5 Ways Artificial Intelligence Is Changing Property Companies

In terms of how it is affecting the property industry, Artificial Intelligence (AI) could very well be as innovative an event as the appearance of the Internet itself in the mid-nineties, which went far beyond the expectations of its creators. Rather than being fearful of AI replacing human jobs, companies are starting to embrace automation for a more intelligent way of working and providing the highest level of client satisfaction. Below we will explore the different ways in which smart technology has already been or is on its way to being implemented within the property industry.

#1 Automated Property Management

Problems within rented buildings are a constant source of complaint and burden, to which the human element of a property manager also contributes. Things don’t always go wrong between the working hours of 9-6, and waiting for something to get fixed till the next working day may be a problem of the past. Companies such as UK-based Pi Labs are already implementing an AI messaging platform called AskPorter to help residents in apartments have issues within their buildings or inquiries they may have solved quickly and efficiently. All they have to do is log their complaint with the virtual assistant, and then track its progress until things are back to normal.

#2 The Recommendation System

Recommendation systems are being used by a multitude of industries in order to provide customers with a wider variety of options when purchasing or making an inquiry. The AI component understands which types of products are liked by users and can then make relevant suggestions to a new person on the site. The technique is seen in both residential and commercial arenas with companies such as Green & Company already implementing the recommendation system.

#3 Virtual Assistants

Further to the above system, making the property search experience even more seamless, recent AI programs like Apartment Ocean are providing real estate websites with chatbots that assist potential clients in their search for a property. The user can now ask an automated bot specific questions and receive answers on how to progress their search in a conversation initiated by the program, which is one that a real estate agent would usually have with potential clients. Acting as a virtual assistant and currently being implemented by team messaging app Slack, Apartment Ocean then converts this opening encounter into useful data that can be used to optimize future interactions with clients.

#4 Data Analysis

Artificial Intelligence is being used in a number of ways throughout the property industry in order to more efficiently analyze data. Building IQ, a software company, has developed a program which predicts which areas of a building will need maintenance based solely on information it has gathered about the building itself, fast-tracking the maintenance process and pre-empting issues. Nest thermostats actually learn the preferences of their users and implement that learned data to control the temperature at certain times and periods of the year, saving money for users. Airbnb uses data analysis and machine learning to understand what people have most liked about properties and then re-ranking search pages to best suit each specific user. Artificial intelligence’s impact on data analysis has meant that companies can save money on energy use in their office space, landlords can better manage their properties and search facilities can provide more tailored experiences for users.

#5 Building Security

Companies are currently implementing smart technology in order to provide tenants with ultimate security. GateGuard uses facial recognition for apartment building inhabitants as a replacement for a “doorman”, as well as allowing tenants to let in delivery services when they are out, giving facial access through their phone or computer remotely. Office space provider LABS has implemented intelligent recognition software so that employees and clients can use the mobile app to enter the building without needing a set of keys or a key card.

It’s clear that artificial intelligence is not only fast-growing but has managed to cover a great variety of industries in a small space of time, reaching the property industry, as outlined above. By improving the efficiency of simple management roles, this smart technology works as a suitable partner for agents and brokers within the property field, as well as optimizing the tenant experience through a skillful gathering and analysis of data.

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