AI Models in Multifamily: What Are They & Which Ones Are the Best For You?
Artificial intelligence (AI) can be game-changing for businesses seeking innovative approaches. And even though AI technology has been around since the 1950s, it has taken a while for the multifamily real estate industry to realize the true business value of implementing it.
Modern technology can open up significant opportunities for multifamily owners, operators, investors and developers, and there are some AI technologies tailored for multifamily, such as conversational AI, generative AI, machine learning, optimization and computer vision.
However, adopting and implementing AI can be challenging because so much information exists. How do you cut through all the noise to understand what AI models are available and which ones are right for your business?
One place to start is with AI models themselves.
What are AI models
AI models are programs that analyze data to detect patterns, draw conclusions and make predictions. Essentially, they turn raw data into useful intelligence.
AI models are designed by highly experienced data scientists working with multifamily experts who understand the industry’s information, processes and unique needs. Their expertise is built into the models to inform your decisions.
To determine which models are best for your multifamily business, there are three things to consider.
What to look for when evaluating AI models
Pay close attention to what should comprise AI-driven models.
#1: Industry-specific data
There is a lot of data out there. You need AI models that draw from deep multifamily domain expertise, ones that use data annotations trained and prepared to do the intended tasks to meet the unique demands of this industry. A tailored approach to AI model training ensures relevant and accurate results to convert leads to leases, increase resident retention and improve back office efficiencies.
#2: Robust datasets
That AI models rely on data is a fact. You need a large volume of data that is extensive and...