If you are wary of AI, you're not alone. More than a third (35%) of property managers say they’re not using AI because they’re unfamiliar with it — but it's time for that to change. If a lack of terminology is getting in the way of AI implementation at your organization, then get up to speed with our AI glossary for property managers below.
- AI — a collection of technologies that allow machines to perform complex, decision-making tasks that typically require human intelligence
- AI agent — an AI system that runs autonomously to complete tasks
- AI champion — a member of your organization who is enthusiastic about AI and willing to drive internal adoption
- Agentic AI — AI systems that gather and process data to accomplish goals
- API (Application Programming Interface) — a set of established rules that dictate how different software communicates and exchanges data
- Artificial General Intelligence (AGI) — a hypothetical future state of AI in which a system could learn and apply knowledge to tasks as well as a human would
- Automation — technology to complete simple, repetitive tasks with little or no human intervention
- Chatbot — a program that uses text or voice calls to provide customer support using conversational AI
- ChatGPT — an advanced AI chatbot created by the company OpenAI that uses LLMs to generate human language, have conversations, and answer questions
- Claude — an AI system developed by Anthropic that uses LLMS to handle complex prompts, often used for generating code and computer programming
- Conversational AI — AI systems that process and respond to dialogue
- Generative AI — an AI system that uses large databases in order to create new images, text, code, audio, or video
- Guardrails — rules within AI systems that control outputs in order to ensure accuracy
- Hallucination — inaccurate information produced by an AI based on insufficient training or vague prompts
- Human in the loop — an AI system designed to involve humans in workflows to provide feedback, make critical decisions, and provide oversight to ensure accuracy
- Large language model (LLM) — an AI system trained on text-based data with the purpose of understanding, processing, and generating dialogue
- Multifamily Systems Gap — the manual work that your team is required to do in order to use your PMS software, which can be bridged with the help of AI
- Natural Language Processing — the AI field that uses linguistics to inform how computers interpret and generate human language
- Prompt — the command that a user gives to an AI system in order to generate a specific output
- RAG (Retrieval-Augmented Generation) — an AI system that connects LLMs and knowledge bases, using the two together to pull in specific data to generate a response
- System of record — databases that hold an organization’s critical data
- Workflow Orchestration — the automation of complex tasks, including coordination, scheduling, error handling, sequencing, and more
Interested in learning more about how to implement AI on your team? We are releasing a step-by-step guide this month with everything you need to know. Fill out the form below to be the first to receive it once it is published.