Entrata Blog

He probably wasn’t thinking about the 2024 multifamily industry when he said it, but Greek philosopher Heraclitus seemed to hit the nail on the head—the only constant in life is change. Whether it’s ever-evolving tech tools, updated regulatory measures or modified onsite processes, change is a perpetual part of the landscape for multifamily industry professionals. As such, apartment operators must have measures in place to to strategically implement and reframe how we think of change in a way that on-site teams feel empowered rather than overwhelmed, according to a panel at the 2024 Entrata Summit session From Burnout to Breakthrough: A Blueprint for Navigating Technological and Industry Changes. 

In the most recent episode of Entrata’s Resident Experts webinar series, Virginia Love, Industry Principal at Entrata sat down with Josh Goldstein, Vice President of Strategic Partnerships at Flex, to discuss the evolving landscape of resident expectations and how technology can be leveraged to create a more personalized and empowering experience. With a focus on innovation and resident-centric solutions, Goldstein highlighted the importance of flexibility, optionality, and human connection in today's multifamily market.

While AI has been a buzzword in multifamily for the better part of a decade, it remains in its infancy. Its presence can be compared to the early stages of the internet—the days when chat rooms were popular—in that people are recognizing its value but still figuring out its capabilities and large-scale ramifications. In recent years and particularly in 2024, AI has transformed from a background concept in the industry to a full-fledged trending topic. Most industry conferences, board meetings and general discussion focus upon the subject. Members of Entrata’s Product Design team discussed AI’s short- and long-term possibilities at the 2024 Entrata Summit session Humanizing AI: Leveraging the Strength of Humans and Machines. 

One applicant displayed a fake paystub. Another submitted inaccurate bank records. Yet another was using a synthetic ID. It was a heck of a day for the property management team—but unfortunately, not necessarily a rare occurrence in today’s apartment landscape. Fraudsters are becoming more sophisticated, and property teams must fight back just as fervently, according to a panel at the 2024 Entrata Summit session Fraud Detection and the Future of Risk Management. While many tools are effective in limiting certain types of fraud, a singular solution often leaves gaps in the process. Panelists agreed that a multitiered approach works best to help curtail what could turn into significant financial losses.

In our previous blog post, we discussed the importance of the move-in process to create satisfied residents who are more likely to extend their lease, but that’s just the first step. You need to continue delivering on the expectations of service after they’re in their apartment. An obvious first step is to have an open line of transparent communication between you and the resident. This is one area where you can incorporate AI and automation to deliver quick responses by having chat bots and other programs handle first contact and then route it to the right department. Generative AI has the ability to answer simple questions for your residents in a way that still feels personalized, which is the foundation for building lasting relationships with residents. 

You find tickets for a sporting event for a reasonable $70. Enthusiasm is high. But when you proceed to the final checkout, the price has climbed to $103 a piece due to fees. Buzz kill. That’s often how it works for apartment seekers, as well. 

In today’s apartment industry, with overburdened onsite associates facing an ever-growing array of challenges and pressures, it’s imperative that operators prioritize creating an efficient and supportive work environment for them.

Entrata recently hosted a panel of Apartment All Stars, Lisa Trosein, President of Apartment Expert, and Kate Good, Senior Vice President at Hunington Residential, joined Entrata’s own Virginia Love as part of our Resident Experts series. The discussion explores the evolving landscape of resident expectations and the strategies for success in today's market.

In a recent webinar led by Entrata CTO, Jason Taylor with Itamar Roth, Co-founder and CEO of Colleen AI, the transformative potential of AI in the multifamily industry took center stage. Colleen AI was recently acquired by Entrata, and this partnership promises to deliver innovative solutions that streamline operations and enhance the resident experience.

The famous nineteenth-century retailer John Wanamaker once reportedly said, “Half the money I spend on advertising is wasted. The trouble is, I don’t know which half.” Fortunately, with the data they have access to, today’s multifamily marketers aren’t fumbling around in the dark when it’s time to evaluate the effectiveness of advertising sources and tactics.

In today’s rental market, seemingly every property has a pool, a fitness center, or even a rooftop patio. The reality is, amenities such as these have become the standard and they don’t make a property stand out anymore.

The procure-to-pay (P2P) process in multifamily property management can be a complex and time-consuming endeavor, often burdened by high-volume, low-value tasks. However, advancements in automation and AI are transforming this critical function, offering significant efficiency gains and cost savings.