Conversational AI

Insights from Realcomm: Transforming CRE with Conversational AI

Reflecting after another successful Realcomm  conference, it is evident that the next mega-wave of technology in Conversational AI has arrived. We want to share a few thoughts and indulge in sharing our exciting news! We are thrilled to be the recipient of a Digie Award for Best Tech Innovation. We’re recognized for SAIL, our enterprise-class conversational AI tool enabled by ChatGPT. SAIL presents a transformative solution for the commercial real estate sector. Here’s what you need to know:

1. It’s time to focus on the “front of the house”: put tenants and occupants/consumers at the centre of the digitization journey while continuing to transform operations.

Until now, the vast majority of innovations in CRE and the smart building space have been focused on operational efficiency, and this remains a critical area to continuously innovate as buildings that are “operationally aware,” “self-healing,” and “continuously improving” are the future.  That said, it’s time to leverage the power of conversational AI to truly transform the experience for those occupying and using these buildings and spaces to drive more successful business outcomes by doing the following:

Remove Communication Barriers

Tenants value the visibility and control provided by open lines of communication. Employing modern communication tools allows property owners and managers to monitor tenant needs better and put a more effective and professional face on their buildings.

Provide Self-Service Support

According to ZenDesk, 69 percent of people want to resolve as many issues as possible on their own using self-service options. Using tools like conversational AI powered by ChatGPT can empower tenants with self-service access to important building information like tenant manuals, rental terms and local services and amenities.

Keep Processes Simple

Digitizing and automating day-to-day processes like rent payments, lease renewals, maintenance requests and so on takes the manual burden off of the tenant and property manager. 

Learn from Your Tenants

Owners and operators who effectively deploy technology to collect, store, and learn from tenant data will put themselves ahead of the competition, accelerate leasing cycles, improve tenant retention, and optimize operational efficiency within their portfolio. 

2. Savings are good; revenue is great!

Why Does Tenant Experience Matter?

The tenant experience can make or break the success of a commercial property. It is the key to increased occupancy, reduced turnover, increased referrals, and improved public perception. Here are the key benefits of a successful tenant experience.

Higher Retention Rates: Satisfied tenants are loyal tenants. Creating a solid tenant support system helps increase retention and long-term rent optimization.

Increased Occupancy Rates: Happy tenants are more likely to refer your property to their network, increasing occupancy and revenue.

Reduced Turnover: Negative experiences often cause tenants to rethink their lease. Tenants who feel valued in their rental unit are less likely to move out, leading to reduced turnover rates and less money spent trying to find and screen new tenants.

3. Protect your brand! Security and control are more important than ever:

Conversational AI tools like ChatGPT or Bard AI have taken the world by storm.  But as exciting as this technology is, public versions are not ready to be directly plugged into a corporate environment and here’s why:

  • ChatGPT accesses open data sources and is not restricted to a company’s specific content.
  • Responses cannot be audited and improved.
  • Users are not restricted to the content available and cannot designate some data as restricted.
  • It processes bite-size datasets to find the answer to questions, and when working with large documents and many users, the cost can add up quickly.

4. Thus why SAIL: PremiseHQ’s Conversational AI is the enterprise-ready answer and why we were recognized at RealComm.

SAIL leverages the power of ChatGPT and has the following:

Customizable data libraries: SAIL can be configured to access specific data libraries chosen by the organization, ensuring alignment with the company’s content requirements.

Auditable responses: SAIL enables responses to be audited, allowing organizations to maintain control over the accuracy and quality of generated content.

Enhanced security: SAIL includes security measures to limit access to sensitive information, providing organizations with peace of mind.

Efficient data management: SAIL’s proprietary machine learning model reduces the number of datasets the ChatGPT engine needs to review, thereby lowering costs.

4. The time is now.

While intelligent building technology has existed for years, adoption has been gradual. That elusive tornado has been more of a steady build in an industry that craves innovation yet is cautious about change.  The pandemic has taken a twenty-year journey of innovation and adoption in the workplace and compressed this into two years where work is no longer a place you go but something you do. Tenants, occupants, facilities managers, owners and operators now all expect to live in a digital world where all workflows can be launched, monitored and managed via an application; human middleware being the “single source of truth” for what’s going on is no longer acceptable in the new digital reality. The time for AI and digitization has come, and those who lead will achieve a competitive advantage.

Wrapping Up

We’d like to congratulate all our peers and customers for being part of the amazing journey we are on together and thank the organizers of Realcomm for another successful event and for recognizing our breakthrough innovation.

If you’d like to know more about SAIL or PremiseHQ, please contact one of our solution experts.