How artificial intelligence is impacting multifamily real estate

It doesn't matter your area of expertise or interest, in recent days there's been talk of nothing other than: Artificial Intelligence (more specifically, ChatGPT). The fact is that this technology, which uses algorithms and performs sophisticated analysis to draw logical conclusions or simulate human intelligence to analyze data, has worried some people, but can help a lot in some segments, such as multifamily real estate.

As CEO of Sagewood Corporation, an American developer and builder that has in its extensive portfolio products such as the IQ Concept brand - which includes the IQ Mix (mixed use), IQ Lux (luxury building) and the IQ Loft, a Multifamily project across four buildings, both in Ojus, West Aventura, Florida - what I can tell you is that AI has impacted for a long time and will continue to impact this industry specifically. And, in my opinion, in a positive way, since it can be used for:

1-Optimization of management processes: some companies are using AI to automate routine tasks, such as rent payments, collections, customer service and property maintenance;

2- demand forecast: artificial intelligence algorithms are used to forecast the demand for real estate, which can help landlords make decisions about rents and prices;

3-improvement of tenant experience: AI is used to improve communication between tenants and the management team, as well as to provide personalized solutions to comfort and convenience issues;

4-Data Analysis: AI can be used to collect and analyze data on energy consumption habits, demographic information and tenancy behavior, among other factors, to improve the efficiency and profitability of multifamily properties.

In short, artificial intelligence is revolutionizing multifamily property management, making it more efficient, personalized and profitable. And the argument commonly raised on the subject, that technology will replace the human being contributing to unemployment rates, in my opinion is baseless. Processes can be automated at the edge, but they still need to be originated by individuals who are the brainchild of the ideas.

Douglas Strabelli

CEO and Founder Sagewood Corporation