The Rise of Artificial Intelligence and Its Impact on Operating Your Multifamily Community
Peruse any industry blog, and you will likely come across multiple mentions
of artificial intelligence. Obviously, it’s a popular topic, but what does
it entail? Well, it’s not exactly the robots present in blockbuster sci-fi
movies. Artificial intelligence is technology that can simulate human
intelligence, yes —but its purpose is to parse data in a contextual manner.
A.I. can provide requested information, supply analysis, and trigger action
based on findings.
This means, real-time data provided by artificial intelligence has the ability to help management leaders of our industry to better approach multiple aspects of strategic decision-making, marketing personalization , and day-to-day operations. In fact, machine intelligence is so lucrative in these areas that the global A.I. market is projected to reach 191 billion-dollars over the next five years.
However, your property management team need not wait five years to utilize the benefits of artificial intelligence. By familiarizing your team with A.I. mechanisms now, you’ll be one step closer to harnessing its power for real-world action, resulting in more clicks, calls, and signed leases for your property. But, where do you start with all this information, exactly?
Odds are, your community is working with a significant amount of user-generated data. Fortunately, A.I. is invaluable in making sense of these numbers, extracting only the most relevant information, and improving the efficacy of big data. Because strategic decision-making is vital to any business, there’s little wonder as to why smart multifamily professionals must embrace machine learning in order to utilize this information and improve their business operations.
Complementing A.I.’s knack for data compression is predictive analytics, which allows businesses to forecast future events. Predictive analytics utilizes artificial intelligence, machine learning, and historical data, learns from them, and eventually masters the ability to give predictive insights on current data sets attuned to your business. Using these insights, your team can hypothesize more accurately the results of different campaigns before deciding upon the best course of action. For example, your community wants to ramp up leasing efforts for seniors. Predictive analytics can provide insight into the result of a social media ad strategy versus an email marketing campaign based on all of your data of prior marketing campaigns, so your team can better understand the potential outcome of your efforts.
Predictive analytics paves the road to predictive marketing. Like predictive analytics – which is the most widely used, predictive marketing allows teams to leverage A.I. algorithms to deliver highly researched, targeted product and service recommendations to users based on their personal trends and patterns. Companies like Amazon and Netfix have successfully used predictive marketing for years to engage their customers and increase sales. Think how it could be used on Facebook ads to publicize the exact floor plan your prospect viewed, with a call-to-action button prompting the user to book a tour.
The popularity of predictive marketing lies in the numbers. According to a recent Epsilon study, 80 percent of consumers are more likely to do business with a company if a personalized experience is involved. Plus, 72 percent of consumers engage exclusively with marketing messages that are customized to their interests. Historically, marketers have relied upon data gleaned from generic parameters – like gender, date of birth, and geographic location – to appeal to customers. Today, marking personalization is deeply technical, and analyzing digital footprints to estimate behavior patterns is deemed to be the most effective way to market.
Artificial intelligence won’t only prove its worth in the areas of decision-making and marketing strategy, it also simplifies your community’s day-to-day operations, particularly when it comes to handling leasing-related tasks and providing top-tier customer service. According to Gartner, 85 percent of customer interactions will be managed without a human within the next year. This explains why A.I.-assisted chatbots have become the industry standard in recent years. You’ve likely already seen chatbots on numerous property websites, as they serve as a proficient stand-in for leasing agents. These chatbots can be made available during prospective renters’ peak contact time, and provide answers to important queries.
Through data analysis, bots, and more, artificial intelligence stands to radically benefit multifamily communities the world over – just ask the 85 percent of executives who believe that A.I. will lend them a competitive advantage in the upcoming years. From assisting with decision-making to streamlining resident communication, the benefits of artificial intelligence are well-suited to the service-oriented nature of multifamily housing and should not be overlooked as an ideal medium for accelerating business growth. By utilizing artificial intelligence in your community, you’ll soon join the ranks of those who are leading this transformative tech movement.