Adopting AI-enabled Demand Tech: 4 Priorities for Success

Technologies powered by Artificial Intelligence (AI) are revolutionizing how organizations of all kinds replace their inefficient business processes. The multifamily industry is no exception. The good news is that property management companies can now adopt AI solutions that help their teams minimize pain points and optimize workflows. For companies adopting this breakthrough tech, leveraging an AI-driven platform to solve multifamily challenges may require a fresh mindset. Continue reading to learn how your business can successfully adopt and integrate AI technologies by following four simple priorities. #1 Focus on ROI For multifamily businesses, the true success of any technology initiative is measured in bottom-line results. So, calculating your AI solution's return on investment (ROI) is a critical step. Focusing on ROI means quantifying how an AI-driven solution would deliver measurable cost savings and meaningful efficiencies. The first step is agreeing internally on the business problem you’re trying to solve. Many use cases have already emerged to validate the impact of investments in AI, including: Demand Forecasting — Make better advertising, leasing and pricing decisions using AI-driven supply intelligence Predictive Pricing — Dynamically adjust apartment rates for individual complexes based on the actual supply (available units) and demand (prospective and current residents) AI Resident Screening — Discover in-depth levels of screening residents and manage risk by leveraging AI to understand an applicant’s willingness to pay What to look for: It’s wise to remember that AI solutions are an investment. And no matter how cool or interesting the application might seem, the return on investment might not be justifiable to many multifamily operators. That’s why focusing on initiatives where you can tangibly see positive ROI will be the best way to start. Take your quick wins and learn how to adopt related...