It is predicted that there’s about to be a huge disruption all over the world, including in multi-family communities. Artificial Intelligence or AI, which may sound very futuristic, is actually closer than you think.
You may have heard of self-driving cars being tested all over the world, or how Google’s algorithms are constantly being changed according to the data it receives from its users. AI has already been around us for years, we just haven’t been paying as much attention as we should.
So how does AI relate to you, a multi-family property owner or manager? Let’s take a look at some of the ways that you can transform your properties with the help of AI.
Advertising and Marketing
Although your marketing efforts and online advertising uses algorithms and may be assisting you immensely, prepare yourself for artificial intelligence to be involved. Rather than displaying ads for wide groups of people based on demographics or search histories, artificial intelligence can capture and analyze the demographics and IP addresses of people who click on real estate ads and then show the same ads to individuals most like them. In addition to that, as the clicks start coming in, AI begins to figure out commonalities between the clickers. Once it finds that, it finds new leads based on the individuals’ commonalities.
Perhaps in a decade or so, AI will replace all human interaction and need when it comes to maintenance. But in the near future, AI will prevent maintenance issues by detecting anything needed in the property by simply reading environmental cues. Acting on prevention means huge savings for you.
Today, you can already find automated thermostats that read when individual users are home. These thermostats adjust temperatures internally. AI takes it a bit further by tracking and analyzing human presence and movement. These are used more frequently at the moment in commercial buildings. This type of AI can take into account occupancy, people’s exact location in the building, as well as the weather, and the time of day to make the most efficient use of energy resources.
With artificial intelligence, residents may never have to fill out a Web form, call, or come into a leasing office again to report issues, manage energy billing, or pay rent (and by this, we mean they still have to pay to stay, but without my inconvenience to them.) AI is already making these tasks for residents available from the comfort of their apartment homes. Some of the devices now available are Google Home and Amazon’s Alexa.
Even with all of the technology today, prospective renters will still be more likely to call for more information about your multi-unit. AI could assist you with phone calls without ever having to hire a real person to do it for you. Google is currently experimenting with AI technology called Duplex, which is a computerized phone assistant that answers phone calls, collects information for leasing agents, answers questions, and even convert inbound calls into appointments. This is all done with AI that sounds almost too human.
The disruption of AI is very real and could affect you and your business sooner than we think. Are you ready for AI?