Adopting AI-enabled Demand Tech: 4 Priorities for Success
Multifamily is transforming, and AI-enabled technology is the driving force behind that change. The right AI solution can help you proactively generate leads, increase team efficiency and, ultimately, make better demand decisions that lead to higher NOI.
Technologies powered by Artificial Intelligence (AI) are revolutionizing how organizations of all kinds replace their inefficient business processes. The multifamily industry is no exception. The good news is that property management companies can now adopt AI solutions that help their teams minimize pain points and optimize workflows.
For companies adopting this breakthrough tech, leveraging an AI-driven platform to solve multifamily challenges may require a fresh mindset. Continue reading to learn how your business can successfully adopt and integrate AI technologies by following four simple priorities.
#1 Focus on ROI
For multifamily businesses, the true success of any technology initiative is measured in bottom-line results. So, calculating your AI solution's return on investment (ROI) is a critical step. Focusing on ROI means quantifying how an AI-driven solution would deliver measurable cost savings and meaningful efficiencies. The first step is agreeing internally on the business problem you’re trying to solve. Many use cases have already emerged to validate the impact of investments in AI, including:
- Demand Forecasting — Make better advertising, leasing and pricing decisions using AI-driven supply intelligence
- Predictive Pricing — Dynamically adjust apartment rates for individual complexes based on the actual supply (available units) and demand (prospective and current residents)
- AI Resident Screening — Discover in-depth levels of screening residents and manage risk by leveraging AI to understand an applicant’s willingness to pay
What to look for:
It’s wise to remember that AI solutions are an investment. And no matter how cool or interesting the application might seem, the return on investment might not be justifiable to many multifamily operators. That’s why focusing on initiatives where you can tangibly see positive ROI will be the best way to start. Take your quick wins and learn how to adopt related AI initiatives to scale into other areas of your operations.
#2 Seek Industry Expertise and a Comprehensive Data Set
Another priority to succeeding with AI adoption is finding a solution and partner deeply focused on solving the problems of the multifamily industry. Deep industry expertise translates into experience and success in deploying AI solutions that consistently enhance operations. That could include everything from AI-enabled lead prioritization and media buying to utilizing AI-powered analysis to set rental rates—partner only with providers that can address the multifamily industry's specific needs, regulations, and complexities.
As with industry expertise, the importance of having the most comprehensive multifamily data set cannot be overstated. With access to robust data, multifamily leasing and marketing teams can generate valuable insights and accurate predictions about leasing demand.
What to look for:
Not all tech solutions are created equal. When you choose a vendor specializing in the multifamily industry — combined with an AI solution built on industry expertise and comprehensive data — your teams can make strategic decisions designed to increase efficiencies and ROI.
#3 Ensure Tech Compatibility
Ensuring that your existing technology systems are compatible with any AI-enabled solution you may be considering is another important factor contributing to the success of your AI adoption. There are a few questions you should ask when weighing the compatibility of any AI offering:
- Scalability: Can it scale to meet the needs of the business as it grows?
- Flexibility: Is it flexible enough to adapt to the evolving practices and requirements of the business?
- Customization: Can it be customized to meet the hyper-specific needs of the business?
- Integration: Does it offer robust APIs for easy integration and implementation? Are there any potential challenges or modifications required for integration?
What to look for:
When evaluating AI solutions, look for a vendor with a strong track record of successful integrations. Seek detailed information from the vendor about its AI technology, determine any potential compatibility issues, ask for an implementation roadmap and understand what a pilot would look like.
#4 Choose Ease of Use
Finally, to help ensure the success of your AI adoption, you’ll want to choose a solution that your teams will use to maximum effect. This level of utility can be evaluated in a few ways:
- Intuitive user interface: Even with no prior experience with the solution, your teams should find the user interface easy to learn and utilize. The friendlier the solution experience, the faster teams can use it to make meaningful decisions about their communities.
- Low maintenance: Your AI solution should be easy to manage. The less time your team spends troubleshooting or fixing problems, the more efficient and productive they can be.
- Strong tech support: Problems can arise, but if the vendor has a large and experienced tech support team to help users, operations can quickly get back to running smoothly.
What to look for:
Look for a product with an integrated and user-friendly dashboard that caters to the operational needs of your teams. Ask vendors if their product has a connective intelligence that links across solutions to foster seamless collaboration and continuity for your teams. When the solution is easy to use, your team will succeed, and your business can realize the many benefits of AI-driven technology.
Embrace the Future With AI
Multifamily is transforming, and AI-enabled technology is the driving force behind that change. The right AI solution can help you proactively generate leads, increase team efficiency and, ultimately, make better demand decisions that lead to higher NOI. Contact us to learn more about how your company can harness the power of AI-enabled technology and how you can use an industry-leading property intelligence solution like DemandX™ to streamline your multifamily demand funnel, maximize your NOI and ensure business success.