{"id":1004686570,"date":"2023-10-23T04:01:36","date_gmt":"2023-10-23T12:01:36","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004686570"},"modified":"2023-11-03T02:21:27","modified_gmt":"2023-11-03T10:21:27","slug":"property-management-success-ais-power-and-potential","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/property-management-success-ais-power-and-potential\/","title":{"rendered":"Property Management Success: AI\u2019s Power and Potential"},"content":{"rendered":"

As the technology stacks<\/a> of office property managers undergo a continuous process of evolution, artificial intelligence<\/a> platforms have made their presence known. For their part, generative AI platforms such as ChatGPT are projected to have nearly 117 million users nationwide<\/a> by 2025, nearly double the increase of smartphone users from 2007 to 2010, according to Insider Intelligence<\/em>.<\/p>\n

Such platforms, and their associated uses and future potential for high-level decision-making, marketing, maintenance and tenant engagement have risen to the forefront of interest for office operations. Commercial Property Executive<\/em> spoke with several veteran property management experts and got their insights on the best present uses for artificial intelligence, alongside its future potential.<\/p>\n

Dialing in the day-to-day<\/h2>\n
\"Cary<\/a>

Cary Fronstin, Partner & Director of Property Management, Foundry Commercial. Image courtesy of Foundry Commercial<\/em><\/p><\/div>\n

When it comes to assisting in and, at times, replacing property management tasks done by humans, some low-hanging fruit has been adopting automation for more rudimentary operational tasks.<\/p>\n

One area where property managers have started to enjoy using automation is lease administration, an often lengthy process tangled in a maze of numbers and legalese. Generative platforms, by way of their ability to rapidly extract, process and analyze information, expedite it considerably. \u201cIt [does it] to such a high level, where the review after getting those abstracts back is really brief, because they get it right most of the time,\u201d explained Cary Fronstin, Partner & Director of Property Management at Foundry Commercial<\/strong>.<\/p>\n

This time reduction has allowed property managers and brokers to enhance their relationships with tenants through the leasing process. For Sarah Cannella, Director of Property Management Operations at Hiffman National<\/strong>, automation allows for a renewed focus higher-level tasks such as accounting, analyzing the actual language of the lease terms, as well as devising and planning maintenance and repairs. Once the more time-consuming information extraction process is complete, \u201cthis time-saving benefit allows property managers to focus on tasks that require their specialized expertise,\u201d Cannella told CPE<\/em>.<\/p>\n

\"\"<\/a>

Sarah Cannella, Director of Property Management Operations, Hiffman National. Image courtesy of Hiffman National<\/em><\/p><\/div>\n

Also in the realm of assistance is the platforms\u2019 ability to nearly instantaneously respond to work order requests, particularly at times when on-stie managers may not be at a building. \u201cWe have automated workflow systems where tenants can go in, type in what their request is, and AI interprets that,\u201d Fronstin noted.<\/p>\n

On a day-to-day basis, the most common complaints that Foundry often receives in its office spaces are for temperature changes. Rather than gambling on a property manager sitting at their desk at the moment that a request is sent, the AI interpreter communicates directly with an HVAC engineer. \u201cThe days of having tenants call in a work order request to a manager that may or may not be sitting at a desk are not as frequent,\u201d Fronstin reflected.<\/p>\n

Hiffman uses a chatbot that functions along similar lines, and inputs work order tickets directly into the management team\u2019s systems. Cannella sees an added benefit in the bot\u2019s accessible nature, unencumbered by oftentimes cumbersome work order software. \u201cThese tenants, often working on the warehouse floor and not at a desk, appreciate the convenience of texting the chatbot without the need to remember a username or password,\u201d she explained.<\/p>\n

A marketing assistant<\/h2>\n

Alongside a significant facilitation in both saving time and interacting with present tenants at a property, automation is playing an ever-more important role attracting and retaining high-quality leases. Beyond the chatbots that often greet every visitor to an office property\u2019s website, the platforms also have the ability to generate useful marketing content.<\/p>\n

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READ ALSO: <\/strong>Marketing Executives Unveil Their Best Practices<\/span><\/a><\/p>\n

\n

Fronstin has observed a niche for the platforms in presenting virtual space plans to prospective tenants, particularly at older office assets that may be struggling with occupancy amid a widespread flight to Class A, amenity-driven spaces in gateway markets<\/a>.<\/p>\n

