivanov, S., & Markovska, V. (2021, March). Artificial intelligence in real estate market analysis. AIP Conference Proceedings, 2333(1), 030001. https://doi.org/10.1063/5.0041806
Kauko, T. O. M., Hooimeijer, P., & Hakfoort, J. (2002). Capturing housing market segmentation: an alternative approach based on neural network modelling. Housing Studies, 17(6), 875–894. https://doi.org/10.1080/02673030215999
Kaur, T., & Solomon, P. (2022). A study on automated property management in commercial real estate: a case of India. Property Management, 40(2), 247–264. https://doi.org/10.1108/PM-05-2021-0031
Khan, M. A., Pattnaik, D., Ashraf, R., Ali, I., Kumar, S., & Donthu, N. (2021). Value of special issues in the journal of business research: a bibliometric analysis. Journal of Business Research, 125, 295–313. https://doi.org/10.1016/j.jbusres.2020.12.015
Kitchenham, B., Brereton, O. P., Budgen, D., Turner, M., Bailey, J., & Linkman, S. (2009). Systematic literature reviews in software engineering—a systematic literature review. Information and Software Technology, 51(1), 7–15. https://doi.org/10.1016/j.infsof.2008.09.009
Ko, G., Routray, J. K., & Ahmad, M. M. (2019). ICT infrastructure for rural community sustainability. Community Development, 50(1), 51–72. https://doi.org/10.1080/15575330.2018.1557720
Kroeger, T., Escobedo, F. J., Hernandez, J. L., Varela, S., Delphin, S., Fisher, J. R., & Waldron, J. (2014). Reforestation as a novel abatement and compliance measure for ground-level ozone. Proceedings of the National Academy of Sciences, 111(40), E4204–E4213. https://doi.org/10.1073/pnas.1409785111
Kuhn, K. D. (2018). Using structural topic modeling to identify latent topics and trends in aviation incident reports. Transportation Research Part C: Emerging Technologies, 87, 105–122. https://doi.org/10.1016/j.trc.2017.12.018
Langston, C. (2013). Life-cost approach to building evaluation. Routledge. https://doi.org/10.4324/9781315042893
Langston, C., & Smith, J. (2012). Modelling property management decisions using ‘iconCUR’. Automation in Construction, 22, 406–413. https://doi.org/10.1016/j.autcon.2011.10.001
Li, S., Jiang, Y., Ke, S., Nie, K., & Wu, C. (2021). Understanding the effects of influential factors on housing prices by combining extreme gradient boosting and a hedonic price model (XGBoost-HPM). Land, 10(5), 533. https://doi.org/10.3390/land10050533
Li, Z. C., Lam, W. H., Wong, S. C., & Choi, K. (2012). Modeling the effects of integrated rail and property development on the design of rail line services in a linear monocentric city. Transportation Research Part B: Methodological, 46(6), 710–728. https://doi.org/10.1016/j.trb.2012.01.004
Ling, D. C., Wang, C., & Zhou, T. (2020). A first look at the impact of COVID-19 on commercial real estate prices: asset-level evidence. The Review of Asset Pricing Studies, 10(4), 669–704. https://doi.org/10.1093/rapstu/raaa014
Majumder, S., & Biswas, D. (2022). COVID-19: impact on quality of work life in real estate sector. Quality & Quantity, 56, 413–427. https://doi.org/10.1007/s11135-021-01136-4
Mert, Z. G., & Yilmaz, S. (2009). Fuzzy modeling approach based on property location quality for grading neighborhood level of family housing units. Expert Systems with Applications, 36(2), 3603–3613. https://doi.org/10.1016/j.eswa.2008.02.023
Miller, M. D. (2012). The impacts of Atlanta’s urban sprawl on forest cover and fragmentation. Applied Geography, 34, 171–179. https://doi.org/10.1016/j.apgeog.2011.11.010
Moro, M. F., Weise, A. D., & Bornia, A. C. (2020). Model hybrid for sales forecast for the housing market of São Paulo. Real Estate Management and Valuation, 28(3), 45–64. https://doi.org/10.1515/remav-2020-0023
Nanda, A., Xu, Y., & Zhang, F. (2021). How would the COVID-19 pandemic reshape retail real estate and high streets through acceleration of E-commerce and digitalization? Journal of Urban Management, 10(2), 110–124. https://doi.org/10.1016/j.jum.2021.04.001
Naz, F., Kumar, A., Majumdar, A., & Agrawal, R. (2021). Is artificial intelligence an enabler of supply chain resiliency post COVID-19? An exploratory state-of-the-art review for future research. Operations Management Research, 1–21. https://doi.org/10.1007/s12063-021-00208-w
Okoli, C., & Schabram, K. (2010). A guide to conducting a systematic literature review of information systems research. Sprouts: Working Papers on Information Systems, 10(26), 1–51. https://doi.org/10.2139/ssrn.1954824
Oyedele, O. A. (2013). Assessment of property management practices in Nigeria. Journal of the Nigerian Institution of Estate Surveyors and Valuers, 38(1), 1–15.
