This is the second in a two-part series about AI and the multifamily industry. To read the first post click here.

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Anyone who has used ChatGPT or Bard knows all you need to do is provide a prompt asking what type of content you want, what tone you want, length, what the topic is, and it spits out what you asked for.

When it comes to specific use cases for AI in the multifamily industry, there are three that really stand out to us at Entrata. First, AI can be used in predictive maintenance. AI algorithms can analyze historical data and sensor inputs to predict when equipment or systems within a property might require maintenance or replacement. This proactive approach helps property managers address issues before they become costly problems, reducing downtime and improving resident satisfaction.

Second, AI-driven analytics also play a crucial role in optimizing property and asset performance. Machine learning algorithms can analyze vast amounts of data related to resident preferences, market trends, and local demographics to provide valuable investment insights. Property managers can leverage this information to make data-driven decisions, such as adjusting pricing, optimizing marketing strategies, and enhancing the overall resident experience.

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Third, resident interactions and communications are other areas where AI is making an impact. Virtual assistants and chatbots, powered by AI, can handle routine queries, schedule maintenance requests, and provide information about property amenities. This not only improves efficiency by automating repetitive tasks but also ensures that residents receive timely and accurate information.

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At Entrata, we have already released REDD, our AI powered chatbot, which has processed more than 500,000 total conversations across voice, text, and chat, with a large number of those individuals opting to first interact with REDD as opposed to other contact methods. The vast majority of those are getting resolution without the intervention of an agent.

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For anyone that knows anything about how AI works in a business setting, the biggest benefits likely to be achieved are improved efficiencies, especially as they relate to redundant, repeatable tasks. This along with the quality assurance it can provide should make incorporating some sort of AI or automation based on machine learning a top priority for multifamily businesses.

How Entrata is building AI across its entire product set

Entrata has had its eyes trained on AI for some time, recognizing early how important it would become. This can be seen in the features that have already been added and some that are planned for future releases, these include:

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Entrata REDD: REDD is Entrata’s AI chatbot that acts as your leasing team’s assistant. It can answer basic leasing questions, confirm pricing and availability, and schedule apartment tours, saving site teams countless hours per year that can be used to focus on delivering a better experience to residents.

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Generative AI: Whether you need to draft emails to residents or prospects or write a blog post about what’s going on in your community, all you need to do is provide a prompt for what you’re wanting to write, how long you want it to be, the tone, etc. and the content will be created instantly. One of the biggest benefits of this beyond the time savings is it will ensure consistency in voice, no matter who is responsible for entering the prompt. And because this tool is built buy Entrata and not a more broad based tool like ChatGPT, it will talk like a property manager that is familiar with the ins and outs and jargon of the multifamily industry.

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Automated review response: Whenever you receive a new review, it will be ingested into Entrata and with the push of a button, you can create a response to that review. Responding to reviews both negative and positive is a good way to show potential residents that you care about the experience you’re delivering and are willing to take feedback seriously.