Artificial intelligence (AI) is rapidly transforming various industries, and the multifamily sector is no exception. The integration of AI into property management systems is revolutionizing the way teams operate, enabling them to automate mundane tasks, gain valuable insights from data, and enhance the overall resident experience. In a recent webinar hosted by Entrata, Hyrum Balzer, Director of Product Education, and Levi Howa, CIO of Rent Dynamics, delved into the power of predictive and generative AI in multifamily management.

Understanding the Difference

The first thing that is important to understand is how generative AI and predictive AI differ from one another. Predictive AI utilizes historical data and machine learning algorithms to forecast future trends and outcomes. In the context of property management, this can translate to anticipating resident turnover, predicting maintenance needs, and optimizing pricing strategies. On the other hand, generative AI focuses on creating new content, such as drafting emails, responding to reviews, and generating social media posts. Both predictive and generative AI have the potential to streamline operations, improve efficiency, and enhance the resident experience.

The Benefits of AI Adoption

"It's as simple as if you don't [adopt AI], you're going to be behind," Howa noted. The benefits of incorporating AI into property management are manifold. It enables teams to automate repetitive tasks, freeing up time for more strategic and relationship-building activities. AI can also analyze vast amounts of data to uncover patterns and trends that humans might miss, empowering teams to make more informed decisions. Moreover, AI can help eliminate human error and bias, ensuring consistency and fairness in operations.

Entrata's AI Solutions

Entrata has been at the forefront of AI innovation in the multifamily industry. Our AI-powered features, known as ELI (Entrata Layered Intelligence), are seamlessly integrated into Our platform, providing a unified and efficient experience for users. ELI leverages both predictive and generative AI to automate various tasks, such as drafting personalized emails, responding to reviews, and generating reports. The recent acquisition of Colleen AI further strengthens Entrata's capabilities in automating rent collection and communication with residents.

Trusting AI

While the potential benefits of AI are undeniable, some may question its reliability. Howa assures that the accuracy of AI models depends on the quality of the data they are trained on. "If you've got good data coming in, you got good data coming out, you can trust that," he states. Additionally, most machine learning algorithms provide a confidence score for their predictions, allowing users to set thresholds for trust and filter out inaccurate results.

The Future of AI in Multifamily

The future of AI in multifamily management is bright. Howa predicts the industry will continue to identify bottlenecks and implement AI solutions to streamline operations and enhance the resident experience. Entrata is committed to leading this charge by continuously developing and integrating AI into our platform. The company's is investing considerable resources to ensure it’s AI solutions are best in breed across the entire industry

Embracing the Change

As with any technological advancement, embracing AI requires a willingness to adapt and learn. Property management teams should proactively identify areas where AI can add value and invest in training and development to ensure successful implementation. By harnessing the power of AI, teams can unlock new levels of efficiency, productivity, and resident satisfaction.

The integration of AI into property management is no longer a luxury but a necessity. Predictive and generative AI, when used in tandem, can revolutionize the way teams operate, freeing up time for more strategic initiatives and fostering a stronger sense of community within their properties. As Howa aptly puts it, "This is the future of the world. It's just a no-brainer to use it."

Learn more

To learn more about how generative and predictive AI fits at your properties, check out our latest webinar, Generative & Predictive AI: A Powerful Duo for Multifamily.