In some industries, artificial intelligence is designed to replace associates. In multifamily, it is designed to help them.
A hyper-competitive market and low unemployment rate are among the factors that have made it more difficult for the industry to attract and retain high-performing associates. And oftentimes the associates that remain are saddled with a wide variety of busywork that prevents them from concentrating on high-level duties or creating innovative ideas.
AI can alleviate much of that busywork, process data faster and make leasing offices much more efficient. Here are some of the benefits AI can bring to the apartment world: continue
Most prospects who submit an application to live at your community are everyday people looking for a home. You certainly don’t want to make their screening process a brutal one.
But not all applicants have pure intentions. While you want to create a seamless, low-hassle experience, you also have to protect your property from potential fraud. While standard background-check items such as credit and income are easy enough to check, data pertaining to rental history, criminal record and ID verification can be more difficult and time-consuming to collect.
Tech tools can unquestionably help in this process, particularly software that examines all of these parameters and can produce thorough and accurate results in a matter of minutes. But there are potential warning signs for fraud that onsite teams should be aware of, particularly when considering the cost of identity theft and fraud climbed to $16 billion in 2017.