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M id A tlantic R eal E state J ournal Publisher, Conference Producer . .............Linda Christman AVP, Conference Producer ...........................Lea Christman Account Executive ........................................Joe Christman Account Executive ........................................... Steve Kelley Account Executive ............................................. Kim Brunet Account Executive ........................................ Marisol Chase Account Executive .........................................Alyson Parker Senior Editor/Graphic Artist ..........................Karen Vachon Office Manager ...............................................Kerrin Devine Contributing Columnist .......................................Iris Tsidon Mid Atlantic R eal E state J ournal ~ Published Semi-Monthly Periodicals postage paid at Hingham, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal 350 Lincoln St, Suite 1105, Hingham, MA 02043 USPS #22-358 | Vol. 31, Issue 4 Subscription rates: $99 - one year, $148 - 3 years, $4 - single copy REPORT AN ERROR IMMEDIATELY MARE Journal will not be responsible for more than one incorrect insertion Phone: 781-740-2900 | Fax: 781-740-2929 www.marejournal.com The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal
M id A tlantic Real Estate Journal
Iris Tsidon
3 Ways to Maximize Tenant Satisfaction Using AI I n an era of digital trans- formation, PropTech is rapidly becoming a sig- nificant driver of customer satisfaction, and AI is being introduced into the property management industry as part of the 4IR (The Fourth Industrial Revolution). As customer satisfaction proves to be one of the most significant challenges in property management today, inadequately responding to requests or problems, from routine maintenance to ma- jor malfunctions, can result in disgruntled tenants, who wish to terminate their lease – effective immediately. This is exactly where AI comes in, driving operational intelligence by knowing what your customers want before they even know they want it. Here’s how: 1) Expedite operational teams’ response to cur- rent issues Improving the tools and techniques at your facility management team’s disposal is critical to the swift resolu- tion of issues as they arise. Facility management ap- plications, communication tools, and tracking software are among the methods cited as having the greatest impact on improving facilities’ sup- port/maintenance services, thanks to their ability to per- form root cause analysis and push anomaly notifications – to the right maintenance personnel. What’s more, AI automates maintenance monitoring, limiting human error and system downtime, while enabling better priori- tization of required tasks and superior asset cost control. Combining AI technology with your existing IT and OT infrastructure, along with IoT devices such as sensors and cameras, can not only enhance these methods, but also enable personalized notifications to be sent to the right team member for faster problem resolution and steadier levels of tenant satisfaction from the way their facility is being man- aged. As opposed to the common misconception, this is true
even if you don’t have an IoT infrastructure, making out the AI solution practical and deployable as soon as tomorrow. 2) Anticipate future sat- isfaction issues before they occur Think of artificial intel- ligence as the flu shot of the smart real estate industry. Without it, satisfaction is- sues may or may not arise on your property, but with it, any potentially arising issues are anticipated ahead of time and can, therefore, be treated swiftly, seamlessly and effortlessly, with limited backlash. Unlike with Business In- telligence, AI increases your visibility into all your sys- tems, from a single dash- board, enabling predictive analytics to keep your team ahead of potential future issues. Instead of putting out satisfaction fires in the heat of the moment, you can know exactly what obstacles may present, and provide swift solutions before your tenants even sense a nega- tive change. For example, if you are made aware of the fact that your HVAC system tends to overheat when all air conditioning units are used simultaneously in Au- gust, you can send a techni- cian to preemptively cool the system before your tenants start complaining of the summertime sweats – and looking for alternative living/ working spaces. The ability to gather data, analyze it using AI software and leverage it for action- able preventative decision- making is therefore key to keeping customer satisfac- tion levels at a steady high. 3) Make an attractive “selling point” for new tenants
These days, tenants are looking for more than a space to call home (or work). They’re looking for a full- service facility, one that meets their needs and expec- tations for clean, maintained and smart living, including those needs and expectations they have not yet discovered themselves. As a result, maintaining high tenant satisfaction is believed to be the most important priority for 97% of facility and real estate managers. For landlords, that means investing in PropTech to ob- tain actionable data on their facilities, or risking the loss of tenants to facilities that focus on digital consumer- ism and end-user experience – key 21st-century competi- tive differentiators, such as rent tracking, maintenance processes optimization, col- laborative consumption op- timization and more. Only AI can place valu- able data with real insights on tenant satisfaction in the hands of facility managers and operational teams. From incoming service requests, work orders analysis and tenants’ leasing patterns, to response and completion times –AI provides the in- formation facility managers and operational teams need to keep tenants happy. Implementing PropTech that integrates AI software is what will enable the achieve- ment of operational excel- lence. AI algorithms and ap- plications meet these needs head-on and therefore serve as prime “selling points” for new tenants and a driver of retention for tenants satis- fied with their facility’s digi- tal management and future- forward lifestyle. Iris Tsidon is co-founder & CEO of Okapi.
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