We live in a data-rich world. Any PM software platform you use is going to offer lists of reports to find metrics on every aspect of your business. All of this data can offer a trove of information, but how much real insight does it provide?
Multifamily professionals can find themselves overwhelmed or confused when multiple reports approach the same issue from different perspectives, spending extra time to pull multiple reports, struggling to compare historical data with current trends, and losing faith when numbers aren’t what they expect to see. This wealth of information can end up muddying, rather than clarifying, decision making processes. It doesn’t have to be that way. continue
The introduction of artificial intelligence to the multifamily industry has been a measured process. Yes, many are using AI in the form of chatbots and for advanced automation. But to a large degree, AI is viewed by the industry for its future capabilities rather than anything that can make an immediate impact.
The apartment sector can make headway on that front by envisioning how AI can augment existing platforms, and then pairing them. continue
Data is a lot like a Peloton bike. It looks good and is great to have, but it only makes a significant impact if you put it to solid use.
Undoubtedly, data collection has become a primary objective for apartment operators over the past several years. But applying data in a manner that genuinely moves the needle remains elusive for many.
Utilized properly and effectively, the business intelligence derived from data can solve several pain points. From advanced submarket analytics to the ability to uncover undetected renter tendencies to intuitive pricing insights, the possibilities are aplenty. The challenge is rooted in converting raw datasets to actionable uses.
Here are a few recommendations to uncover the secret sauce contained within the data: continue
Practical Applications for Multifamily
As natural language solutions become more advanced, the multifamily industry is taking notice—albeit at a measured pace.
AI-fueled innovations such as chatbots are a great fit for the apartment world and are becoming increasingly popular. As machine learning acquires a stronger grasp on natural language, chatbots can adeptly answer a wider variety of questions from prospects in instant-messenger fashion.
So far, multifamily hasn’t delved much further than chatbots when incorporating natural language solutions into their processes. But the technology has significant potential to offer a variety of new solutions to the industry moving forward: continue
Tired of looking at the same old screens? Entrata to the rescue!
Follow @EntrataSoftware on social media (or check back here each week) for a fresh new look. You can download a new wallpaper designs for your phone, tablet, or computer each Wednesday. continue
Amid All the Chaos, 2020 Offered Suprising Positives
Typically, these types of year-end recaps feature a cheery look back at significant milestones and benchmarks in the industry. Seeing that “cheery” will seldom be an adjective associated with 2020, some may wonder why we didn’t entirely skip this piece.
But although 2020 was a trying time for virtually everyone, it was not without positives. The multifamily industry deftly adjusted to the bevy of newfound challenges by finding ways to connect with residents and prospects in a socially distant environment. Many associates went above and beyond to assist those facing unprecedented circumstances and the words virtual, Zoom and contactless became a regular part of the industry’s vernacular.
All the while, the resilient apartment sector managed to avoid widespread disaster and continued to prime itself for a promising post-pandemic future. Here’s a look at some of the encouraging developments in an otherwise chaotic 2020: continue
The associates who comprise the IT team are among the most astute in your organization. But despite their tech-savvy skill set and problem-solving abilities—IT stands for information technology, after all—these teams are no different than others in that they require training to function at a high level.
While a high-functioning IT team often performs training for other groups within the organization, such as educating employees about software systems, training resources for IT itself cannot be neglected. In short, effective training for IT teams hinges around process as much as education.
Here are a few concepts to consider when incorporating IT teams into the greater operations process: continue
Pricing can be an obscure concept. There is no absolute right or wrong rate, necessarily, but problems can arise if you’re too far off in either direction.
While many variables factor in as to how apartment communities arrive at their rates, 2020 has introduced another in the form of the pandemic. The effects have meant different things to different markets, which adds another dynamic when attempting to accurately price units.
“Even in a tough year, we’re seeing solid results for our Entrata Pricing clients, over 2 percent lease trade-out increase year-to-date,” said Entrata Pricing product manager Matt Schultz. “This is a testament to the value and discipline that pricing software adds for our partners.”
With so many moving parts to consider, relying on guesswork or gut feelings generally fails to serve as a solid strategy. And with pricing as the primary component of NOI, it’s monumentally important to arrive at rates that strike the balance of making sense for the community while not alienating potential renters. continue
Imagine a world where a property management system not only accurately tracked rental payment data, but also analyzed it to predict which payments have the highest likelihood of returning.
Actually, you don’t have to imagine. Thanks to advancements in predictive machine learning algorithms, this cutting-edge technology analyzes scores of data pertaining to payment history, timing and behavior. It can be used to more intuitively assess the ultimate result of the payment.
How do apartment operators get in on the action? By partnering with providers that invest in these sophisticated technologies. continue
While new iterations of existing tech platforms can be compelling, nothing elicits more excitement than completely new products.
The need for innovation never stops, and the Entrata team has been busy developing many platform enhancements in 2020. Team members shared updates of recent rollouts and things to come during Episode 3 of Entrata Connect. continue