Adaptive AI
AI’s Growing Influence: A Call to Action for Multifamily Business Leaders
The rise of artificial intelligence (AI) is no longer a distant prospect—it’s here, reshaping our multifamily industry in real time. As AI’s system becomes increasingly sophisticated, we’re witnessing an old but appropriate term: a paradigm shift in how work is conducted, decisions are made, and value is created. This shift presents incredible opportunities and poses interesting challenges across the industry, not just multifamily.
Recent studies have shown that employees increasingly turn to AI for guidance, often preferring these AI-driven solutions over traditional human management in certain areas. This trend signals a fundamental change in workplace dynamics and demands our immediate attention as business leaders.
The implications of this shift are startling, at least, and terrifying, at worst. On one hand, AI promises enhanced efficiency, data-driven insights, and the ability to tackle complex problems at scale. On the other hand, it raises questions about the changing role of human leadership, the need for new skill sets, and the ethical considerations surrounding AI deployment.
For years, we’ve discussed upskilling and reskilling at length in our video and written content. It’s almost too late at this point. If you have not already, the time is now to dive in full body and harness the power or be left out in the cold.
As multifamily leaders, we cannot afford to be passive observers. We must take proactive steps to harness the power of AI while ensuring that our organizations remain human-centric. Here’s what we need to do:
- Embrace AI as a Complementary Force (Agent or Co-Pilot)
First and foremost, we must shift our perspective. Rather than viewing AI as a threat to human roles, we should see it as a powerful tool that can augment human capabilities. AI excels at processing vast amounts of data, identifying patterns, and performing repetitive tasks precisely. By leveraging these strengths, we can free up our human workforce to focus on areas where they excel—creativity, emotional intelligence, and strategic thinking.
Action item: Conduct an audit of your organization’s processes to identify areas where AI can be effectively integrated to enhance efficiency and decision-making. If necessary, bring in outside help.
- Invest in AI Literacy
To effectively lead in an AI-driven world, business leaders must develop a strong understanding of AI technologies, their capabilities, and their limitations. This doesn’t mean becoming technical experts but gaining enough knowledge to ask good questions, make informed decisions about AI adoption, and communicate effectively with technical teams.
Action item: Develop an AI education program for your leadership team and key decision-makers. This could include workshops, seminars, and hands-on experiences with AI tools. Again, if necessary, bring in outside help.
- Cultivate Human Skills
As AI takes on more analytical and technical tasks, the value of uniquely human skills will increase. Emotional intelligence, creativity, critical thinking, and adaptability will become even more crucial. We must invest in developing these skills in our workforce to ensure they remain relevant and valuable in an AI-augmented workplace.
Action item: Review and update your training and development programs to emphasize human skills that complement AI capabilities.
- Reimagine Management and Leadership
The preference for AI guidance in certain areas challenges traditional management concepts. We must reimagine (don’t like the word, but it fits) leadership roles to focus on areas where human judgment and empathy are irreplaceable—shifting from direct task management to more strategic, mentoring, and facilitative roles.
Action item: Initiate a review of management structures and practices to identify areas where AI can support decision-making and where human leadership needs strengthening.
- Prioritize Ethical AI Development and Deployment
Ensuring ethical use is key as AI systems become more prevalent and influential. We must establish clear guidelines and governance structures to prevent bias, ensure transparency, and maintain accountability.
Action item: Develop an AI ethics framework for your organization, including guidelines for data use, algorithm transparency, and impact assessment.
- Foster a Culture of Innovation and Adaptation
To stay competitive, we must cultivate a culture that embraces change, encourages experimentation (celebrates failure as learning), and values continuous learning. This will enable our organizations to adapt quickly.
Action item: Establish innovation labs or cross-functional teams dedicated to exploring and piloting new AI applications in your business. Don’t go at this alone if you’re new to the AI party. Find a good guide to help. It will save you a ton of time.
- Address the Skills Gap
AI will create new roles and eliminate others. It is incumbent upon us to help our teams navigate this transition. This involves identifying future skill needs, providing retraining opportunities, and supporting employees in developing AI-adjacent skills.
Action item: Conduct a skills gap analysis and develop a comprehensive plan for workforce upskilling and reskilling.
- Collaborate and Share Best Practices
No single organization has all the answers when it comes to navigating the AI revolution. We must foster collaboration within and across the industry to share best practices and collectively shape the future of work in the multifamily space.
Action item: Join or establish industry consortiums focused on AI adoption and its impact on the workforce. NMHC and NAA are good places to start, but you must seek out and find businesses outside the industry from which to draw inspiration.
- Engage with Policymakers
The rapid advancement of AI raises important policy questions around data privacy, algorithmic accountability, and the future of work. As Multifamily leaders, we are responsible for engaging with policymakers to help shape regulations that foster innovation while protecting societal interests.
Action item: Actively participate in policy discussions and advocacy efforts related to AI governance and regulation. Again, NMHC is the place to start.
- Maintain a Human-Centric Approach
We must never lose sight of the human element in our businesses. Our customers, team members, clients, vendor partners, and investors are ultimately human, with needs and expectations beyond what AI can provide. Maintaining a balance between AI and human values is important.
Action item: Ensure that AI initiatives regarding team member satisfaction, customer experience, and organizational culture are always subject to review and change.
The influence of AI in the workplace calls for reimagining the very nature of work, leadership, and value creation. It’s the most important Call to Action (CTA) of our lifetime. As multifamily leaders, we have the opportunity—and the responsibility—to shape this transformation to benefit our organizations, team members, and society.
