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How to Use AI in the Multifamily Industry

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

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.

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.

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.

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:

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.

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.

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. 

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An Introduction to AI for the Multifamily Industry

The idea of incorporating AI into your operations might seem like a daunting task at first. AI is something many of us may not be familiar with in practice, but that doesn’t mean we shouldn’t evaluate how it might fit into our operations. In the not so distant future, we’ll likely look back at this time and wonder how we ever functioned without AI.

But since AI is such a new technology, we’ve compiled some information to introduce you to AI, what it is, and how it can be utilized in a multifamily environment. This is the first of a two-part blog series.



Different types of AI

When it comes to AI capabilities, the industry has defined three different types of artificial intelligence, Artificial Narrow Intelligence (i.e. Weak AI), General AI (i.e. Strong AI), and Super AI. Currently, General AI and Super AI are theoretical and are not currently in practice, so we will focus on the functionality that is available in “Weak AI” tools. 

While it might be referred to as “weak,” that’s a bit of a misnomer as the time savings and efficiencies that can be achieved using these tools are immense. According to IBM, “[Weak AI] can be trained to perform a single or narrow task, often far faster and better than the human mind can.”

Inside of Weak AI, there are two distinctive functionality types, Reactive Machine AI and Limited Memory AI. Reactive Machine AI has no long term-memory, so the action they perform is based on the data that is currently available to them. As a result, the capabilities of Reactive Machine AI are very narrow. On the flip side, Limited Memory AI has access to previous data and can improve and get better over time. 

Lak Lakshmanan, Operating Executive, Data Science for Silver Lake described the evolution of AI like this, “You now have this evolution of going from something that is super simple and very straightforward, very rule-based to learning from data, to learning from unstructured real world information to actually explaining the decision.”

For the purpose of this ebook we’ll focus  primarily on Limited Memory AI, which powers generative AI tools like ChatGPT as well as chatbots.



Efficient content creation with generative AI

Generative AI is a type of artificial intelligence that can be used to produce new content, images, audio, and synthetic data. It differs from predictive AI, which is used to identify patterns to improve data driven decisions, and conservational AI, which is used in virtual assistants and chatbots to respond to customer inquiries in a human-like way, in that it produces net new content based on parameters set by the user.

Generative AI isn’t something that is new (it’s been around in some form for years now), but as neural networks and natural language processing advanced, it became much easier to use. To put it simply, neural networks, large language models (LLMs), and natural language processing help you “talk” to the program like a human and it “thinks” and processes information like a human, and this is why it’s able to create content that is more accessible than previous versions of generative AI. This advancement is key because if the content created doesn’t read like a human wrote it, then it won’t be an effective way to communicate with residents and prospects.

With that being said, what are some of the key human characteristics that AI needs to be able to mimic? Lakshmanan noted that humans have senses. They can touch, taste, hear, see, and speak. When he says that AI is “machines acting like humans”, what does he mean? They have ‘senses’ so to speak. They don’t have eyes but they have cameras that give them sight, they don’t have ears or mouths but they have smart speakers that can “hear” and answer our questions. Taste is a little harder, but there are some AI programs that can look at something like the chemical composition of wine and tell what region the grapes were grown in.

Where AI is vastly superior to humans is it is constantly taking in new information and learning and getting better, according to Lakshmanan. When companies how to leverage those learnings to reduce friction and improve the customer experience, they’ll win/gain an advantage over the competition.



The potential benefits of AI

The potential of AI to replace repetitive tasks is significant. Jobs that require low cognitive input and are highly repetitive, such as manual data entry or copy editing, may be taken over by AI. Imagine a property manager who has to manage multiple ILS listings daily; AI can automate the process of listing creation, saving them hours each week. This shift can free up considerable human resources, allowing real estate professionals to devote their time to tasks that demand strategic planning and creativity and improve the customer experience.

“Automation is the goal,” said Lakshmanan. “You're saying that here is … a very manual process and we're going to speed it up perhaps by doing things in a more routine way. And one of the ways in which you can do things more routinely is through AI. You might say, ‘Okay, we're going to basically improve this thing.’ When there are multiple ways that you can make something much more routine and predictable.”

