News, insights, and perspectives on tech, trends, and multifamily housing—from the people behind Entrata.
Artificial intelligence is certainly a major topic of conversation these days, both within the multifamily industry and the overall American business landscape. Undoubtedly, much hype surrounds the technology – and no small amount of anxiety as employees consider its potential impact on their jobs.
Resident engagement can mean the difference between managing a thriving, happy community and regularly shelling out an average of $2,800 to turn vacant units. To facilitate the thriving happy scenario, Property Solutions is pleased to announce that ResidentPortal Premium, an updated version of our award-winning resident interface, is available to all clients. ResidentPortal Premium not only offers streamlined access to payments, work-orders, and property info, it includes a number of brand-new features designed specifically to facilitate communication and interaction with and between residents.
Today, I’m excited to announce a transaction under which Entrata has acquired Rent Dynamics. For nearly a decade, Rent Dynamics has been enabling multifamily owners and operators to empower residents to take control of their financial health and identity through rent payment reporting. With some of the largest owners and operators on the platform, Rent Dynamics is an industry leader with incredible vision, world class technology and industry expertise.
In the days of instant gratification, a missed call from an apartment prospect can be exceedingly detrimental. In fact, that call might have been your only chance, because today’s prospects often immediately move on to the next community.
Navigating reports has never been among an apartment professional’s favorite things to do. And when those reports are flawed, their aversion to them grows.
This is the second in a two-part series about AI and the multifamily industry. 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.
When new smart technology arrives, it’s tempting for operators to instantly adopt it. Doing so ostensibly puts them ahead of the curve and creates a competitive advantage.
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.
How to technology helps multifamily businesses find the right balance between maximizing profits and delivering the best resident experience If someone were to ask you why do people invest in multifamily properties, you might get a lot of answers, but at the root of it is to make money because in the long run real estate will always be a good investment. However, beyond that, the multifamily industry is built on providing one of the most essential services to the residents we serve.
The resident doesn’t care how you decide to manage your operations as long as it works and doesn’t make their life any harder. The best way to tell if they’re working is if the resident doesn’t notice them at all and they’re able to go about their day without any additional impediments.
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.
Every time an applicant submits an online application or a resident makes an online payment, you’re entrusted with valuable information. Each transaction relies on the kind of sensitive personal identifying information that makes our industry a target-rich environment for hackers. When you factor in considerations like the relative lack of regulation around multifamily technology, the wide range in tech sophistication among operators, and the mix of multiple tech providers with properties’ online and paper-based systems, you begin to see how much of a challenge data security can be for property managers.