Palm, P. (2011). Customer orientation in real‐estate companies: the espoused values of customer relations. Property Management, 29(2), 130–145. https://doi.org/10.1108/02637471111122435
Palm, P. (2013). Strategies in real estate management: two strategic pathways. Property Management, 31(4), 311–325. https://doi.org/10.1108/PM-10-2012-0034
Paroutis, S., Bennett, M., & Heracleous, L. (2014). A strategic view on smart city technology: the case of IBM Smarter Cities during a recession. Technological Forecasting and Social Change, 89, 262–272. https://doi.org/10.1016/j.techfore.2013.08.041
Qian, X., Qiu, S., & Zhang, G. (2021). The impact of COVID-19 on housing price: evidence from China. Finance Research Letters, 43, 101944. https://doi.org/10.1016/j.frl.2021.101944
Quoquab, F., Sivadasan, R., & Mohammad, J. (2022). “Do they mean what they say?” Measuring greenwash in the sustainable property development sector. Asia Pacific Journal of Marketing and Logistics, 34(4), 778–799. https://doi.org/10.1108/APJML-12-2020-0919
Ratcliffe, J. (2000). Scenario building: a suitable method for strategic property planning? Property Management, 18(2), 127–144. https://doi.org/10.1108/02637470010328322
Redfearn, C. L. (2005). Chapter 9: land markets and terrorism: uncovering perceptions of risk by examining land price changes following 9/11. In H. W. Richardson, P. Gordon, & J. E. Moore II (Eds.), The economic impacts of terrorist attacks (pp. 152–169). Edward Elgar Publishing, Inc. https://doi.org/10.4337/9781845428150
Rejeb, M. A., Simske, S., Rejeb, K., Treiblmaier, H., & Zailani, S. (2020). Internet of Things research in supply chain management and logistics: a bibliometric analysis. Internet of Things, 12, 100318. https://doi.org/10.1016/j.iot.2020.100318
Roberts, M. E., Stewart, B. M., & Tingley, D. (2019). STM: an R package for structural topic models. Journal of Statistical Software, 91, 1–40. https://doi.org/10.18637/jss.v091.i02
Samsura, D. A. A., Van der Krabben, E., & Van Deemen, A. M. A. (2010). A game theory approach to the analysis of land and property development processes. Land Use Policy, 27(2), 564–578. https://doi.org/10.1016/j.landusepol.2009.07.012
Sanderson, D. C., & Read, D. C. (2020). Recognizing and realizing the value of customer-focused property management. Property Management, 38(5), 749–764. https://doi.org/10.1108/PM-04-2020-0029
Scarrett, D. (1983). Property Management. E. & F. N. Spon.
