In the world of real estate, it’s not uncommon to encounter a range of tenant professions, from tech experts to healthcare workers. However, there’s an emerging concern that’s not getting the attention it deserves – the impending surge in unemployment due to artificial intelligence (AI).
While discussions about AI taking over jobs have been around for some time, what sets the current situation apart is the rapid pace of change. If you have tenants employed in customer service, it’s essential to understand that their job security might be more fragile than ever, with a 90% chance of job loss within the next 3-18 months.
The driving force behind this alarming prediction is the Pareto principle, commonly known as the 80/20 rule. In customer service, AI algorithms can efficiently handle a significant portion of inquiries, often exceeding 80%.
An illustrative example comes from Suumit Shah, the CEO of Dukaan, who made a pivotal decision. He replaced 90% of his support staff with an AI chatbot, resulting in an astounding 85% reduction in customer support costs. Additionally, overall customer service quality improved.
This trend extends beyond customer service roles. Professions such as video editing and digital marketing are also at risk of automation. Companies like Air AI are pioneering AI tools that promise to revolutionize these sectors. Their Odin tool, for instance, conducts entire sales conversations with customers, while Midas AI simplifies checkouts for those seeking financing.
If you’re a landlord with tenants working in customer service, it’s crucial to recognize the potential job insecurity they face in the coming months. The velocity at which these changes are occurring is unprecedented in human history. Those who are not prepared to adapt or explore alternative career paths may encounter prolonged periods of unemployment.
As AI continues to advance, it brings both promise and challenges to our traditional employment landscape. Staying informed and proactive in preparing for the evolving job market is vital, both for landlords and tenants alike.