How Artificial Intelligence for Apartments Impacts the Resident Experience

With the rapid advancements of Artificial Intelligence technology, humans are continuously finding more efficient ways to automate their work. Artificial Intelligence is one such technology that can automate tasks and handle large workloads effectively. However, it is important to recognize that the increased usage of generative AI also has the potential to be used to spread misinformation at an alarming rate. 

What is AI (Artificial Intelligence)?

The technology being referred to is AI (Artificial Intelligence), which has the ability to learn from past data and generate new content such as text, images, and even computer code. AI is capable of drawing logical solutions and simulating human intelligence to understand this past data. By utilizing sophisticated algorithms and analysis, AI can provide informed insights about future events. These analytical findings can then trigger precise and accurate actions. Generative AI creates brand new content, such as a text or an image, based on that training, by learning how to take actions from past data. 

Learn more from Reuters: Explainer: What is Generative AI, the technology behind OpenAI’s ChatGPT?

How Does This Help You – The Renter?

There are many advantages for apartment teams in utilizing AI tools to increase positivity in their resident experience. Residents are more likely to receive quicker responses to inquiries, tours, and leasing options with the help of AI generated replies. There are many options such as click-to-call, text, or chat online for renters to instantly connect with an AI representative. The AI software works to understand what’s most important and meaningful to individual renters. The percentages below indicate just how easy it is for leasing offices to miss a prospect’s call and how new-age renters are expecting replies within at least 24 hours. 

One example of how AI technology is helping to advance the resident experience is LeaseHawk’s new Virtual Leasing Assistant named “ACE,” which offers faster responses to inquiries and questions. This benefits both renters and property owners by increasing the response turn-around time and total lead velocity. The AI system learns and understands what matters to individual renters, allowing for a personalized experience. Renters have the convenience of choosing click-to-call, text, and chat options to instantly connect with ACE. The presence of this AI reduces the likelihood of missed calls for property managers, leading to improved efficiency.

AI can also play an important role in optimizing building maintenance and monitoring processes, ensuring maximum efficiency. By utilizing AI systems, incidents such as electrical outages, leaks, clogs, and more can be predicted in advance. This proactive approach enables maintenance teams to take preventive measures before issues arise, minimizing emergency costs and the need for immediate fixes. With AI, building maintenance becomes more streamlined and cost-effective, allowing for better resource allocation and improved overall operations. Learn more about how apartment communities are investing in AI for their communities from Forbes.

How Can This Be Misleading To You – The Renter?

While using AI can provide faster responses and solutions, there are concerns from the FTC and from some of the AI founders themselves, regarding compromising quality and/or misleading consumers. While it is advantageous to receive quick replies, it is necessary to verify that the customer service experience is authentic and addresses the specific issues or questions at hand. It is important to determine whether the responses are coming from a real person or an AI system and how that may impact the true level of customer service from the human onsite office and maintenance teams.

The FTC strongly recommends that prospects and renters verify if the system they are using is a real customer service representative or an AI software. FTC’s Michael Atleson states, “People should be aware if an AI product response is steering them to a specific site, service provider, or product because of a commercial relationship. And, certainly, people should know if they’re communicating with a real person or a machine.” AI software companies should always be transparent about their services using AI technology and should not be over-exaggerating what their AI products can offer better than non-AI products. Look out for deceptive practices such as financial offers and unsuccessful attempts to cancel services that may go through the AI features.

Do Your Research Before Signing A Lease

The multifamily industry will gain significant advancements with the integration of AI technology. While AI offers numerous benefits in serving residents, it is essential to be discerning about the authenticity of the technology you’re using and the source of solutions. As generative AI tools gain popularity, it is key to pay attention to the responses you receive during your apartment search. Ensure that the interactions are genuinely coming from and/or being relayed back to a real person or a customer service representative. Continue to be mindful of reviews and review responses. If something seems suspicious, if reviews mention it’s a challenge to get in touch with a real person, or if you are unable to connect with a real person, these may be red flags. By staying mindful and informed, you can make confident decisions to ensure your real living experience meets the online experience in the multifamily industry’s AI-driven landscape.