Learn how artificial intelligence is changing the face of the real estate industry
Can you imagine a robot showing prospective tenants around your property? It may sound like something from science fiction, but this could soon be the norm for multifamily real estate.
Automation is shaping the future for many industries. From the virtual assistant on your smartphone to self-checkout at grocery stores, the way we carry out everyday tasks is being made simpler and more efficient thanks to artificial intelligence.
How are robots being used in the real estate industry?
The multifamily market is already no stranger to automation. The practice of using digital lockboxes to allow access to properties is already commonplace, but these new robotic innovations give us a glimpse of what might be next.
Brooklyn-based virtual reality technology company VirtualAPT has invented a robot that makes three-dimensional property videos. Others are taking things one step further: California-based property management company Zenplace has robots that allow agents to remotely lead prospective tenants on tours—while projecting the agent’s face on the screen.
What does this mean for multifamily property owners?
While it might seem strange at first, automation like this can help to streamline the process of property management, especially in busy rental markets.
Instead of appointment delays caused by conflicting schedules, prospective tenants are free to schedule a robot-led tour at any time convenient to them. The robots are also on hand to answer questions and collect information which can be fed back to the property management team for follow-up.
This level of automation may not make sense for every multifamily property owner or property management company, but simpler robot tasks could also bring benefits. For example, robot-created virtual property tours provide convenience to prospective renters and buyers who don’t have time to visit the location in person.
At 100Units.com, we use drone technology to create aerial property videos. We are finding they’re a great tool to add value to the client’s multifamily listing, along with giving buyers a different perspective on the property. We also offer 3D virtual property tours.
Our opinion
Industry experts predict that artificial intelligence will render many human job roles obsolete in the near future, but we firmly believe that real estate advisors and realtors will remain an intrinsic part of the buying, selling and renting process.
So while robots won’t replace human real estate advisors and agents any time soon, one thing’s for sure: new technology will continue to disrupt the real estate industry, and property owners will need to keep innovating to meet evolving customer needs.
It’s sometimes hard to anticipate what’s coming next. You can stay ahead of the curve with the help of 100Units.com: our multifamily property investment advisors have all the advice and insights you need. Follow us on Facebook and LinkedIn, plus you can find our Investor Insights video series on our YouTube channel.