TECHNOLOGY
As the application of Artificial Intelligence ( AI ) becomes more common , it will continue to transform the way we live , work , and interact . While this may sound alarming , there are major benefits around the corner through this technology to add efficiency , enhance security , and create a more personalized resident experience .
MaintenancE AND LEASING
Maintenance is a perennial concern for both property managers and residents . AI-driven predictive maintenance systems can anticipate potential issues before they become critical , allowing for proactive repairs and minimizing disruptions .
Smart sensors and IoT devices installed throughout the apartment community can monitor the condition of various infrastructure components , such as elevators , HVAC systems , and plumbing . By analyzing data patterns , AI can accurately predict when equipment is likely to fail , enabling maintenance teams to address issues before they escalate . This not only reduces downtime but also saves on operational costs in the long run .
Since time has become a limited comodity as turnover rates remain high and companies shift to centralization , A . I . will assist in the renter / management relationship . " Gone will be the days of view lead management or work orders as listed items aimed to check off ," explains Marcella Eppsteiner from Mission Rock . " The renter and team member experience will become more personalized and connected because time will be shifted from task management to value-added and impactful interactions ."
accounting
With financial management being among the most crucial aspects of running a community , AI naturally has the potential to revolutionize this area . Automated billing , which already exist to a certain degree , can generate accurate and timely invoices , reducing the risk of errors and late payments . However , AI algorithms can analyze historical financial data to identify trends and make predictions to help property managers budget and make decisions on how to allocate resources . This level of financial insight ensures that apartment communities operate efficiently and economically . www . aamdhq . org MARCH 2024 TRENDS | 23