For example, it can help improve the brokerage process to help improve your listings. AI could scour data sources for lists of competing multifamily listings with similar rents, amenities, and locations as your properties and essentially conduct a market survey for the area, helping you to not only improve the quality of your listings, but do it in a fraction of the time if one of your staff had complete this task.

Moreover, AI tools have the potential to automate the asset management process, including property valuation and investment analysis, predicting property values based on various factors such as location, size, and local market trends, which can provide a more accurate and faster valuation process. This will aid property management companies in identifying properties that are not only ideal to acquire, but also when to dispose of assets based on specific market trends that are identified.

The role of AI in communication and marketing strategies is increasingly prominent. LLMs have proven their capability to generate diverse types of content, ranging from website descriptions that attract more leads and emails to property descriptions and social media posts. For instance, a property management company can leverage AI to draft engaging property descriptions that highlight key features, draft emails to potential clients, or generate creative captions for social media posts. This can significantly enhance the efficiency, consistency, and reach of a firm's communication strategy.

Beyond that, AI's capacity for data analysis can be a game-changer for identifying market patterns and risks. A property management company could use AI to analyze historical market data and predict future trends, thereby informing their investment strategy and mitigating potential risks. Future advancements in AI could even extend to rendering designs within minutes and predicting emissions levels and material procurement information, leading to environmentally-conscious and cost-effective building designs.

This is not to say AI is ready to take over all routine or repetitive tasks just yet. When using generative AI to create content, it’s important to review the copy that is created just in case there are inherent biases in the LLM you are utilizing. Additionally, you’ll want to check the sourcing and accuracy of the content. We’re still in the wild west days of AI, so it’s better to be safe than sorry to prevent the possibility of embarrassing the business.

Moving to an AI model that creates consistency and efficiency in repetitive day-to-day tasks lends itself to a centralized model that is more easily managed by a single centralized services director as opposed to multiple on-site property managers.

With AI in the mix, the primary focus would be on building and leading a team of remote customer service representatives that deliver a much higher level of service and performance than on site teams can deliver because they’re not burdened by being pulled reactively in many different directions to ensure residents' needs are being met. This team can focus strictly on completing the task at hand, and doing it much more efficiently because flows are triggered automatically based on behavior.

The key when implementing any new program like this is making sure you have baseline measurements and metrics that you can track against. This baseline allows you to see the ROI, time, and cost savings as they occur in real time. If your standards aren’t being met initially by AI, it’s not time to give up, it's time to reconfigure. Don’t be discouraged. The technology is new and it may take time to fine tune, but at the end of the day it will be worth it in the efficiencies you will gain. 

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Why Offering Rent Credit Reporting Improves Resident Experience

While the number of people renting by choice continues to grow, there are still some downsides. Primary among them is not being able to build economic value by paying rent. For those that want to move on to an owned property and have the opportunity to build economic value, the process can often be difficult especially if they have bad or thin credit history.

But that problem is easily fixed through rent credit reporting, which consists of the monthly reporting of on-time rent payments to at least one of the three major credit bureaus. Unfortunately, only 20% of property owners report on time payments. This despite the fact that 92% of renters make on time payments and rent comprises the largest monthly expenditure for most renters.

The good news is this is an easy problem to solve, and it will lead to positive outcomes for both renters and property owners alike. All that needs to be done is for these on time rent payments to be reported to the three major credit bureaus.

With a vast majority of renters paying their rent on time, it makes sense for them to seek out properties that offer to report those on time payments to the credit bureaus. This is especially true when you take into account the fact that residents are renting longer than they have previously due to a number of factors, including increased interest rates and soaring housing costs. But when the time comes to move from a rental property to an owned property, a lack of credit history can be damaging both for the resident’s ability to get approved for a loan and the interest rate they’re offered if they do get approved. 

