Artificial Intelligence (AI) seems to be everywhere, and while the novelty will wear off, AI has real and lasting value.

Regardless of the industry, AI has the potential to make things easier. Condo management is no exception.  

Read on to find out how high-rise condominiums are currently using AI to streamline operations and improve resident satisfaction.

  

Table of contents

• What is AI
• Why has AI become so popular?
• How can high-rise condos take advantage of AI?
• How do condos benefit from AI?

  

What is AI

If you’re not familiar with the technology, AI might feel like some abstract, futuristic tool. But, AI has been around for more than half a decade.  

At its core, AI is a set of technologies that makes it possible for computers to perform a variety of human functions, including the ability to see, understand and respond to commands, analyze data, and make recommendations.

There are different levels to AI, ranging from simple to advanced.  

  

Machine learning

Machine learning is the most basic form of AI. It involves training an algorithm to make predictions or decisions based on data.

The simplest form of machine learning is called supervised learning. This involves the use of labeled data sets which train algorithms to categorize the data or predict outcomes.

Humans are more involved here as they decide how training examples and output labels will be paired up. The goal is for the model to learn the mapping between inputs and outputs in the training data so it can predict new data.  

  

Deep learning

Deep learning builds on machine learning and uses multilayered neural networks that more closely simulate the human brain’s ability to make complex decisions.

Tens, or even hundreds of hidden layers work together to support unsupervised learning. That means data sets are not labelled by humans. Predictions are made by the model about what the data represents.

  

Generative AI

Generative AI involves deep learning models that can create original content, including images and videos, based on a prompt or request.

Generative models encode a simplified representation of their training data, and then draw from that to create or generate new work that’s similar, but not identical, to the original data. ChatGPT is the most recognizable example of generative AI.

  

Why has AI become so popular

Most people are optimistic that AI will be able to take on tasks that they don’t like doing. But, the technology has already demonstrated that it can successfully automate some tedious tasks and improve or enhance human experiences.

  

AI automates routines

Who doesn’t want fewer repetitive tasks in their lives?  AI is great at collecting data, generating responses, and in some cases, it can perform physical tasks. Automation frees up time for employees to focus on higher value work.

  

AI adds intelligence to current technologies 

You may enjoy using helpers like Siri for quick answers or directions. Friendly and easy to use, AI will improve the user experience for many more technologies at home and in the workplace.

  

AI never needs a break 

AI is always on, and is ready to help 24/7. Chatbots or virtual assistants can answer common questions from customers after the office has closed, or help maintain output levels when used to complete repetitive physical tasks.

  

AI gets better as it learns

Just like humans, AI needs time to get the hang of a new job. But, using progressive learning algorithms, AI gets better at making decisions and recommendations. The models adapt when given new data, which means they can navigate more complex situations over time.

  

AI gets the most out of data 

Good data is a huge asset. However, finding patterns or answers requires time and focus. AI can help companies gain a competitive edge by processing data at lightning-fast speed.

  

How can high-rise condos take advantage of AI?

AI can be intimidating, but exploring the technology in small steps can make it more accessible.

Below are some of the most common ways high-rise communities and condo management companies are currently implementing AI.  

  

Forecast maintenance issues to reduce maintenance expenses

One property management company estimates that 15% of common element fees are used to cover cleaning services, and maintenance contracts, while another 5% is used for minor repairs and miscellaneous maintenance not included in the reserve fund budget. That’s 1/5 of condo fees going to maintenance!

AI may be able to help communities reduce money spent on maintenance repairs by predicting problems before they occur.

AI models can assess historical data to predict when a system or piece of equipment will need maintenance or repairs, allowing you to plan ahead and avoid putting an elevator out of service for two weeks.

However, there are sensors or other hardware (Internet of Things) that collaborate with AI to monitor systems and components in real time. Not only can this technology predict when maintenance work will be required, but it can provide real-time insights and make suggestions to optimize performance. If there is a leak or sudden change in temperature, the right people are notified right away. This allows management to take immediate action and reduce the risk of damage to the system or property.  

IoT solutions are more common for commercial properties, but that doesn’t mean residential buildings can’t use them.

  

Speed up information retrieval

There are proptech and AI assistant programs, most notably STAN AI, that are designed specifically to make life better for managers and residents. One of the many tricks that STAN AI can perform is document scanning.

Upload governing documents, and STAN can analyze them in a matter of seconds. If a resident has a specific question about a rule or bylaw, STAN will respond using natural language.   

Condo Control also allows staff and residents to easily find information in its document database. Simply type in a keyword and it will generate relevant results. This tool can even analyze PDFs and documents that have been scanned.

  

Automate responses to maintenance requests

Virtual assistants can help ensure service requests are addressed promptly. In some cases, auto-responses can be scheduled and delivered right away once triggered by a keyword or phrase. This can be very useful for filtering out requests for repairs that are not the responsibility of the building.   

Other programs may create requests on behalf of the resident, or send the most recent updates to submitters so that they know the status of the repair.

  

Use chatbots for improved response times

Chatbots can be installed on a condominium’s website or portal, and can deliver basic 24/7 support to residents. Common questions and issues can be addressed by the bot, which improves resident satisfaction and reduces the workload for management.

This solution can also be used to assist interested renters or buyers who want to schedule a viewing appointment.  

  

Implement data-driven decision making

Analytical AI uses existing data and can make recommendations to improve efficiencies or reduce costs.

For example, algorithms can interpret energy consumption patterns in the condominium and make suggestions to optimize usage. Or, apply it to understand resident behaviour. Increase rates for guest suites during popular weekends or introduce online payments if cheque payments are always being submitted after due dates.  

Some property managers are even using AI to set competitive rental prices.

  

Speed up screening for vendors and tenants

Digital leasing assistants help to remove unqualified applicants and vendors from the pool of candidates.

AI screening software can vet tenants and contractors based on customized criteria that management controls. Once the first round of applicants has been reviewed by the software, a person can take a closer look at the remaining candidates.

  

How do condos benefit from AI?

There are multiple reasons why high-rise condominiums should consider experimenting with AI:

• Cost savings. AI software is relatively affordable and can reduce the workload for staff. It can also identify potential revenue streams, and potential maintenance issues before they occur
• Happier residents. AI can help staff figure out ways to enhance services, provide faster response times, and even offer personalized experiences 
• Enhance operational efficiencies. Condos can pass on a lot of manual work to AI software so that staff can spend more time on issues that technology cannot address
• Sustainability. Whether it’s reducing paper usage or improving energy usage, AI can help support sustainability initiatives

It’s good to keep in mind that in order for condo communities to really benefit from AI, condo residents must be prepared to embrace digital tools and platforms.

There will always be a few people who don’t have any interest in giving up cheques or paper notices, but for the most part, residents will adapt if the technology is easy to use.