I recently wrapped up an incredible few days at RETCON - Real Estate Technology Conference 2024, and let me tell you, the future of property management is looking bright (and tech-savvy)!
Here's what resonated most with me as someone with 20 years of property management experience:
Deal Prediction with Machine Learning? Yes, please!
Sifting through endless deals can be a real time-suck. Enter ML Sandbox, a software using machine learning to predict strong deals. This could be a game-changer, allowing us to identify the best opportunities much faster and with greater accuracy. Imagine underwriting only the top 5 deals a week instead of 20 – that's efficiency at its finest!
AI: Beyond the Hype
AI isn't just a buzzword; it's a powerful tool to streamline operations and free up human potential. Automating repetitive tasks like rent collection or lease renewals frees up valuable time for our team to focus on what matters most – creating a fantastic experience for our residents.
Breaking Down the Silos with AI
Gone are the days of information trapped in silos. Integrating AI can create a seamless experience for residents, allowing them to access everything they need – from maintenance requests to rent payments – on a single platform. Think of it as a one-stop shop for everything apartment-related!
AI-Powered Training: A Win-Win
Onboarding new team members can be a time-intensive process. AI-powered training programs can alleviate some of the burden, allowing us to train new hires more efficiently and get them up to speed faster. This translates into a smoother experience for both residents and our team.
Residents Want a Unified Platform
This was a recurring theme at RETCON: residents are craving a single platform to manage everything related to their apartment. It's clear we need to prioritize solutions that offer a centralized and user-friendly experience.
Testing the Waters with Pilot Programs
Innovation is key, but it's important to be strategic. I plan to research the top 10 companies I met at RETCON and pilot test solutions with AI features at one or two of our properties first. This allows us to iron out any kinks before a full-scale rollout. In Q2, we'll be putting two promising solutions to the test – stay tuned for updates!
Overall, RETCON 2024 reinforced my belief that the future of property management is built on innovation and a focus on resident experience. By embracing new technologies like AI and machine learning, we can create a win-win for both residents and property managers.
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