In addition, having a thin credit file or bad credit history can lead to an inability to get a good rate on a car loan or even get approved for a cell phone. For approximately ten years, credit bureaus have accepted reports on rent payments, but those have to come via a service that has been approved by the bureaus. Individual properties or individual residents couldn’t self report those payments to the credit bureaus.

Currently, only 15% of tenants have their rent payments reported to credit bureaus, that number doubles for Gen Z, who are taking a more active role in building their credit as 60% of residents under the age of 30 would like to have their rent reported to credit agencies. 

When residents opt to have their rent payments reported to credit bureaus, it puts them in control of their own credit. They're no longer subject to others determining what their credit is, especially when they are making on time payments. Some states have identified the demand and the need for credit reporting for these individuals and have passed legislation requiring properties to report payments to credit bureaus. Chief among them is California.

Another audience that can benefit from this service are students and first time renters. In just a year's time, they are able to build their credit rating if it was thin or non-existent or improve it if they have a bad credit history. In fact, 70% of renters who report rent payments noticed a significant improvement to their credit score.

Learn more

Learn more about the benefits of rent credit reporting by downloading our latest ebook, The economics of rent credit reporting, or by looking out for our next blog post that highlights the impact rent credit reporting has at the property level.

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Why Businesses Want to Centralize Operations

Centralization isn’t one-size-fits-all. Property management companies are looking to centralize their business through new workflows, consolidating processes, shifting organization structures, etc for a variety of reasons. These include reasons like: 

  1. Removing operational friction due to disjointed processes 

  2. Evaluating the effectiveness of certain roles within the organization 

  3. Adding specialized roles

  4. Scaling company brand

  5. Improving customer engagement

  6. Offering more personalized services 

No matter what aspects of your business you decide to centralize, the purpose of centralizing workflows & inputs should be to create holistic efficiencies across corporate and property operations, all while delivering better customer experiences, providing accurate data to make impactful business decisions, and improving ROI.

With Entrata’s software (now and in future additions to our centralization product specifically) customers get to determine the processes and workflows you centralize to enhance your customers’ and employees’ experiences. With Entrata’s all-in-one operating system, consolidate whatever operations make sense for your business, while leaving the rest untouched.

Using Entrata to centralize leasing operations

Entrata’s workflow is highly configurable and can be customized to our clients’ centralization strategy. If you’re using Entrata as your property management software, here are a few areas of your system where you can already set up your system to centralize different areas of your business. 

  • Give leasing agents access to multiple properties. This will enable them to be notified and respond to new leads as they come into the dashboard. Additionally, you can funnel all leads to a single agent who handles the initial response and assigns leads to specific agents. Leads will then reappear in the dashboard for follow-up based on how your settings are configured. 

  • Enable agents to search unit availability across the entire portfolio. Consolidating properties into a portfolio of properties also allows agents to search for available units based on price, square footage, beds, baths, and other features or amenities the applicant is looking for. This allows for a more personalized experience that better ensures the prospects' needs are being met.

  • Generate quotes and schedule tours. Once the property is selected the centralized leasing agent can generate quotes, schedule a self-guided walk-through, a traditional tour, or assist the lead in starting the application process. Self-guided tours can be fully automated for properties utilizing Entrata’s Access Connect. 

  • Central application process. Every step of the application process from screening, verifying insurance, and signing the lease can be done from the centralized leasing center.

  • Move-in checklist. Notify residents of what is required of them before move-in, enable them to pay move-in fees, and complete other move-in tasks directly from the resident portal, if the property has Entratamation, even the actual move-in can be handled remotely by sending the access code directly to the resident from the dashboard.

Learn more

To learn more about centralization in the multifamily industry, check out our latest ebook, Embrace Efficiency | How to create a centralization strategy that works best for your business.



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Student Housing Leasing Strategies to Deploy this Year

As we step into 2024, the educational landscape is showing signs of recovery with a notable 1.2% rise in enrollment rates for the first time since the pandemic. Over two-thirds of institutions witnessed growth in undergraduate enrollment this fall, signaling a positive shift in the academic sphere. Correspondingly, in the realm of property management, we at Entrata have observed a surge in pre-leasing activities, indicative of a bustling year ahead.