Sena, K. L., Hackworth, Z. J., & Lhotka, J. M. (2021). Forest development over a twenty-year chronosequence of reforested urban sites. Forests, 12(5), 614. https://doi.org/10.3390/f12050614
Sène, B., Mbengue, M. L., & Allaya, M. M. (2021). Overshooting of sovereign emerging Eurobond yields in the context of COVID-19. Finance Research Letters, 38, 101746. https://doi.org/10.1016/j.frl.2020.101746
Sharma, A., Rana, N. P., & Nunkoo, R. (2021). Fifty years of information management research: a conceptual structure analysis using structural topic modeling. International Journal of Information Management, 58, 102316. https://doi.org/10.1016/j.ijinfomgt.2021.102316
Shim, J., & Hwang, C. (2018). Kernel-based geographically and temporally weighted autoregressive model for house price estimation. PLoS One, 13(10), e0205063. https://doi.org/10.1371/journal.pone.0205063
Sivadasan, R., Quoquab, F., Mohammad, J., & Basiruddin, R. (2020). Residential properties with green living concept: what drives consumers to buy? International Journal of Ethics and Systems, 36(3), 427–447. https://doi.org/10.1108/IJOES-04-2020-0042
Smersh, G., Smith, M., & Schwartz Jr, A. (2003). Factors affecting residential property development patterns. Journal of Real Estate Research, 25(1), 61–76. https://doi.org/10.1080/10835547.2003.12091104
Stewart, T. J., Janssen, R., & Van Herwijnen, M. (2004). A genetic algorithm approach to multiobjective land use planning. Computers & Operations Research, 31(14), 2293–2313. https://doi.org/10.1016/S0305-0548(03)00188-6
Tanrıvermiş, H. (2020). Possible impacts of COVID-19 outbreak on real estate sector and possible changes to adopt: a situation analysis and general assessment on Turkish perspective. Journal of Urban Management, 9(3), 263–269. https://doi.org/10.1016/j.jum.2020.08.005
Then, D. S. S. (2005). A proactive property management model that integrates real estate provision and facilities services management. International Journal of Strategic Property Management, 9(1), 33–42. https://doi.org/10.3846/1648715X.2005.9637524
Tian, C., Peng, X., & Zhang, X. (2021). COVID-19 pandemic, urban resilience and real estate prices: the experience of cities in the Yangtze River Delta in China. Land, 10(9), 960. https://doi.org/10.3390/land10090960
Tiyasha, T., Tung, T. M., Bhagat, S. K., Tan, M. L., Jawad, A. H., Mohtar, W. H. M. W., & Yaseen, Z. M. (2021). Functionalization of remote sensing and on-site data for simulating surface water dissolved oxygen: development of hybrid tree-based artificial intelligence models. Marine Pollution Bulletin, 170, 112639. https://doi.org/10.1016/j.marpolbul.2021.112639
Tomal, M. (2021). Modelling the impact of different COVID-19 pandemic waves on real estate stock returns and their volatility using a GJR-GARCHX approach: an international perspective. Journal of Risk and Financial Management, 14(8), 374. https://doi.org/10.3390/jrfm14080374
Tranfield, D., Denyer, D., & Smart, P. (2003). Towards a methodology for developing evidence-informed management knowledge by means of systematic review. British Journal of Management, 14(3), 207–222. https://doi.org/10.1111/1467-8551.00375
Uchehara, I., Hamma-Adama, M., Obiri, K. A., Jafarifar, N., & Moore, D. (2020). Impacts and risk management of COVID-19 pandemic on real estate supply chain. International Journal of Real Estate Studies, 14(Special Issue 1), 41–53.
Ullah, F., Sepasgozar, P. S., & Ali, T. H. (2019, December 5–7). Real estate stakeholders technology acceptance model (RESTAM): user-focused Big9 disruptive technologies for smart real estate management [Conference presentation]. Proceedings of the 2nd International Conference on Sustainable Development in Civil Engineering (ICSDC 2019), Jamshoro, Pakistan.
