MHN Executive Council: When It Comes to AI, What’s Worth It, and What’s Not?
Where should you focus your investment?
There are many uses for AI in multifamily. But it can be overwhelming to know what you actually need and what’s not worth it. Luckily, the MHN Executive Council shares their expertise on which AI technologies are worth the investment.
Weighing the Options
At The REMM Group we find AI worth investing in for:
- Lead Generation and Management: AI can analyze data from various sources to identify prospects with the highest conversion potential.
- Personalized and Targeted Marketing: This can lead to higher engagement and conversion rates.
- Chatbots and Virtual Assistant: These ever-improving products are great at providing the instant response today’s prospects expect to common inquiries.
- Predictive Analytics: We use AI to predict renter turnover and maintenance needs, allowing us to proactively address issues and reduce vacancies.
Revenue Management: Artificial intelligence and advanced analytics are useful to optimize rental pricing and occupancy rates for the apartment communities we manage.
We evaluate the potential return on investment (ROI) before investing in any technology. If it doesn’t offer a clear benefit or if the cost outweighs the advantages, it’s not worth pursuing. It’s also key to avoid AI that may cause security and privacy concerns because they involve sensitive tenant data.
The REMM Group is also careful not to become over reliant on AI as a customer service replacement. It must enhance customer service, not attempt to replace human interactions entirely, a personal touch is often appreciated.
Fundamentally we consider investing in AI where it can enhance marketing strategies, improve operational efficiency and provide better resident experience. We evaluate each potential AI application carefully to ensure it aligns with our company’s goals and offers a clear return on investment. We also avoid overcomplicated tasks that can be handled through existing means and prioritize data security and privacy. —Susan McPeak, Corporate Ambassador, The REMM Group
To the Max
Incorporating conversational AI, particularly chatbots, has significantly enhanced our website’s user experience while optimizing the efficiency of our site staff, but this would be the only true investment in the traditional sense of directly procuring technology. Beyond that, we focus on maximizing the extensive capabilities of AI to enhance our operations. We substantially leverage machine learning within our advertising strategies, refining ad targeting to engage prospective residents effectively. Additionally, our use of generative AI is instrumental in crafting and fine-tuning social media content and ad copies, significantly bolstering our overall marketing effectiveness. —Jim Love, Vice President of Marketing & Brand, Draper and Kramer
Time is Money
The investments we’re making in AI don’t require dollars—they require investments in time. Investigating would best describe our efforts that are driven by company-wide curiosity and a willingness to experiment and learn. We’re not interested in replacing people, talent and roles with technology, rather we’re actively looking for ways we can optimize our existing design framework as well as improve day-to-day business.
For example, we’re taking time to assess a matrix of design programs that can quickly translate our design ideas into amped up visualizations. These programs wouldn’t replace our ideation, they’d build on what we’ve created to make them more compelling and useful to clients. On the business side we’re using AI tools for communication and calendar management while also monitoring the marketplace for new technologies. Our future investments will focus on how we can leverage AI and data management to assist with pricing projects, forecasting and budgeting. —Mary Cook, President, Mary Cook Associates
Interested in joining the MHN Executive Council and being featured in future articles? Email Jessica Fiur.