AI in Multifamily/BTR Asset Management. What are you using?
I'm at a smaller institutional LP that invests in multifamily/BTR GP merchant development assets and we've been discussing AI recently as I'm sure most firms are. I already use AI at the property level in terms of revenue management for setting daily rents, smart chatbot's on websites that can automatically answer basic questions and schedule appointments along with some back office AI in invoice processing.
In terms of AM specifically ChatGPT has been helpful regarding re-wording CoStar data/reports to a few sentences for investor reporting and general submarket type of questions. I know certain firms that have tons of units under management and have Core strategies are probably working on databases that AI can scan and answer questions quicker than looking up data in the future as well but we're too small for that unless we create a database with our underwriting proforma's and LLC agreements for AI to answer.
I'm trying to think of what else AI can be used for at the corporate asset management level. Anyone have any thoughts?
bump anyone?
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