When it comes to the property sector, Artificial Intelligence or AI technology may well be one of the biggest technological events as the launch of the actual Internet back in the mid-1990’s. We all know how that went - way beyond anything that the creators or users could have ever expected.
Up until quite recently, AI was generally looked upon with a level of distrust. Was it going to turn evil like in the movies? Was it going to replace our jobs, rendering us unneeded? However, businesses are now starting to understand how it can benefit them and are embracing this innovative form of automation. It provides a much smarter way of working and ensuring the very highest levels of customer satisfaction.
Here, we look at how this technology has helped or is about to help the property sector.
The automation of property management
When it comes to rental properties, one of the biggest issues is repair and maintenance problems. You can almost guarantee that if something goes wrong, it is going to go wrong outside of traditional office hours, and if it is something major, it can be an issue. This may not be an issue any longer for property managers. Places like Pi Labs - a UK based company - have implemented their own artificial intelligence-based message platform, which they have named AskPorter to enable renters with issues to get in touch and get the issues resolves quickly and easily. They just have to file their issue with the VA (virtual assistant) and can then track the progress of the report until it is sorted and closed.
It is not just the property sector that is benefitting from the use of recommendation technology. Businesses from all sorts of industries are using them to give their customers a wider choice of solutions when it comes to making a purchase or enquiring about something. The AI element recognises what products are most enjoyed by users and uses this information to make appropriate suggestions to new users. This is used by companies in both the commercial and residential sector.
As well as the recommendations system we explained above, AI software such as Apartment Ocean are making the search for property even easier. They supply real estate sites with chatbots who talk to potential customers about their search for property. The customer can ask an automated chatbot questions, and they will get answers to help them to refine their search, put together by the software. This, of course, is something that a realtor would usually do, so this is an ideal way of saving time. The software can then convert this interaction with the client into meaningful data to improve future discussions.
Analysis of data
The property sector is using artificial intelligence for more effective and in-depth data analysis. One business using AI in this way is Building IQ, where, based on data that it has collated about the building's condition, it makes predictions as to where will need maintenance. Because it is purely based on data, artificial intelligence systems enable people to take the best action to ensure that tenants are saving money, energy and living in the best possible condition.
Technology brands such as nest are using this tactic in their AI thermometer. It learns about the user from the data it collates. Airbnb is another business that does this - they use AI to get an idea of how to price their properties based on previous customer interactions.
Security for buildings
Property companies are starting to use artificial technology to make sure that their tenants have the best security possible. For example, GateGuard uses face recognition instead of a doorman to allow residents to come into the building, as well as letting in delivery people and tradespeople even when they are not home - access can be given remotely through their mobile phone or other devices. LABS, an office space provider, has put in smart recognition software to enable clients and staff to let themselves into the building using a mobile app, rather than keys or cards.
It is obvious that not only is artificial intelligence technology growing rapidly, but that many industries have adopted it in a relatively short time frame, including the property sector. It can help to improve the efficiency of management tasks and provide the tenants with a positive experience through the intelligent collation and analysis of information and data.