3 Ways to Maximize Tenant Satisfaction
In an era of digital transformation, PropTech is rapidly becoming a significant 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 major 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.
1) Expedite operational teams’ response to current issues
Improving the tools and techniques at your facility management team’s disposal is critical to the swift resolution of issues as they arise. Facility management applications, communication tools, and tracking software are among the methods cited as having the greatest impact on improving facilities’ support/maintenance services, thanks to their ability to perform 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 prioritization 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 managed.
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 satisfaction issues before they occur
Think of artificial intelligence as the flu shot of the smart real estate industry. Without it, satisfaction issues 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 Intelligence, AI increases your visibility into all your systems, from a single dashboard, 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 negative 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 August, you can send a technician 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 actionable preventative decision-making is therefore key to keeping customer satisfaction 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 expectations 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 obtain actionable data on their facilities, or risking the loss of tenants to facilities that focus on digital consumerism and end-user experience – key 21st-century competitive differentiators, such as rent tracking, maintenance processes optimization, collaborative consumption optimization and more.
Only AI can place valuable 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 information facility managers and operational teams need to keep tenants happy.
Implementing PropTech that integrates AI software is what will enable the achievement of operational excellence. AI algorithms and applications meet these needs head-on and therefore serve as prime “selling points” for new tenants and a driver of retention for tenants satisfied with their facility’s digital management and future-forward lifestyle.
Adding an AI layer to property management platforms and practices enables gathered data to be analyzed and adapted into predictive models. This, in turn, will help with preventative maintenance, future development modeling and property valuation in the eyes of new and existing tenants, who will view the AI technology as a “selling point” that indicates they’ll receive good service by smart property managers.
It’s time to stop putting out fires the traditional way and harness the power of artificial intelligence to put out the spark before it gets any bigger. In today’s world of high tenant demands, this is the only way to enter a new and improved era of tenant satisfaction and retention.
We’re already seeing amazing results with AI boosting tenant satisfaction and retention rates in the property management world –
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