AI provides a unique opportunity for the residential property industry (owners, brokers, and investors) to get a complete picture of the resident experience at their properties. Residents are frequently asked to share their experiences through surveys, interviews, websites, and phone calls. Today, residents are also empowered to express their opinions on social media (Public Reviews, Reddit, “X” and more.) Prior to the advent of AI, making sense of all of this data and feedback would require a significant investment of time and money.
The NovaceneAI Resident Experience Platform
NovaceneAI uses natural language processing (NLP), machine learning (ML) and Generative AI to provide resident experience professionals with the ability to analyze and understand data from disparate sources. To demonstrate our capabilities, we analyzed Google reviews for CityScape’s Riverside Gardens property. For the purposes of this blog post, we’ve fictionalized the real estate development firm, but the data is real.
Key findings
1. Prioritize the allocation of resources across multiple properties
We are all required to prioritize our efforts based on our resources. We were able to use NovaceneAI’s sentiment analysis function to identify which properties score lowest (Summit Ridge Residences) and to help property owners identify resident experience categories that needed attention (Maintenance). Looking at the chart below, you will realize that the Riverside Gardens Resident Experience Index is far better than that of two sister properties. We would have missed this insight had we focused our analysis solely on the Riverside Gardens Property.
2. Understand what makes up the resident experience
While we might know something is wrong, knowing what to do to fix it is another story. We used the NovaceneAI Resident Experience Platform to analyze all of the Google reviews and then categorize the content. Doing this, allows us to identify and understand the factors that influence a resident’s experience and to measure their importance compared to other factors. The three most important factors that contribute to the Riverside Gardens resident experience are “Maintenance”, “Leasing Experience” and “Customer Service.”
3. Understand each unique aspect of the resident experience
Improving your resident experience requires an understanding of the issues at a granular level. It’s about identifying what needs to be done to improve the “maintenance” or “leasing experience.” With the NovaceneAI Resident Experience Platform, we were able to analyze and visualize more than 1,300 mentions related to “maintenance experience”.
Looking for more insights?
The NovaceneAI Resident Experience Platform is designed to help the residential apartment industry cost-effectively and rapidly classify and analyze resident sentiment and opinions from disparate sources across multiple properties.
Interested in learning more about how we can help you make sense of your resident experience? View the full report, or contact us.