Here, a virtual space planner transforms the less modern space into more modern, redesigned office. \u201cIt\u2019s marketing gold,\u201d Fronstin explained. \u201cIt allows tenants to see things that they may not be able to visualize [by] themselves, and actually lease up a space that they may not have considered,” he added.<\/p>\n

Decision-making potential<\/h2>\n
\"\"<\/a>

Ilene Goldfine, Chief Digital Strategy Officer, Hines. Image courtesy of Hines.<\/em><\/p><\/div>\n

In the same vein that property managers benefit from the platforms\u2019 versatility for lower-level tasks, they also recognize its strategic value. For Ilene Goldine, chief digital strategy officer at Hines<\/strong>, much of the platforms\u2019 potential comes by way of their ability to derive insights from data and inform strategic decision-making. \u201cWhat are the insights that they are telling you that you can\u2019t see with the naked eye?\u201d Goldfine asked. Such a question applies not only to diagnostics, but to the aforementioned tasks.<\/p>\n

Justin Segal, President at Boxer Property, <\/strong>has observed such a trend particularly in the realm of predictive analytics for many aspects of a given office property. \u201cIf an organization has good metadata and historical transactional data, then AI can be used to predict outcomes based on past performances, and the outcomes that you can predict are anywhere you have structured data,\u201d Segal detailed. Noteworthy examples that Segal listed were for predicting the likelihood that a tenant will renew a lease at a given price, or the extent of customer satisfaction with a program at a property.<\/p>\n

\"\"<\/a>

Justin Segal, President, Boxer Property. Image courtesy of Boxer Property<\/em><\/p><\/div>\n

Acting as a de facto decision maker, the platforms\u2019 ability to analyze data also translates into decisions of interpersonal interaction \u201cWe use them to determine which customers to talk to, and out of eight [thousand] tenants, the ability to focus on three or four is extraordinarily helpful,\u201d Segal detailed.<\/p>\n

In this realm, there is a hybrid of humans and robots, working together to produce the best outcomes for a property. \u201cAt the end of the day, that level of experience that somebody could be bringing is encapsulated in a system now, and that system will handle the predictive and data management tasks in deciding where to go have a conversation or intervene,\u201d Segal said.<\/p>\n

With all of this in mind, property managers must keep in mind automation\u2019s limitations, as well as the importance of proper data collection and hygiene. Both are paramount, given the fact that these platforms are incapable of synthesizing data by themselves, as well as their susceptibility to internal and implicit biases. One study from datanami<\/a> quoted Peter Relan, a co-founder & chairman at Got It AI, a developer of enterprise-focused chatbots, as citing a 15 to 20 percent hallucination rate for generative platforms such as ChatGPT. \u201cThey\u2019re only as good as people updating them and keeping them relevant,\u201d Goldfine cautioned. \u201cIf [you] don\u2019t put more information in, then that is stale information that you are basing those decisions on. This is all based on good foundational data,” Goldfine concluded.<\/p>\n","protected":false},"excerpt":{"rendered":"

Automation has the ability to significantly streamline office operations. Which areas can benefit the most? <\/p>\n","protected":false},"author":3012,"featured_media":1004686814,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,23891,21742,21747,21785],"tags":[37734,32961,51974,32797],"class_list":["post-1004686570","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-national","category-latest","category-office","category-property-management","tag-boxer-property","tag-foundry-commercial","tag-hiffman-national","tag-hines"],"acf":[],"yoast_head":"\nProperty Management Success: AI\u2019s Power and Potential - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Several veteran property management experts share their insights on the best present uses for artificial intelligence and its potential.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/property-management-success-ais-power-and-potential\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Property Management Success: AI\u2019s Power and Potential\" \/>\n<meta property=\"og:description\" content=\"Several veteran property management experts share their insights on the best present uses for artificial intelligence and its potential.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/property-management-success-ais-power-and-potential\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-23T12:01:36+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-11-03T10:21:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/10\/AI-Feature-story.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Gabriel Frank\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/property-management-success-ais-power-and-potential\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/property-management-success-ais-power-and-potential\/\",\"name\":\"Property Management Success: AI\u2019s Power and Potential - 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