The time for action is now. We must be bold in our vision and strategic approach and undeterred in our commitment to ethical, human-centric AI adoption. By doing so, we can leverage the best of both human and artificial intelligence to drive the next iteration of business.
Let us embrace this challenge with enthusiasm and determination.
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Next Frontier for AI: The Power of Chain-of-Thought Learning
AI is evolving. The new game-changer is Chain-of-Thought (CoT) learning. This technique allows AI to reason step-by-step, much like humans. Instead of jumping to conclusions, CoT guides AI through a logical sequence, improving decision-making and problem-solving.
Why is this revolutionary? CoT enhances AI’s ability to handle complex tasks. By thinking in steps, AI can offer more accurate and reliable solutions, making it a trusted partner in various fields, including multifamily.
What’s the future? As CoT integrates into AI systems, expect smarter, more intuitive technology.
“AI that thinks step-by-step is AI that truly understands.”
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AI Impact on Multifamily Property Management
AI will revolutionize multifamily property management.
The landscape is shifting to predictive maintenance (PdM) systems that anticipate issues before they occur and provide instant resident support by AI agents.
Leasing processes are becoming seamless with virtual tours and automated applications, while energy management systems optimize utilities to cut costs and promote sustainability.
Even rent collection is becoming more efficient with AI monitoring and reminding residents, reducing late payments.
Visionaries are are already embracing this change, and soon, the rest of the industry will follow suit.
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Imagine a multifamily team member with an AI copilot at their side.
Their day becomes streamlined with a copilot.
Tedious tasks like data entry and scheduling? Automated.
They spend time nurturing genuine relationships with prospects and residents.
They walk properties, ensuring every detail reflects care.
Freed from paperwork, they brainstorm innovative community events.
Meetings transform into quick, efficient sessions with AI-generated summaries.
They use insights from data analysis to optimize occupancy and improve tenant experiences.
With the AI managing the minutiae, creativity and human connection take the forefront.
"An AI copilot doesn’t replace us; it amplifies our humanity – for now." — Mike Brewer Click To TweetShare this:
Embracing the AI Renaissance: Navigating the New Era of Artificial Intelligence
![](https://multifamilycollective.com/wp-content/uploads/2023/12/Multifamily-AI-AI-in-multifamily-1024x576.jpg)
Photo by Steve Johnson on Unsplash
The current landscape of artificial intelligence (AI) is akin to a renaissance, a period marked by significant transformation and growth. This renaissance is not just a mere evolution; it represents a pivotal moment in the history of technology, where AI has moved from theoretical concepts to practical, impactful applications.
Let’s unpack the resurgence of AI, exploring the factors driving this phenomenon and its profound implications for entrepreneurs, leaders, and society at large.
The resurgence of AI, a concept first introduced in the 1950s, has been nothing short of spectacular. Over six decades later, AI is at the forefront of technological innovation, reshaping industries and redefining our understanding of what is possible. Several key factors propel this resurgence, each contributing to the unprecedented capabilities and applications of AI we witness today.
The following is inspired by an article I read back in the spring by Peter Diamandis.
Computational Power: The Foundation of AI’s Growth
The first factor underpinning the AI renaissance is the exponential increase in computational power. Adhering to Moore’s Law, which suggests doubling computational capacity every 12 to 24 months, we have reached a point where deep learning algorithms can function effectively and efficiently. This increase in processing power has not only enabled more complex and sophisticated AI models, it has also made it feasible to process vast amounts of data at speeds previously unimaginable. This leap in computational ability is a cornerstone in the evolution of AI, allowing for advancements that were once the stuff of science fiction. My speculation is that quantum computing will accelerate the pace even further, making the next 18 to 36 months amazing and perhaps scary!
The Data Deluge: Fueling AI’s Learning and Accuracy
A key driver of AI’s resurgence is the abundance of labeled data. We live in a colossal era of data generation, with projections indicating a reach of 175 zettabytes by 2025. Think of all the data we have fed Facebook, Instagram, TikTok, Google, Apple, etc. This wealth of data serves as the training ground for AI models, enhancing their learning capabilities and accuracy. From language processing to image recognition, the vast datasets available today provide a rich foundation for AI systems to learn from and improve upon. This abundance of data has been instrumental in developing large language models and other sophisticated AI applications.
It’s time to combine your data with large LLMs and other public-facing data sets, creating a more interesting world. The only limitation is your imagination.
Financial Commitment: Accelerating AI Development
Another critical factor in the AI renaissance is the decreasing cost of training AI systems and significant investments from various sectors. Reducing costs has democratized access to AI technology, enabling a broader range of entities to develop and deploy AI solutions. Simultaneously, substantial investments from corporations, venture funds, and governments indicate a strong belief in the potential impact of AI across diverse sectors. This combination of financial accessibility and investment has catalyzed the rapid development of AI, making it a central focus for innovation and progress.
Implications and Opportunities
The AI renaissance presents many opportunities and challenges for entrepreneurs, business leaders, and society. For those at the helm of business and innovation, integrating AI into strategies is no longer a choice but a necessity. The ability to harness AI for transformative impact will differentiate the visionaries from the rest. As AI evolves, it will redefine business operations, customer interactions, and even societal structures.
Entrepreneurs and leaders must proactively understand and integrate AI into their strategies. The potential for AI to revolutionize industries, enhance efficiencies, and create new value propositions is immense. However, this also comes with the responsibility to consider AI deployment’s ethical implications and societal impacts.
In sum, as I like to say, “Lace up your track shoes.”