Entrata Blog

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.

Gen Z, the generation born between 1997 and 2012, is the largest and most diverse generation in history. They are tech-savvy, socially conscious, and highly influential in shaping consumer trends. For multifamily property owners and operators, understanding how to connect with this generation is critical for attracting and retaining the next massive wave of renters.

Tenant liability risk is a significant concern for multifamily property owners and managers. With tenant liability losses reaching a staggering $120 billion in 2023, proactive risk management has become more critical now than ever before. At the “Achieving Full Liability Protection For Your Properties” session from the recent Entrata Summit event, the panel consisting of several insurance industry experts discussed key strategies and insights for mitigating tenant liability risk and ensuring full protection for your properties.