MHN’s latest poll asked readers how they are using artificial intelligence in their business operations. Uses ranged from traditional marketing and outreach to data analysis, due diligence and lease administration.
Marketing and outreach were the main uses among respondents, likely due to the versatility, cost-efficiency and ease of use of tools like chatbots, social media curation and automated messages. In a March poll that asked readers specifically about their use of AI as part of their marketing strategy, outreach was the most popular use for the technology at 38 percent.
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“Data analysis,” “Due diligence,” “Other uses” and “Lease administration” ranked second through fifth as top AI uses, respectively. Numerous generative AI models have proven effective at analyzing market fundamentals, performing site selection and even using them to write copy. Other uses include more rudimentary tasks that would normally go to on-site property management staff, a boon to understaffed or under resourced firms.
Within all the responses, however, the largest percentage—37 percent of respondents—stated that they were presently not using AI, likely due to its relative novelty and the frequency of errors. ChatGPT, the most prominent chatbot out there, is itself prone to “hallucinations” of false or misleading information in 15 to 20 percent of use cases. Additionally, many in the industry view artificial intelligence as more of an accessory for their business rather than an outright replacement for key roles or services, provoking some caution and hesitancy.
Click here to see MHN’s latest poll, and the results of previous surveys.
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