The age of artificial intelligence is prompting real estate executives to rethink their approach to business challenges and customer service. The multifamily sector, in particular, has adapted AI, raising questions about how owners are leveraging this technology to scale, consolidate technology stacks, and maintain a customer-centric business model.
Cathy Cunningham, Editor-in-Chief of Commercial Observer, moderated a virtual conference titled "AI & Innovation Forum: Reimagining Multifamily Through AI, Experience & Data". Experts from the multifamily sector discussed their companies' approaches to AI utilisation and optimisation. The forum was divided into three sessions, focusing on how AI can be used to increase business efficiency and better serve tenants.
AI as a Data Solution
The first panel was moderated by Annie Laurie McCulloh, Executive Director of Leasing and Loyalty at Bilt. She led a discussion with OJ Loor, Vice President of Systems and Integrations at the Bainbridge Companies, Andrew Min, Senior Vice President of Digital and Strategic Initiatives at RXR, and Don Oldham, Vice President of Information Technology at developer Thompson Thrift. McCulloh emphasised that due to the speed with which AI is transforming business understanding, they were entering new territory. She highlighted that it is not just about technology, but about thinking about AI at a portfolio level, beyond individual tools and pilot projects.
When asked about the status of their AI projects, Loor stated that Bainbridge was only at the beginning, while Min and Oldham described a middle phase of implementation for RXR and Thompson Thrift, respectively. However, all agreed that AI can help solve challenges in the multifamily sector, especially in handling data. Min explained: "We realised that despite the large amount of data, we either had to manually analyse raw data or create countless customisable dashboards to get from a question to an answer. One of the things we developed this year was AI features that work directly within our business intelligence layer."
These AI features mentioned by Min include a general chat interface for data-specific questions and a data report generator. The panellists agreed that building AI technology must offer business value and encourage employees to use it. It is about identifying the problems to be solved and determining how AI can help end-users better serve residents. Min described the iterative process at RXR: "We literally started with one report for an asset manager who was interested in technology, and then generated more and more reports."
Simplifying for Tenants and Increasing Efficiency
Thompson Thrift took a similar approach to RXR, driven by the need to centralise data. Oldham explained that when he started working, no data was hosted centrally. They immediately began centralising data and creating business intelligence platform reports to inform the business and reduce reliance on Excel. This provided a huge advantage with the advent of AI, as the data was already prepared and well understood.
From a tenant perspective, AI tools can optimise experiences in properties and create a stronger connection to the building and neighbourhood, which can increase tenant retention. Loor emphasised that the multifamily industry often struggles with scattered systems. AI can utilise and connect all these systems. He cited Bilt's "Neighborhood Operating Platform" as an example, which features a concierge agent that consolidates data from various systems. Tenants can thus interact through a central interface or an agent that provides all relevant data.
The second session, moderated by Margette Hepfner, President of Housing at Bilt, addressed improving the tenant experience and increasing tenant loyalty through AI. The discussion included Devang Patel, Senior Vice President and Head of Technology at Morgan Properties, Elise Halter, Co-Chief Operating Officer at Post Brothers, and Sheri Killingsworth, Vice President of Marketing at TAM Residential.
