5 Simple Ways Multifamily Property Managers Can Start Using AI

5 Simple Ways Multifamily Property Managers Can Start Using AI

With all the talk about AI in commercial real estate these days, everyone is looking for ways to leverage AI in their real estate operations. But there are so many AI products out there that it's tough to know where to start. We always advocate for starting small - find strategic, low cost areas to try a new product or tool before overhauling workflows to incorporate it more broadly. Depending on the use case though, some products are easier to try out than others.

For multifamily property managers just starting with AI, certain applications offer relatively low barriers to entry, quick implementation, and immediate returns on investment. Here are a few of the easiest AI tools to adopt and integrate into existing systems, along with examples of products that make it easy to get started:

1. Automated Customer Support and Leasing Inquiries (Chatbots)

AI-powered chatbots provide 24/7 support, helping with tenant inquiries, scheduling tours, and handling basic maintenance requests. They’re a quick way to improve response times without increasing staff workload.

• STAN AI: This AI assistant responds to resident inquiries, schedules repairs, and even collects payments.
• EliseAI: Designed for multifamily properties, EliseAI can respond to emails, texts, and calls, as well as schedule tours automatically.

2. Automated Market Surveys and Rent Comparisons

These tools gather competitive rental data to help property managers set the best rates. By using current market trends, they ensure properties stay competitively priced with minimal manual work.

• HelloData (that's us!): Surveys rent, availability and concessions data on over 4M multifamily properties (35M+ units) every day to automate market surveys and recommend rents. It's 100% driven by public data and search based, so all you need is a property name to use it.
• Rentometer: Provides comparative rental data to help property managers assess market rates for similar units nearby.

3. Tenant Screening Models

AI-driven screening tools analyze tenant financial and behavioral history to predict rental performance, making it easier to select reliable tenants and minimize default risk.

• RealPage AI Screening: Uses machine learning to evaluate applicants based on previous behavior and performance, making rental decisions more data-driven.
• Propertyware Tenant Screening: Provides AI-powered credit scoring models and background checks, delivering detailed applicant reports within seconds.

4. Energy and Utility Management

Smart thermostats and energy monitoring systems reduce costs by optimizing energy usage based on real-time data and tenant preferences, often requiring minimal installation.

• Nest Thermostats: These smart thermostats learn user preferences and adjust settings automatically to conserve energy.
• Sense Energy Monitor: Analyzes energy usage in real-time, allowing managers to identify high-use areas and make efficiency improvements.

5. Smart Security Solutions

AI-powered security systems enhance property safety by monitoring entry points, tracking license plates, and alerting managers to potential threats in real time.

• Ring Video Doorbell: Provides real-time video surveillance with two-way communication, adding an additional layer of security.
• SimpliSafe: An AI-driven security system offering intrusion detection, environmental monitoring, and video surveillance, with easy setup options.

These solutions represent low-barrier, high-impact applications of AI in multifamily property management. They require minimal integration and training, enabling property managers to experience immediate benefits in efficiency and tenant satisfaction.