The capabilities of artificial intelligence (AI) are spellbinding. Essentially, if it can be imagined, it will probably happen at some point—and then some.
But while AI can simulate human intelligence to some degree, it ultimately is not human. That’s why AI is strongest when blended with emotional intelligence (EI), or what many refer to as the human touch, as a panel discussed at the Apartmentalize 2024 session “EI, AI, OHHH! Leveraging Emotional and Artificial Intelligence.”
“The first thing that comes to mind in multifamily when it comes to AI is leasing and chatbots, but there is so much more,” said Gina Carter, VP of Operations for Blue Ridge Companies. “If you don’t think you’re using it, you might be surprised. But the goal here is to make sure you’re using it well.”
As Carter alluded to, AI hardly qualifies as a new concept in multifamily, yet its use has largely been relegated to chatbots (instant-message style online chats that provide information about a community) and for automation of routine tasks, such as timely follow-up emails to prospective residents.
The panel touched upon the broad category types of AI—narrow and general—and the ways they can be utilized by the industry. Narrow AI is a platform that does one thing really well, such as in-vehicle navigation. Chatbots and ChatGPT qualify as narrow AI but are considered on the weaker end. General AI is a platform that does many things well, such as a non-human can examine a situation and determine a course of action beyond what a human taught, such as algorithms deployed to conquer chess matches and multi-tiered video games.
An emerging use of AI in multifamily are devices that record meetings and summarize them in a tidy report. That’s when EI can be applied, as the associate reading the report can humanize it to reflect the voice of either themselves or their company.
AI is also starting to aid organizations in screening and cybersecurity, helping to analyze threats and potential red flags earlier in the process. Some have given pause to using AI In screening due to the multiple tiers of compliance that must be adhered to when screening residents, but algorithms can be built to recognize those components—with help from human-aided emotional intelligence—and complement the model.
Artificial intelligence has quickly become a game-changer in the industry, so all stakeholders must be on the same page, as would be the case regarding other situations impacting business.
The industry is also using AI to track amenity use, determine the highest-performing associates, send resident letters in multiple languages and countless other emerging facets. Companies that begin using AI need to have a policy and plan in place for its applications.
What’s certain is that AI is here to stay, and it has only scratched the surface in the rental housing sector.
Paul Willis is a Content Director for LinnellTaylor Marketing.