The Good Tech Companies - The Power of Applied AI in Real Estate: Transforming Property Management with Arjun Kannan

Episode Date: September 18, 2024

This story was originally published on HackerNoon at: https://hackernoon.com/the-power-of-applied-ai-in-real-estate-transforming-property-management-with-arjun-kannan. Arjun Kannan, co-founder of ResiDesk, is bringing a fresh perspective to real estate's age-old problems. Check more stories related to tech-stories at: https://hackernoon.com/c/tech-stories. You can also check exclusive content about #applied-ai, #real-estate, #property-management, #arjun-kannan, #llms, #residesk, #good-company, #ai-interview, and more. This story was written by: @jonstojanmedia. Learn more about this writer by checking @jonstojanmedia's about page, and for more stories, please visit hackernoon.com. Arjun Kannan, co-founder of ResiDesk, is bringing a fresh perspective to real estate's age-old problems. He's harnessing the power of Large Language Models (LLMs) - AI systems that can understand and generate human-like text. It's a deceptively simple approach: use cutting-edge AI to handle tasks like decoding leases.

This audio is presented by Hacker Noon, where anyone can learn anything about any technology. The Power of Applied AI in Real Estate, Transforming Property Management with Arjun Kannan, by John Stoyan Media. Arjun Kannan, co-founder of Residesk, is bringing a fresh perspective to real estate's age-old problems. With a background in leveraging big data at BlackRock and ClimbCredit, Arjun is now applying his expertise to the chaotic world of property management. At Residesk, he's harnessing the power of large language models, LLMs, AI systems that can understand and generate human-like text to tackle industry-wide headaches.

It's a deceptively simple approach. Use cutting-edge AI to handle tasks like decoding leases, predicting maintenance issues, and mediating disputes. But don't let the simplicity fool you. This is deep tech aimed at revolutionizing an industry where AI usually means basic chatbots or listing generators. By applying LLMs to tasks traditionally requiring human judgment, Arjun and his team are redefining what's possible in property management. ID's not just innovative, it's potentially game-changing, as shown by Residesk's success with many of the top 50 real estate managers and its reach of over 1 million residents. As we dive into Residesk's technology, you'll see why this ambitious project could transform

the roles of property managers and the experiences of tenants alike. Arjun's approach isn't about incremental improvements, it's about reimagining the entire industry from the ground up. A new era for property management, where I meets human expertise the real estate and property management sector has been burdened by inefficiencies in communication and high levels of tenant dissatisfaction for a long time. These challenges go beyond operational headaches, they hinder the ability to build trust, which is crucial in property management. Traditionally, these issues have

been addressed through manual processes, but as demand grows, it's clear that these old methods are no longer enough. This is where applied large language models, LLMs, come in, a technological shift that promises to transform how property managers interact with residents. These AI systems are more than just tools for efficiency, they are enablers of deeper, more personalized human connections. The stakes, why property management must evolve or fall behind property managers face persistent challenges in the form of communication barriers, operational inefficiencies, and a lack of actionable data on resident needs. These problems create friction in everyday operations, leading to frustrated

tenants and missed opportunities for improving the living experience. But the consequences are more than just logistical. When communication breaks down, trust is eroded and, in an industry that thrives on relationships, this can be catastrophic. The traditional tools at a property manager's disposal are increasingly inadequate, underscoring the urgent need for innovation. Arjun Kanan and R-E-S-I-D-E-S-K, pioneering the future of property management Arjun Kanan and his co-founders recognized the potential of AI to address these deep-seated issues in real estate. With a background in applying AI in practical ways from his time in education and financial technology, Cannon brought a fresh perspective

to property management by creating Residesk, a platform designed to revolutionize the industry through advanced AI, particularly by applying LLMs. Residesk is more than just a prop tech innovation, it's a movement toward a new way of managing properties, serving over 1 million residents across 40-plus states in the US. With Canon's dedicated leadership, ResiDesk is setting a new standard for how AI can enhance, not replace, human interaction in property management. How applied LLMS, AI agents, and vector databases redefine property management at the heart of Residesk's success is its application of LLMs. Finely tuned to understand the specific language and context of property management, these AI systems aren't generic. They're designed to handle the complexities

of lease agreements, maintenance requests, and resident concerns with both precision and empathy. AI agents with a mixture of experts Residesk employs Axe agents, sophisticated AI entities that utilize a mixture of experts to manage the complex tasks inherent to property management. These agents are designed to adapt and learn, and continuously improve their performance by integrating new data and refining their approach based on the specific needs of each property. Here's how a typical Axe agent might function. This approach ensures that the AI isn't just automating tasks, it's making informed decisions that enhance the overall

property management experience. Vector databases for contextual insights in addition to AI agents, Residesk integrates vector databases to manage and retrieve property-related information. This allows the platform to conduct semantic searches across unstructured data, providing property managers with instant access to relevant insights and enabling more informed decision-making. For example, here's how vectorization might work. This ability to quickly access and interpret data is crucial for making decisions that enhance resident satisfaction and streamline operations. The impact. Measurable success through AI-enhanced human collaboration The results of Residesk's AI-enhanced platform are clear. 30% of residents

opt out when interacting with AI alone. 40% increase in satisfaction when AI is combined with human interaction. Conversations go three times deeper into what truly matters. Residents are five to six times more likely to share their needs and preferences. These outcomes highlight a critical insight. AI, when applied thoughtfully, doesn't just improve efficiency. It enriches the quality of human interaction, enabling property managers to build stronger relationships and greater trust with their residents. The future of real estate, AI as a catalyst for human-centered management Residesk and Arjun are proof that the future of property

management is not about cold automation. It's about AI that supports and enhances human empathy. This model of applied AI offers a blueprint for other industries where trust and relationships are key, from healthcare to education. As Residesk has shown, AI has the power to transform industries by making human interactions richer, more responsive, and, ultimately, more effective. Arjun and Residesk's innovation isn't just in the technology, it's the way they've built a future where AI is a partner in creating more meaningful and impactful human experiences. Thank you for listening to this Hackernoon story, read by Artificial Intelligence. Visit hackernoon.com to read, write, learn and publish.