While multifamily has traditionally been hesitant to adopt new, unfamiliar technologies, that has not been the case with AI. Not just a buzz word since the rise of ChatGPT in late 2022, it's quickly becoming a staple much like mobile was in the not so distant past.

Surprisingly, AI isn’t an entirely new concept in the industry. It’s been used in the form of chatbots on leasing websites for years. What’s different now is the type of AI that’s emerging. Chatbots use natural language processing to read questions and serve up pre-existing answers based on what the customer asked. Generative AI tools, like ChatGPT, create net-new content based on a machine learning algorithm that was trained on a large language model.

We’re still at the beginning stage of AI, but the benefits to be gained from AI far outweigh any negatives you might experience. The biggest potential downsides to utilizing generative AI are the potential biases that can be introduced when the algorithm isn’t trained on a proper data set. That’s why we recommend utilizing a tool that has been trained and grounded on a multifamily-specific data set.

Next, the key to successfully leverage these capabilities is training your team on how to submit a prompt that delivers the optimal output from the AI. When crafting a prompt be sure to use precise language and have a defined goal or outcome in mind with the piece of content being created. When you ask a vague question, you’ll likely get a vague response in return so be as specific as possible to help your chosen AI program stay focused. An example of a specific blog post might be something like, “Write a 400-word blog post about the top 5 date night activities to do in Salt Lake City in the summertime.”

Something else to consider is providing the algorithm as much context as possible. Doing so will help provide you with the most relevant answers. If you have a good idea of what you want the output to look like, it would make sense to provide that in your prompt as well.

AI isn’t a “set it and forget it” tool. You need to review all content created, especially if it’s for public consumption. We’re at the beginning stages of I and at times there may be issues with accuracy, so check all the sources, and then make sure all the grammar is correct and it is in keeping with your brand and doesn’t use language that violates fair housing or is potentially offensive.

As you build out your future tech stack, do so with generative AI and other forms of AI in mind, so it can be easily plugged in and scale with you as your business grows. These include predictive analytics and business intelligence tools to help improve data analysis and decision making, predictive maintenance to help you know when you should service or replace major appliances, and preventing fraud during the application process.

AI shouldn’t replace employees

If you’re just looking to replace employees with AI, you might want to rethink your AI strategy. It’s not going to replace them, but rather augment their performance and provide them with more time to focus on initiatives that are important to the business.

For example, if your site teams struggled in the past with resident messaging content creation, using generative AI to craft messages will save them a lot of time and reduce stress at work, while also delivering messages that are concise and on brand.

Additionally, you shouldn’t be looking to use AI to take over repetitive tasks. You should use it as an opportunity to rethink the whole process. AI is just one piece of the puzzle. Take a look at every step of the process and identify areas where you can be more efficient or can take advantage of advances in technology to make things easier. When you use AI to its fullest potential, it should be a transformative experience that allows you to put your site teams in the best position to succeed.

Learn more

To learn more about how to implement generative AI at your properties, check out our latest ebook.