September 20, 2023
By: Travis Watts, Director of Investor Development
In recent years, artificial intelligence (AI) has emerged as a powerful force, revolutionizing many industries. One sector witnessing a significant transformation is the multifamily sector.
“We understand the immense potential of AI in transforming the business landscape. Whether it’s optimizing day-to-day operations or shaping high-level strategic decisions, AI technology has the power to revolutionize our work processes.” Traci Wilhelm, Managing Director of Asset Management at Ashcroft Capital
Let’s explore a few ways in which AI is changing the multifamily sector:
Improved Tenant Experiences
Artificial intelligence is revolutionizing the way property managers interact with tenants. AI-powered chatbots and virtual assistants can provide instant responses to tenant queries, schedule maintenance requests, and offer personalized recommendations.
These intelligent systems not only save time and resources, but also enhance tenant satisfaction by providing prompt and efficient services.
Below is the website for one of our Ashcroft Capital properties, “Halston Shiloh Valley”. Notice the Chatbot to the right of the screen.
Source: https://www.halstonshilohvalley.com/
AI-driven tenant screening processes are being implemented to identify the most qualified candidates for rental properties. AI algorithms can analyze vast amounts of data to assess creditworthiness, employment history, and rental backgrounds, enabling property managers to make informed decisions quickly and accurately.
Source: https://www.realpage.com/apartment-marketing/resident-screening/ai-screening/
Enhanced Operational Efficiency
AI-powered systems are streamlining various operational aspects of multifamily properties. For instance, predictive maintenance algorithms leverage historical data and sensor inputs to anticipate maintenance needs. This proactive approach minimizes downtime, reduces costs associated with emergency repairs, and extends the lifespan of equipment.
In addition, AI-enabled energy management systems can optimize energy consumption within a multifamily property. These systems analyze real-time data from smart meters, weather forecasts, and occupancy patterns to adjust heating, cooling, and lighting settings automatically.
By identifying inefficiencies and implementing energy-saving measures, property owners can significantly reduce utility costs and environmental impact.
Smart thermostats at “LIV at Winter Park” (Ashcroft Capital Property)
Additionally, at Ashcroft Capital, we are testing an AI collection program, which has not yet been launched portfolio-wide. The goal is to have more consistent follow-up and free up our on-site team to take care of other tasks.
Smart Security Solutions
AI is also revolutionizing security measures in the multifamily sector. Intelligent surveillance systems equipped with facial recognition and anomaly detection capabilities enhance the safety of residents and property.
These systems can identify suspicious activities, alert security personnel, and provide real-time updates on potential security threats.
Furthermore, access control systems powered by AI offer advanced features such as biometric identification and virtual keys.
These technologies not only enhance security, but also provide convenience to tenants, eliminating the need for physical keys or access cards.
Data-Driven Decision Making
The multifamily sector generates a vast amount of data. Using AI software that taps into the information stored in property management software enables property managers to leverage the data and make better-informed decisions.
AI algorithms can analyze market trends, rental demand, and pricing data to optimize rental rates and maximize property revenue.
Predictive analytics tools can forecast occupancy rates, identify leasing patterns, and enable property managers to adjust their strategies accordingly.
Moreover, AI-driven data analytics platforms help property managers gain insights into tenant preferences, allowing them to personalize amenities, services, and marketing campaigns.
This targeted approach enhances tenant satisfaction, increases retention rates, and attracts new tenants.
We currently use “AIRM” revenue software at Ashcroft Capital
Source: https://www.realpage.com/asset-optimization/revenue-management
As of 2023 AI is still a new technology, much like the internet in the 1990s.
As AI continues to evolve, its impact on the multifamily sector is only expected to grow, making it an essential tool for success in the increasingly competitive real estate market.
As a company, we are leveraging cutting-edge AI technology for operational and analytical purposes and will continue to access and adopt advanced technology for optimal performance. – Traci Wilhelm, Managing Director of Asset Management at Ashcroft Capital
To learn more or schedule a time to talk to Travis, visit https://www.ashcroftcapital.com/travis/
If you are interested in reviewing our current offering, please visit https://info.ashcroftcapital.com/fund. We look forward to the opportunity to work with you and align our investment interests.