In the ever-competitive world of student leasing, preparation is key to success. As you move through your leasing season and even start looking toward improvements you can make in your next leasing cycle, it's imperative to equip onsite and marketing teams with the right tools for the job. At Entrata, we're dedicated to providing software solutions that not only drive property efficiency, but also elevate the level of service your teams can deliver to prospects and residents. 

Here are four leasing strategies leveraging the Entrata system to make sure you’re using this season and in the future:  

1. Incentivize Meaningfully with Selectable Specials

Specials are a powerful tool to accelerate leasing goals and boost occupancy rates. With Entrata, you can create customizable specials tailored to specific lease terms, move-in dates, and unit types. Whether it's a rent discount or a bundle of incentives, our system allows you to offer perks that resonate with your target audience. Moreover, the ability to generate single specials for both prospects and renewals simplifies the leasing process and enhances customer satisfaction.

Now with Entrata, you can: 

  • Create specials the give multiple incentives for students to choose from

  • Generate a single special that can be shared between prospects and renewals

  • Set up promotional codes to function for any type of special 

  • Offer specials for certain lease terms or space options

  • Specify specials to be used for certain lease start/move-in dates

  • Offer specials that can be applied only manually by property staff 

  • Mark gift incentive specials as having been “received” by a resident 

  • Utilize new merge fields for specials 

2. Track Leasing Goals with Site Teams

Setting up leasing goals in Entrata enables site teams to track progress and stay aligned with property objectives. By defining targets for both new leases and renewals, teams can monitor performance in real-time and make informed decisions to drive leasing success. This feature not only streamlines workflow but also fosters accountability and motivation among team members.

Leasing Goals can be set up in your property leasing settings, and the visualized performance tracking can be accessed through the Student Hub, found on your dashboard quick links. 

3. Utilize Student Inventory Management, Sold-Out Functionality

Our brand new Inventory Management tool empowers student properties to efficiently manage online inventory without the hassle of navigating through complex or sensitive settings. From the Student Hub found on the Dashboard Quick Links, permissioned users can control how web visible pricing appears to prospects, ensuring accurate representation of available and sold-out options. By simplifying inventory management, properties can provide better real-time leasing data that creates a more efficient leasing experience with prospective residents.

Take advantage of this new tool on the Standard Track starting February 21, 2024. 

Now with Entrata, you can: 

  • Control if a web visible prospect rate shows as sold out or available, and may do so for specific lease terms, floor plans, and space options 

  • Permission property staff to control this flag without giving access to property level settings or pricing configuration 

  • Prevent over-leasing by marking options as sold out, but still allow those options to show on websites in order to educate prospects about available inventory 

4. Use Generative AI to Easily Send Communication Updates

Effective communication is essential for engaging prospects and nurturing resident relationships. Entrata's Generative AI tool offers a time-saving solution by creating personalized messages, review responses, and blog posts tailored to the student housing industry. 

For example, if you enable Entrata’s generative AI functionality within ReputationAdvisor, with the click of a button it will read the review and create a professional and appropriate response in a matter of seconds. 

As you navigate the challenges and opportunities of the leasing season, leveraging the extensive capabilities of Entrata can significantly enhance operational efficiency and resident satisfaction. By embracing these leasing strategies, property teams can stay ahead of the curve and drive success in 2024 and beyond.

For more information and training on implementing these strategies, review Entrata’s release notes for the February 21st Standard Release or reach out to our dedicated support team.

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2024 Q1 Compliance Update

FCC Updated Rules to TCPA Consent

In this recurring blog series, Entrata will review the latest compliance information for you to help ensure you are in the loop and don’t fall out of compliance and are prepared for upcoming deadlines. However it is important to note, the information contained herein is general in nature and is not intended to provide, or be a substitute for, legal analysis, legal advice, or consultation with appropriate legal counsel. You should not act or rely on information contained in this document without seeking appropriate professional advice.

