Multiple families just start clicking on the feature optimization capabilities of AI

Finally forced to adopt innovative solutions during the pandemic, multiple families have made huge strides in terms of technology applications over the past two years. Automation flourished as operators sought contactless solutions. New operational efficiencies emerged as platforms were deployed to accommodate a remote workforce.

However, at first, multiple families let their guard down when it came to artificial intelligence (AI). Now, with a better understanding of AI and its potential roles in leasing, operations, and property performance, the industry’s skepticism is gradually fading away.

Commercial real estate data and software engineer Sudip Shekhawat has spent the past two decades building software solutions, creating and scaling cloud statistical analytics system (SAS) solutions in the multi-family space.

He led a global team of more than 200 employees at the property management software company RealPage, focusing on revenue management, business intelligence, data analytics, and integrations.

Now Senior Vice President of Engineering at Insurtech LeaseLock, Shekhawat leads software engineering and machine learning initiatives to scale the company’s insurtech technology solutions along with ambitious growth goals.

He said that while multiple families had finally opened the door to AI innovations, the industry first had to overcome its misunderstanding of technology.

The history of artificial intelligence goes back 20-25 years, when everything we know about artificial intelligence came from the movie The Terminator. “We didn’t know exactly how to use it,” Shekhawat said. “For me, ‘augmented intelligence’ sums it up best. It means that whatever you can do as a human we can augment the positions of intelligence through machine learning and automated processes.”

Data is the foundation of artificial intelligence and machine learning

Shekhawat noted that thanks to self-driving vehicles and the widespread use of chatbots, most people now have a basic idea of ​​how the technology works. In his experience, AI is often misunderstood when it is confused with applications of analytics, or by assumptions that the technology is too complex and out of reach.

“It is important to remember that without data, there is no artificial intelligence,” Shekhawat noted. Recording data and accessing those recordings, as well as digitizing more processes helps us build AI and enhance machine learning. We sit on this wealth of data provided by property management systems. There is a tremendous amount of untapped potential in that data.”

AI has gained its first foothold in many families in leasing and marketing, and Shekhawat said the opportunities to improve operations through AI go much further.

Data-driven AI is transforming risk management

“There has been a huge focus on the use of artificial intelligence for human interactions in rental offices and regulation, with chatbots, as well as lead generation and lead management,” Shekhawat explained. “It’s making further progress to create better customer experiences, increase operating efficiencies and improve decision-making. By making better decisions, we can improve asset performance and better manage risk. This is where I think AI is headed, dealing with risk management. “.

Shekhawat believes that by using AI in fintech platforms and in-house technology, multi-family companies can provide more accurate forecasts for their assets. When AI has access to data and analytics, machine learning can dramatically improve the underwriting and insurance process for assets and claims.

“The application of artificial intelligence at Insurtech develops a faster claims process and faster fraud detection,” Shekhawat said. “These are two areas where other industries have had great success with AI.”

Multi-family data protection challenges

As more processes in multiple families are digitized, AI has the potential to continually improve property performance. However, Shekhawat warned that increasing the volume of data will create challenges for the industry in terms of data storage and protection.

“Almost all property management is done through software at the moment. Every transaction and every event is recorded somewhere and a data point is created.” “Every day, we get exponentially more data points. With so much data, the challenge is how to safely store and access the data.”

Increased data volume can slow down data analysis and make it difficult to decide which data points to prioritize. Operators strategically deploy AI to run multiple scenarios, greatly simplifying the process for determining the best business processes.

“AI enables you to make decisions faster because you are not looking at the data at a precise level,” Shekhawat said. “You don’t just look at raw data over a specific period of time. AI has to save time and influence the bottom line. You have to keep improving and improving the value of the assets.”

Overcome data gaps with integrated solutions

Shekhawat stressed the importance of selecting suppliers/partners for AI, particularly in terms of integrations and its ability to overcome data gaps.

“Do they have sound and seamless integrations, or will it take time to develop? Are they aligned with your organization’s long-term focus? These are questions that must be answered,” Shekhawat suggested. As suppliers, we are responsible for resolving missing data points.”

Going forward, Shekhawat said multiple families should look for opportunities in the rental lifecycle that could be improved through AI. He said it was necessary to look outside the industry for potential solutions and partnerships. Most importantly, organizations need the right processes and people in the right place to collect and record the critical data required to effectively derive the benefits of AI.

Shekhawat concluded, “Fifteen years ago, someone said ‘data is the new oil.’ They were right. Now, what you do with data is the new oil. Data technology and artificial intelligence will enable companies to make more informed decisions, but I believe that AI It’s still in its infancy in multiple families. We have a lot of runways that aren’t covered yet.”