top of page

Optimizing Multifamily Operations with Machine Learning

Writer's picture: Sofia JohnsonSofia Johnson

The Rise of Machine Learning in Multifamily


In today's fast-paced world, multifamily owners and operators are eagerly exploring the potential benefits of machine learning to find efficiencies and improve decision-making processes. This technology allows for the analysis of large datasets to identify patterns and predict outcomes, revolutionizing several areas of multifamily operations.


Leasing: The Virtual Lease Assistant


One of the most exciting applications of machine learning in the multifamily sector is in leasing. Our journey with AI began early in 2020 when we started testing machine learning solutions for our leasing operations. After a successful pilot program, we deployed a virtual leasing assistant technology aimed at guiding prospective residents through the leasing journey seamlessly.


How It Works


This virtual assistant answers initial questions regarding lease rates and availability, helps schedule on-site tours, and directs individuals in choosing a move-in date. The key advantage is its 24/7 availability, providing support to both day and night prospects.


Efficiencies and Results


The adoption of this virtual leasing program has brought significant efficiency gains. More than 72% of all prospect resident leads in 2024 have been supported by the virtual assistant’s continuous availability, with over 80,000 of those leads being supported after business hours. By using this technology, we estimate that onsite teams were saved from fielding more than 96,000 hours of work—labor that the virtual assistant now supports.


Training Through Role-Playing


Beyond leasing operations, our commitment to training has also benefited greatly from AI integration. At the beginning of 2023, we introduced a role-playing tool into our training programs. This innovative approach uses virtual avatars controlled by live improv actors to help troubleshoot common workplace interactions such as performance feedback sessions, diversity and inclusion conversations, and conflict resolution.


Outcomes


All 600 of our managers have been trained on this program, with overall positive outcomes. The personalized simulation ensures that each interaction is optimized to turn ordinary moments into extraordinary experiences for both employees and residents.


Research and Data Analytics


Our market research team has been another beneficiary of proprietary big data and advanced algorithms. Using anonymized address data gathered during prospect resident screening, we can discern real-time migration trends in our markets.


Insights into Migration Trends


By analyzing such insights, we were able to reallocate marketing dollars toward migration hot spots. This smart reallocation has practical implications such as focusing future acquisitions within those nodes. Gleaning such insights has contributed significantly to outperformance for both existing and new assets.


Consolidation and Future Expansion


Presently, multifamily owners and operators who have adopted AI/machine learning tools for their platforms are now focusing on consolidating these applications to achieve a comprehensive solution. This consolidation frees up resources and facilitates change management, allowing for more streamlined operations and better decision-making.


The Personalized Experience: AI and Young Renters


Youthful renters who constitute the majority of our customer base are more likely to adopt a personalized experience with AI given their increased familiarity with technology. This integration not only enhances their comfort but also ensures that we deliver superior customer experiences tailored to their unique needs.


The AI Arms Race


The multifamily sector’s adoption of AI has just begun; there’s much more opportunity ahead. However, for software providers, the journey is just beginning—often referred to as the AI arms race. There’s still much to do to get viable solutions for our resident customers.


Where We See the Future


We believe that the evolution of AI offers real possibilities to help us deliver superior customer experiences for our residents in the years ahead. By maintaining a disciplined approach and continuously integrating new technologies, we can stay ahead in this exciting new era of multifamily operations.


FAQs


1. What is the significance of machine learning in multifamily operations?

   Machine learning allows for the analysis of large datasets to identify patterns and predict outcomes, revolutionizing several areas of multifamily operations such as leasing and data tracking.


2. How has using the virtual leasing assistant improved efficiency?

   The virtual leasing assistant has supported over 72% of prospect resident leads in 2024, saving onsite teams from handling more than 96,000 hours of work.


3. What role has advanced training programs played in AI integration?

   Advanced training programs utilizing role-playing tools have greatly enhanced the skills of our managers, ensuring better workplace interactions and improved performance feedback.


4. How does data analysis contribute to smart reallocations?

   Analyzing anonymized address data allows us to discern real-time migration trends, enabling us to reallocate marketing dollars toward migration hot spots for better asset performance.


5. What does the future of multifamily operations with AI hold?

   The future holds immense potential for further integration of AI and machine learning. We anticipate seeing more personalized experiences for renters, continued improvements in efficiency, and enhanced decision-making capabilities.



Data Points

  • % of prospect leads supported by virtual assistant: 72%

  • Hours of work saved by virtual assistant: Over 96,000

  • Number of trained managers: 600

  • Frequency of support after business hours: Over 80,000 prospects

  • Reallocation impact on marketing dollars: Significant contribution to outperformance for both existing and new assets


Comments


  • Facebook
  • Twitter
  • Instagram

Our Commitment to Our Clients

At RawFunds, we are dedicated to empowering service providers with a comprehensive platform designed to grow their businesses. Our mission goes beyond simply connecting you with potential clients—we provide an all-in-one solution tailored to your specific needs. Our platform offers a suite of services that streamline client acquisition and engagement. From advanced tools for managing your online presence to automated workflows that save you time, RawFunds is built to help you maximize your business potential. We understand that success requires more than leads—it demands the right tools, insights, and support to convert opportunities into long-term growth. With RawFunds, you gain access to cutting-edge technology, actionable data, and expert resources that help you navigate the challenges of scaling your business. Whether you're looking to enhance your digital marketing efforts, improve client retention, or expand into new markets, our platform is here to support you every step of the way. We value your partnership and are committed to providing the tools and services you need to achieve your goals. Together, we can transform the way you connect with clients and grow your business. Let RawFunds be your trusted partner in success.

RawFunds © 2024

bottom of page