The broader use of AI in property management, including for tasks like monitoring energy use and managing construction, could generate over $110 billion in value for the real estate industry, according to a 2023 report by McKinsey Global Institute. However, the increasing use of AI has raised questions about whether tenants should be informed when they are interacting with an AI bot.
Key takeaways:
- An apartment complex in Dallas has implemented an artificial intelligence bot as a maintenance coordinator, which has been well-received by tenants and staff.
- The bot, named Matt, is available 24/7 to schedule repair requests and manage appointments, freeing up time for human staff.
- Other AI bots in use include Lisa, a leasing bot that answers questions from prospective tenants, and Hunter, a bot that reminds people to pay rent.
- The use of AI tools in property management could generate $110 billion or more in value for the real estate industry, according to a 2023 report by McKinsey Global Institute.