Smart Future

Multifamily AI Panel

By Lee Ann Stiff on Jul 5, 2018 in News

What is artificial intelligence (AI)? According to Wikipedia, it is “The artificially created ability of a digital computer or computer-controlled robot to perform tasks commonly associated with intelligent beings.” While this definition of AI sounds like something from a sci-fi movie script, it actually describes technology currently poised to transform multifamily real estate management.

Yardi’s Dharmendra Sawh, industry principal of Yardi Elevate, led a panel of experts at NAA Apartmentalize on June 14 in San Diego for “The Age of AI: Business Intelligence Today and Tomorrow.” Apartmentalize is NAA’s annual educational conference and is the premier resource for educating rental housing industry professionals.

Along with Michael Barry, vice president of data analytics at Bozzuto Management Company, Tim Reardon, chief operating officer of Bridge Property Management and Dawn Wise, national financial analyst at Berkshire Communities, Sawh discussed best practices for business intelligence (BI) today and the looming impact of AI on multifamily business technologies.

“BI tools deliver analytics to provide foresight, improve business decisions and increase your competitive edge. But soon, your software could be making those decisions for you. Tracking the right measures can help future-proof your analytics in anticipation of AI,” said Sawh.

The presentation covered which performance measures are most important, how technology can track that data and how to analyze and act on that information to create a successful business strategy. The session wrapped with a preview of what’s coming for multifamily owners and managers with advancements in AI.

Beyond BI

The panel discussed predictive and prescriptive analytics for real estate management, and the role machines will play as interpreters of data. Machine learning is a component of AI that uses historical information and correlates multiple data points to make predictions about the future — and as a result, becomes more intelligent over time. To be in a position to take advantage of these advances in asset intelligence, the panel stressed the importance of data audits and integrity to ensure the numbers can be trusted.

Speakers also commented on the human aspect of AI. Through facilitating interactions with prospects and residents including automated leasing and on demand services, AI can help create stronger relationships. And because AI reduces time consuming and error prone data entry, it helps untether staff from administrative tasks to focus more on residents. In addition to promoting resident retention through more responsive service, AI also improves your bottom line by budgeting and planning for leasing events such as unit turns.

What else is on the horizon? We can expect more tech disruption with chat bots, drone technologies, smart home, energy efficiency, preventative maintenance and building design solutions that incorporate AI.

Getting Started

To prepare for the new age of business intelligence, each speaker reiterated the need to start with “Good data, complete data, clean data!” Sawh encouraged multifamily managers to centralize multiple data sources — including rental pricing and marketing — to achieve transparency and seamless interaction between systems. Sawh said, “Often the biggest impact you can have on your business is through improving the use of information and efficiently consuming the data you already have.”

Are you getting the most from your data now, and are you ready to take advantage of transformative technology? Learn more about Yardi’s single connected solution for multifamily property management, and find out what Yardi Elevate — the new asset management solution that incorporates machine learning for next generation business intelligence — can do for you.