virtual tours
AI Will Transform Multifamily Property Management: Here’s How
AI is poised to revolutionize multifamily property management.
For example, maintenance requests are handled by intelligent systems, which predict issues before they arise and triage service, including scheduling repairs directly with the resident. The system will end with satisfaction surveys that will benefit both the PM company and the Supplier Partners.
Resident interactions will shift to AI-driven copilots that provide instant support and transform satisfaction. Some interactions will be handled directly between the resident copilot and the PM company copilot—no human is necessary.
With virtual tours and automated applications processed in seconds, leasing processes will become seamless. No human is necessary.
Energy management systems will optimize utilities, cutting costs and promoting sustainability. Automatic.
Even the dreaded rent collection will be streamlined, with AI monitoring and reminding tenants, reducing late payments. It is already in place and becoming massively adopted.
“AI in property management will turn headaches into opportunities for excellence.” — Mike Brewer
AI Impact on Multifamily Property Management
AI will revolutionize multifamily property management.
The landscape is shifting to predictive maintenance (PdM) systems that anticipate issues before they occur and provide instant resident support by AI agents.
Leasing processes are becoming seamless with virtual tours and automated applications, while energy management systems optimize utilities to cut costs and promote sustainability.
Even rent collection is becoming more efficient with AI monitoring and reminding residents, reducing late payments.
Visionaries are are already embracing this change, and soon, the rest of the industry will follow suit.
Leading Multifamily: The Danger of Dismissing New Ideas
Photo by Werner Du plessis on Unsplash
Leaders are no strangers to change. From evolving customer and team member needs to market dynamics and a blistering pace of new RentTech, the ability to adapt is crucial. Yet, as business professionals, how often do we fall victim to dismissing new ideas or strategies before thoroughly examining them? Herbert Spencer aptly captured this human tendency when he stated, “There is a principle, which is a bar against all information; which is proof against all argument; and which cannot fail to keep a man in everlasting ignorance. This principle is contempt prior to examination.”
This instinctual barrier against novelty principle is common. Our industry is currently thriving on innovation, from apartment living experience advancements to smart home technologies and sustainable living practices. Preemptively rejecting future advancements without consideration can hinder progress and make your business obsolete.
Consider the rise of virtual tours, especially relevant in the post-pandemic world. Many were initially skeptical, believing potential residents would always prefer a physical walk-through. However, a leader who dismissed this tool without examining its merits was disadvantaged when social distancing mandates took effect.
The same can be said for emerging concepts like community-based living or the increasing importance of green spaces within multifamily communities. Dismissing these ideas without comprehensive analysis would mean missing out on significant growth opportunities and potentially alienating a new generation of residents.
So, how do multifamily leaders combat this tendency? By fostering a culture of curiosity within their teams. Encouraging questions, debate, and rigorous examination of all new concepts can help break down the walls of premature contempt. I like to say, argue, fuss, and fight. Moreover, it’s vital to remember that the greatest breakthroughs often come from the most unexpected places.
Leaders should make it a regular practice to step out of their comfort zones. Attending seminars, workshops, and industry conferences can offer fresh perspectives and challenge established beliefs.
Embracing thought diversity is also crucial. A diverse team comprising individuals from various backgrounds, experiences, and thought processes is less likely to fall victim to collective contempt. Instead, they bring myriad viewpoints to the table, ensuring that every idea receives a fair and comprehensive examination.