In November of 2023, the Federal Communication Commission (“FCC”) adopted one to one Telephone Consumer Protection Act (“TCPA”) consent and Do-Not-Text Rules that will have a sweeping impact on the use of text messaging and autodialing in marketing campaigns. The rule adoption will effectively:

  • Close the lead generator loophole

  • Encourage providers to make email-to-text a service that consumer proactively opt into

  • Codify that the National Do-Not-Call (DNC) registry's protections extend to text messages

  • Require wireless providers block all texts from a particular number when notified by the Commission.

Many of the proposed changes will have sweeping impacts on the use of marketing to individuals, none, however, more than the one to one consent changes that will close the lead generator loophole. To send an autodialed telemarketing text or phone call, the texter/caller must first obtain a consumer's prior express written consent (which must comply with the ESign Act if obtained online) specific to the company that will place such a text or call to the consumer’s cell phone. This will effectively close the lead generator loophole by removing the ability for lead generators, texters, and callers from using a single consumer consent for multiple companies.

The FCC’s reasoning behind this specific change is intended to reduce abusive consent practices, including where a single consumer consent authorizes auto-dialers from different companies to inundate consumers who would otherwise not expect to receive messaging from these companies.

The effective date of these rules will be 12 months after the rules are introduced in the Federal Registry - which has yet to happen as of the date of this blog post. This will give companies a full year to review their current practices and contact their Entrata representative with any questions about functionality around text messaging and proper opt out procedures.

Colorado AG Announces Approved Universal Opt-Out Mechanism:

Under the Colorado Privacy Act, companies must allow consumers to opt-out of using their personal data for targeted advertising using Universal Opt-Out Mechanisms. On December 28,2023, the Colorado Attorney General announced that it approved Global Privacy Control to serve as a Universal Opt-Out Mechanism. Global Privacy Control will be added to a periodically updated list that was released on January 1, 2024.

Global Privacy Control is one of many examples whose purpose is to allow internet users to notify businesses of their privacy preferences from a single point. The list represents Universal Mechanisms the Colorado department of Law will prioritize for enforcement.

In December of 2023, the California privacy governing body voted unanimously to approve a legislative proposal that would require internet browsers to send consumers an opt-out preference signal. This preference signal allows consumers to share their choice to opt out of the sale or sharing of personal information when they interact with organizations online. Additional states with similar restrictions included: Utah, Colorado, Connecticut, Delaware, Montana, Oregon, and Texas.

For organizations that fall under the Colorado Privacy Act they must allow consumers the opportunity to opt-out of the sale of their personal data or use of such data for targeted advertising and must accept these Opt-Outs via the Universal Opt-Out Mechanisms by July 1, 2024.

California Launches Privacy Resource Center:

January saw the launch of a new website dedicated to providing resources to California residents about their privacy rights under the California Consumer Privacy Act (CCPA). This site will be maintained by the California Privacy Protection Agency (CPPA) which provides California residents resources to understand their rights and the actions that they can take related to a variety of privacy issues.

One of the website’s more important features to note is the form provided by the CPPA for residents to file a complaint against a business. In addition to the complaint form, a resident can review their rights in an organized resource center. The site also provides resources for businesses to understand their obligations under the CCPA.

Other useful resources include guidance on what to do if a California resident is a victim of a data breach, identity theft, financial privacy, children’s privacy, and civil rights violations.

Entrata would encourage all clients with properties located in California to review this new resource center as well as understanding Entrata’s privacy dashboard and privacy settings within their environment. For more information about Entrata’s privacy data subject access rights process, please refer to the previous blog post in this series.

If you have any questions or concerns please contact your Entrata representative.

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Best Practices for Building a Positive Online Presence for Your Properties

*This is the second in a series of blog posts about how multifamily businesses can build and maintain a strong online reputation. In case you missed it, check out the first blog post [here](https://entratadev.net/blog/building-your-online-reputation).* Online reviews are a numbers game. It’s about recency, frequency, quality and quantity of reviews. To help illustrate this, think about the following scenario. Would you rather...
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