Elik Jaeger President & CEO at SuiteSpot Technology, frictionless facilities management PropTech for multifamily operators.
Many multifamily operators are still making important decisions about property operations, maintenance, budgeting and more with little to no real-time data because they simply don’t have it available. Instead, they try to make sense of an unorganized “data dump” for decision-making needs. From an operations standpoint, they are playing a dangerous game. Decisions made using data that doesn’t provide real insight is nothing more than intelligent guesswork.
AI-driven property technology systems offer multifamily operators an organized way to store their data and can be set up to provide insights automatically for decision-making needs. Some insights include:
• Predicting future property maintenance needs and costs using basic prospective resident demographic information, weather, amenities, historic renovation data and other building data.
• Automatically telling maintenance staff whether an appliance is under warranty when a repair request is received.
• Sending notice to maintenance workers to repair a broken smoke detector before they go home for the night, and letting their manager know as soon as the repair is completed.
• Automatically notifying the appropriate party if an area of expense (such as repairs) shows a dramatic variance from other properties or previous years.
• Keeping track of tasks by third-party vendors and staff.
How AI-Driven Proptech Works
Most of the older software multifamily operators use only collect and store data. The data isn’t usually organized in a useful way. Imagine walking into a library with no labels on the shelves and no card catalog to direct your search. This situation is much the same. The information is there, but it takes a lot of time and energy to find and decipher it so you can take clear action at the right time.
AI-driven proptech software collects and stores data in a way that’s actually useful, connecting the collected data with the goals of the organization and property operations. AI-driven proptech systems intelligently integrate information from all areas of the operation and use that information to find pain points, areas where attention is required, and opportunities to reduce costs or increase revenues. It can also predict future costs or projects, all in a way that’s easy to understand.
What To Consider When Choosing An AI-Driven Proptech System
When choosing a new AI-driven proptech system for your multifamily property, it’s important to find a system that meets your needs, is easy to use, and can help you make decisions about the future of your property. Here are five things to consider.
1. Make sure the system you choose integrates information silos.
One of the biggest problems facing multifamily operators is that the information they have for decision-making processes is in silos. Each team or department has its own list of tasks, expenses, etc.
The best way to make the right decisions for your property is to be able to see the big picture of all departments of your property at the same time. When choosing an AI-driven proptech system, make sure that it integrates information from all aspects of your property or properties.
2. Look for actionable insights.
When comparing AI-driven propetch systems, make sure you choose one that not only stores and organizes data from all your departments, but that can also be set up to provide actionable insights. For example, you want your system to be able to notify you if your property’s maintenance expenses vary considerably from previous years or other properties. By spotting anomalies, you’ll know where to focus your attention to reduce costs or streamline processes.
3. Know what predictions it can make.
AI-driven proptech systems are able to use the vast amounts of data they collect to predict future trends, such as turnover rate and maintenance needs, so you can plan ahead with budgeting, scheduling, and more.
4. Make sure it’s actually easy to use.
The best system in the world won’t help you make decisions for your property if it’s difficult to learn and use. Make sure the system you choose is intuitive, low-maintenance, and doesn’t need constant IT support to get the job done. Ask for a demo of the system before you sign a contract, and have your IT people check out the backend of the software to make sure they can navigate it in case of problems. Ongoing tech support from the provider of the system is a big benefit you’ll want to look for as well.
5. Make sure your team can adopt it ASAP.
Implementing a new technology takes time and effort, so you will want to look for a system that can be implemented fairly quickly. This way, there is minimal disruption to your day-to-day operations.
Ask about time for implementation and what will be required of your team during the process. Look for and ask about potential pitfalls and address them with your proptech provider so you can be proactive and get the system implemented and adopted by your team as quickly as possible.
Though the thought of switching your multifamily operation’s current systems to AI-driven proptech may seem daunting, it can be well worth it to your overall operations as well as peace of mind. With access to easy-to-use information, future predictions, and variance highlights, you can be more equipped to make the right decisions for your property than ever before.