The multifamily industry is changing, and AI technology will be the catalyst for this change. Right AI solutions can increase your team’s efficiency, help you generate more leads and ultimately make better decisions about demand that will lead to higher returns on investment.
Artificial Intelligence technologies (AI) revolutionize how businesses of all types replace inefficient processes. Multifamily is not an exception. Good news! Property management companies are now able to adopt AI-based solutions which help them optimize their workflows and minimize any pain points.
It may be necessary for companies to adopt this groundbreaking tech in order to leverage an AI-driven solution platform that can solve the multifamily issues. Read on to find out how you can integrate AI technology into your company by following these four priorities.
Focus on ROI
The bottom line is the best way to measure the success of any technological initiative for multifamily companies. Calculating your AI solution’s ROI is therefore a crucial step. ROI is about quantifying the cost savings that an AI-driven system can deliver. First, you need to agree internally about the problem that needs solving. There are many use cases that have been developed to demonstrate the value of AI investments.
- Supply Intelligence — Make better decisions about advertising, leasing, and pricing using AI-driven supply information
- Predictive pricing — Adjust apartment rates dynamically for each complex based on actual supply and demand.
- AI Resident screening — Manage risk and discover in-depth levels for screening residents by using AI.
Remember that AI is an investment. No matter how interesting or cool the application may seem, it’s possible that the return on the investment is not justifiable for many multifamily operators. It’s best to focus on projects where you will see a measurable ROI. Learn how you can scale AI into your other operations by leveraging your immediate wins.
2: Seek industry expertise and comprehensive data sets
Finding a partner and solution that is focused on the needs of the multifamily sector will be a priority for success in AI adoption. The deep industry knowledge translates to experience and success when deploying AI-based solutions. This could be anything from AI-enabled media buying and lead prioritization to using AI-powered analyses to set rental rate. Partner only with companies that are accustomed to the specific requirements, regulations and complexity of multifamily.
The importance of having a comprehensive data set for multifamily cannot be understated. Multifamily marketing and leasing teams have access to robust data that can provide valuable insight and make accurate predictions regarding leasing demand.
All tech solutions are not created equally. If you select a multifamily-specific vendor, and combine it with an AI system built using industry knowledge and data from a comprehensive database, your team can take strategic decisions to improve efficiency and ROI.
#3 Ensure Tech Compatibility
Another important factor in the adoption of AI is to ensure that any AI-enabled solutions you are considering will work with your current technology. When evaluating the compatibility with any AI solution, you need to ask yourself a number of questions:
- Scalability – Can the code scale up to the demands of a growing business?
- Flexibility – Is the software flexible enough to meet the changing needs of your business?
- Customization – Can be tailored to the specific needs of a business?
- Integrate: Is it easy to integrate and implement? Do you have any concerns or questions about integration?
Look for vendors with an impressive track record in successful integrations when evaluating AI. Ask the vendor for detailed information about their AI technology. Determine any compatibility issues. Request an implementation roadmap. Understand what a trial would be like.
Pick Ease Of Use
To ensure that AI is adopted successfully, it’s important to select a solution your team will be able to use. The level of utility is evaluated by a number of factors:
- The user interface should be intuitive and easy to use, even if your team has no previous experience using the solution. The more friendly the experience with the solution, the quicker teams will be able to use it and make important decisions for their community.
- Easy to maintain: AI solutions should require little maintenance. Your team will be more productive and efficient if they spend less time troubleshooting problems or repairing them.
- Tech support is strong: Issues may arise but, if the vendor offers a team of experienced and large tech support staff to assist users, things can be quickly restored to normal.
Search for a dashboard with an intuitive interface that meets the needs of your team. Vendors should be asked if the product they offer has an integrated connective intelligence, which links solutions together to promote seamless collaboration. If the AI technology is simple to use, then your team can benefit from the benefits.
AI Embraces the Future
The multifamily industry is changing, and AI technology will be the catalyst for this change. You can use AI to generate more leads, improve team productivity, and ultimately make better decisions about demand that will lead to a higher net operating income. We can help you learn how to harness AI technology to improve your business.