Artificial intelligence (AI) is currently one of the hottest buzzwords in tech and with good reason. The last few years have seen several innovations and advancements that have previously only been seen in the realm of science fiction movies, transformed into reality. AI bots, such as ChatGPT, have turned industries on their heads – from content producers, educational institutions, to legal assistants and market research analysts, the chatbot has proven to be powerful enough to generate answers to complex questions. AI is disrupting businesses, while redesigning our economic system.
Experts state AI has the potential to introduce new sources of growth and change the way work is done across multiple industries. For example, a recent study predicts that AI could potentially contribute $15.7 trillion to the global economy by 2035, with China and the United States benefiting nearly 70% of the impact. But AI is not without controversy, some say it could displace roughly 400 million jobs worldwide by 2030, while others point out that with the tight labor market and aging workforce, we must augment jobs that we are wasting human talent on.
What is Artificial Intelligence
In simple terms, Artificial Intelligence is a method of making a computer, robot, or software think intelligently – much like a human. AI is accomplished (or trained as we say in the tech world) by studying patterns and processes. The outcome of these studies develops intelligent software and systems. The humble beginnings of AI started in 1956 when an American computer and cognitive scientist named John McCarthy was the first to discuss artificial intelligence. Not only did he coin the term, but also held the first AI conference known in history.
From that point, we have seen everything from the Supercomputer Deep Blue that was built by IBM defeat world champion chess player Garry Kasparov in a match in 1997, to robotic vacuum cleaners, chatbots, speech recognition, and now with ChatGPT, which is a large language model AI with massive learning techniques. It is said that ChatGPT has consumed over 450 billion pieces of content to learn from. It also gets smarter as people like us ask it questions, as it uses machine and deep learning technology to provide those answers. Today it has over 100 million active users.
What Myths and Magic Does AI Bring
When it comes to AI myths, most theories revolve around AI somehow taking over human civilization. This may seem possible with the power of AI and the emergence of robots, but when we look at the actual capabilities of that technology today, it is a stretch for it to take over the world. AI programs are created with a narrow focus, which does not allow them to function outside their prescribed task. They currently cannot reproduce learning from their knowledge and apply it in the real world, as their purpose is to do a defined action with precision and speed. Keep in mind, humans build technology.
Though AI is often looked at as a replacement for humans, it is increasing job productivity through augmenting redundant human tasks. For example, AI-powered chatbots can provide a seamless experience to customers and resolve the most basic questions instantly. AI can analyze sales calls and offer real-time tips for sales managers to improve communication with clients. They can help our workforce by handling tasks, analyzing data, and helping us work smarter. This helps businesses significantly boost their productivity and revenue per headcount.
Leveraging AI in The Multifamily Industry
If we look at the core needs in our industry, AI makes a lot of sense to utilize, since today’s consumer is redefining how they want to transact business. Known as the digitally conscious customer, they have one common theme – instant transactions and results. AI can automate routine tasks, such as marketing, prospect onboarding, rent collection, lease renewals, and document processing. By automating these processes, property managers can save time, reduce administrative errors, and focus on more strategic aspects of property management.
Appealing to today’s digitally conscious renter involves delivering a seamless digital experience, which means keeping your user inside one unified experience, and not bouncing them across multiple platforms. They should have the ability to inquire, tour, apply, and have a lease delivered immediately upon approval inside that same environment. Once they sign their lease and become a resident, they are transitioned into portal to communicate, request service, pay rent, and renew leases; not being thrown to another site – just one seamless unified experience.
As our industry continues to embrace digital transformation, now is the time to rethink the user experience and move into the instant everything economy. From automated marketing, rental applications to building and delivering leases without staff intervention, it is all possible with today’s technology.
AUTHOR
Kerry W. Kirby is a renowned entrepreneur, technology innovator, and philanthropist. He is the founder and CEO of 365 Connect, the leader in providing the most advanced automated marketing, leasing, and resident engagement platform for multifamily communities across the globe. Executing on a progressive vision of creating leading-edge products and services, Kerry has won more technology awards than any other company in his home state of Louisiana, as well as the industry he serves. Prior to founding 365 Connect, Kerry worked in the multifamily housing industry developing communities across the Southeastern United States. Kerry’s eye for finding buildable sites with incredible locations was his formula to creating an array of successful ventures.
Kerry W. Kirby has earned widespread recognition and numerous prestigious awards throughout his career. His accolades include the Louisiana Governor’s Technology Award and Titan Entrepreneur Award, both highlighting his outstanding contributions to the tech industry. For nine consecutive years, he has been listed on the Silicon Bayou 100 as one of Louisiana's most influential entrepreneurs. Most notably, Kerry became the first in the multifamily housing sector to receive the Bootstrapper Award, underscoring his remarkable journey of turning a scrappy startup into a leading proptech powerhouse without external funding.
Kerry W. Kirby serves on the Board of Advisors of Rainbow, a national nonprofit organization that provides service-enriched housing programs for over 32,000 affordable housing units across the country, and general-partner services to an additional 12,300 units. He is Chair of Technology Initiatives for the Multifamily Innovation Advisory Council, an executive membership level organization with over three million multifamily units represented, focused on assisting owners and operators explore innovative solutions that will drive change across the industry.
Kerry W. Kirby and his wife Melinda M. Kirby are actively involved in supporting communities and causes, with an unwavering dedication to humanitarian, educational, healthcare, and equality programs. Through the Kerry & Melinda Kirby Foundation, they provide resources to nonprofit organizations that accelerate progress by championing causes that give a voice to those that are often not heard. They have been highly recognized for their philanthropic commitment, being honored with a Communitas International Award for their significant impact in making a difference in people’s lives.