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In the past decade a technological revolution has moved the multifamily industry forward, but that was just the beginning. Things like automated payments and chatbots might seem commonplace now, but were part of a radical shift in property interactions. In the coming years, Autonomous Property Management powered by AI will become the norm and not the exception, and if you’re not preparing your environment for these coming advancements, your properties could be left behind.
Autonomous Property Management represents a fundamental change in how properties are currently managed—all while driving operational cost efficiency from site to corporate levels. The end result being more efficient site teams and significantly higher net operating income. Instead of relying on site teams to complete mundane, repetitive tasks, optimized workflows and AI-powered automations will soon streamline the lead to lease process from beginning to end.
This frees up property teams to deliver an elevated resident experience driven by a modern app, which will result in a more personalized relationship with the property. All of this while enabling executive teams to make data-driven decisions through AI-powered predictive analytics.
To help give you more context about the impact AI and automation will have, think about how much change there has been in recent years with the driving experience. For the longest time cruise control and lane departure warning systems were all the automations we had access to. Now, the auto industry has five levels of automation—from level one “driver assistance” (i.e. cruise control) all the way to full automation where the car handles everything (completely hands off).
To make the comparison easier to understand, we’ve broken down the evolution of Autonomous Property Management from Level 1 all the way to Level 5:
Level One would include out-of-the-box functionality that has been a part of property management for years. It’s the equivalent of cruise control for your portfolio. There is minimal automation to streamline the process, but most of the work is done manually.
Level Two takes the same functionality of Level One, then layers on a more advanced operating system to handle the more sophisticated AI processing and data availability required for this level of automation, while giving you the flexibility to advance to subsequent levels of Autonomous Property Management. The AI functionality included in Level Two includes assistive and generative AL and is broadly available across the industry.
Level Three introduces AI-powered agents that oversee critical processes of the business, such as leasing, payments and renewals. Being responsive to applicants can have a significant impact on your business. It’s been shown that the quicker you engage with prospects the higher the conversion rate. In fact, we’ve seen that properties that engage with prospects in the first five minutes see a 9x higher conversion rate. Additionally, properties using an AI Leasing agent have seen a 33% increase in applications since implementation.
Level Four is the point where you have numerous AI agents, end-to-end workflow automation, skills-based routing and human-led tasks coordinated in a cohesive and efficient workflow. A perfect example of this is building custom, individual workflows that incorporate tasks automated by triggers, AI-driven decision making, and a human handoff. Once the workflow is set up, human intervention is minimized and only required when AI determines it is necessary based on the requirements built into the workflow.
Level Five is the culmination of the data platform underneath the OS combined with the elements in Levels 1-4, across the ENTIRE business. It orchestrates everything across your properties with virtually no human intervention—data-driven triggers that initiate workflows, seamlessly and harmoniously optimizing resident experience and property efficiency AND asset performance.
To give you an idea of what a fully automated process looks like under Autonomous Property Management, here’s an example of what a maintenance request process to fix a dishwasher might look like.
Resident sends in a maintenance request via the property’s app.
An AI agent immediately interacts with the resident to identify the problem.
The AI agent creates a work order and submits an order for the needed part.
An appointment is scheduled using skills-based routing for the right technician.
Technician is automatically notified abou tthe task.
The maintenance appointment takes place and the dishwasher is fixed.
Autonomous Property Management represents a significant paradigm shift from current standard operating procedures. Here are some key elements that can be flexibly implemented to match specific business needs.
AI-Powered Automation: Conversational AI for lead nurturing, maintenance requests, and resident communication.
Workflow Optimization: Streamlining and automating processes across marketing, leasing, resident services, and accounting.
Predictive Analytics: Data-driven insights to anticipate resident needs, optimize rental rates, and make proactive decisions.
Seamless Integration: Connecting all property management functions within a unified platform.
Elevated Resident Experience: Personalized and efficient living experience through AI-powered services and a modern resident app.
Flexibility: The solution should be able to meet you where you are individually at in terms of AI adoption and workflow automation.
By turning over many repetitive, tedious tasks to AI and automations, you’ll be able to reduce operational costs.
Those efficient operations and elevated resident experience will lead to higher occupancy, lower turnover, and increased revenue.
By reducing costs and growing the business the end result will be higher net operating income.
Empower property teams to achieve more with less, automating tedious tasks and freeing up time for high-value activities.
Elevate the resident experience through personalized service, seamless communication, and AI-powered support.
Leverage predictive analytics to optimize operations, mitigate risks, and drive revenue growth.
By partnering with software companies that are innovative and are on the bleeding edge of AI and other emerging technologies, you can rest assured that you’re future proofing your business and won’t have to switch property management software when the next new technological revolution occurs.
The future of multifamily property management is undeniably autonomous. By embracing AI-powered automation, workflow optimization, and predictive analytics, property owners and operators can unlock unprecedented levels of efficiency, personalization, and profitability. Autonomous Property Management empowers teams to achieve more with less, elevates the resident experience, and drives data-driven decision-making.
As the industry continues to evolve, embracing the key elements of Autonomous Property Management will be crucial for success. By partnering with innovative technology providers, like Entrata, and adopting a flexible, forward-thinking approach, multifamily businesses can not only adapt to the changing landscape but thrive in it. The future is autonomous, and those who embrace it will be well-positioned to lead the industry into a new era of efficiency, resident satisfaction, and sustainable growth.
