By: Roger Daniel, President and Founder, Daniel Management Group
AI is here to stay-from how we get information, buy consumer goods and determine what products make it on to grocery shelves. It is also here to stay in multifamily and there are already practical tools that the best multifamily operators leverage to make processes more efficient and cost effective.
As an example, AI can significantly help with leasing. Operators can deploy a smart leasing chatbot to answer FAQs, schedule tours, and qualify leads. At DMG, AI is already incorporated into Standard Operating Procedures across our platform and portfolio.
AI can’t be used in a vacuum, however. For it to work effectively, humans must be involved in an oversight role. Thus, AI is not used to replace staff, but rather to enhance their capabilities, allowing them to expand spend their time on solving more challenging issues and providing customer service to the residents.
AI is also not a silver bullet. It will not completely change a portfolio’s trajectory or turn around processes that are not working. However, when used correctly, it can amplify processes allowing teams to focus on higher level and higher priority items.
It’s best to start small, introducing AI into only a few processes in order to ensure teams are comfortable with how to use and leverage the technology. The biggest mistake, however, is not trying AI at all.