Ullah, F., Sepasgozar, S. M., & Wang, C. (2018). A systematic review of smart real estate technology: drivers of, and barriers to, the use of digital disruptive technologies and online platforms. Sustainability, 10(9), 3142. https://doi.org/10.3390/su10093142
United Nations. (2015). The millennium development goals report. United Nations.
Vatansever, M., Demir, I., & Hepşen, A. (2020). Cluster and forecasting analysis of the residential market in Turkey: an autoregressive model-based fuzzy clustering approach. International Journal of Housing Markets and Analysis, 13(4), 583–600. https://doi.org/10.1108/IJHMA-11-2019-0110
Vinodh, S., Antony, J., Agrawal, R., & Douglas, J. A. (2020). Integration of continuous improvement strategies with Industry 4.0: a systematic review and agenda for further research. The TQM Journal, 33(2), 441–472. https://doi.org/10.1108/TQM-07-2020-0157
Viriato, J. C. (2019). AI and machine learning in real estate investment. The Journal of Portfolio Management, 45(7), 43–54. https://doi.org/10.3905/jpm.2019.45.7.043
Wahyuni, H., Vanany, I., & Ciptomulyono, U. (2019). Food safety and halal food in the supply chain: review and bibliometric analysis. Journal of Industrial Engineering and Management, 12(2), 373–391. https://doi.org/10.3926/jiem.2803
Wallin, J. A. (2005). Bibliometric methods: pitfalls and possibilities. Basic & Clinical Pharmacology & Toxicology, 97(5), 261–275. https://doi.org/10.1111/j.1742-7843.2005.pto_139.x
Wang, M. F., & Han, C. (2006). The design of intelligent residence property management information system (IPMIS) based on e-business. In The CRIOCM 2006 International Symposium on “Advancement of Construction Management and Real Estate” (pp. 1–9).
Wang, P., Zong, L., & Ma, Y. (2020). An integrated early warning system for stock market turbulence. Expert Systems with Applications, 153, 113463. https://doi.org/10.1016/j.eswa.2020.113463
Wang, Z., & Tang, K. (2020). Combating COVID-19: health equity matters. Nature Medicine, 26(4), 458–458. https://doi.org/10.1038/s41591-020-0823-6
Xiao, Y., & Watson, M. (2019). Guidance on conducting a systematic literature review. Journal of Planning Education and Research, 39(1), 93–112. https://doi.org/10.1177/0739456X17723971
Yalpir, S. (2014, October). Forecasting residential real estate values with AHP method and integrated GIS. In International Scientific Conference of People, Buildings and Environment (pp. 694–706), Kroměříž, Czech Republic.
Yang, J., & Peng, H. (2001). Decision support to the application of intelligent building technologies. Renewable Energy, 22(1–3), 67–77. https://doi.org/10.1016/S0960-1481(00)00085-9
Yu, K. H., Zhang, Y., Li, D., Montenegro-Marin, C. E., & Kumar, P. M. (2021). Environmental planning based on reduce, reuse, recycle and recover using artificial intelligence. Environmental Impact Assessment Review, 86, 106492. https://doi.org/10.1016/j.eiar.2020.106492
Yu, P., & Yan, X. (2020). Stock price prediction based on deep neural networks. Neural Computing and Applications, 32(6), 1609–1628. https://doi.org/10.1007/s00521-019-04212-x
Zhang, N. (2021). Big data simulation for financial risk assessment of real estate bubble based on embedded system and artificial intelligence algorithm. Microprocessors and Microsystems, 82, 103941. https://doi.org/10.1016/j.micpro.2021.103941
Zlateva, P., Velev, D., & Zabunov, G. (2011). A model for fuzzy logic assessment of real estate investment risks. In Third International Conference on Software, Services and Semantic Technologies S3T 2011 (pp. 89–93). Springer. https://doi.org/10.1007/978-3-642-23163-6_13