19 Nov Multifamily Technology News – Learn How Artificial Intelligence and Automation Are Changing The Industry
Over the last five years, we’ve seen an increased use of artificial intelligence (AI) and automation in everyday life but these forms of technology have been slow to catch on in the multifamily industry until recently.
Multifamily organizations nationwide, are starting to utilize AI and smart home technology to grow their businesses in ways many people never thought possible.
In this article, we will share with you several example of how both AI and automation are changing the multifamily industries.
How Automation Is Changing Multifamily
A recent survey by Entrata, a property management software company, showed that more than 50% of the people surveyed claimed to be “comfortable” with the use of chatbots or artificial intelligence services like Alexa and Siri.
With the unemployment rate holding steady below 4% nationwide, it’s becoming increasingly difficult for many multifamily organizations to hire the people that they need to fill key positions.
Even though there’s been a labor shortage, this hasn’t stopped the multifamily industry from growing because automation has enabled it to continue expanding without necessarily having to bring on new employees.
How is automaton changing multifamily? For example, from the moment that a prospective renter reaches out to a multifamily community via their website they will communicate with a chatbot that will answer their questions about the community then lead them towards the next step of scheduling a self-guided tour of the unit and the community.
In today’s world, many multifamily communities nationwide are opting for self-scheduling tour options which enable prospective renters to tour a multifamily community without having to actually interact with an employee or associate.
Eliminating the need to have employees interact with prospective tenants at this stage of the tenant life cycle has made it possible for many multifamily communities to assign employees to “higher level” tasks knowing that AI is keeping their renter funnel stocked with potential tenants who would want to live in their communities.
Image credit – Student Housing Business
How Artificial Intelligence and Automation Are Streamlining the Renter Experience
Yes, many multifamily organizations nationwide are streamlining the tenant experience but it doesn’t just stop with new tenants. Once a new tenant begins renting, many multifamily organizations are also utilizing chatbots and voice AI services like Alexa to provide real-time answers to renter’s questions and customer service when needed.
It’s also not uncommon for today’s multifamily community to have technology in the unit including “smart” appliances which “tell” management when their parts are about to wear out or expire so that management can reorder those parts and get them replaced.
Using artificial intelligence is a win-win for the multifamily industry and we can continue to expect the increased use of these tools in the years to come.
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