Big Data Helps Apartment Operators Get Better Answers
AI is emerging and playing a bigger role across companies.
A goal for the apartment industry is to get a better answer, “because there is better data out there, apartment companies just need to collect it, cleanse it, and connect it,” according to Brian Lichtenberger, CEO & Founder, MARKERR.
He was among the panelists to discuss data’s use in the apartment industry during the Blueprint Conference this week in Las Vegas.
“Data is here to empower your employees, not replace them,” he said.
Mostly agreeing were fellow panelists Jindou Lee, CEO & Founder, HAPPYCO; Paul Morgan, SVP, Head of Data Science & Research, Carmel Partners; Josh Glastein, CTO, Berkshire Residential Investments; led by moderator Christopher Yip, Partner & Managing, RET Ventures.
Glastein said as apartment companies face current headwinds, “Not long ago, things were going so well that it wasn’t too hard to make money in this industry. But now, you have to leverage data more to make sure you are making the right investment decisions.”
Morgan said engineering data is always a challenge. “You have to be able to create meaningful information from large data sets, and it has to be created in a way that your C-suite will trust it.
“[However], the higher the stakes, the harder it is to weigh data over a person who’s been with the company and who has a lot of experience.”
Lee said data is everywhere, but it’s inconsistent.
For example, there are many ways for an apartment company to record information on “turns.”
Compliance and regulations are playing a larger role in data collection, Glastein said, such as personal identifiable information (PII) about residents.
Lichtenberger said his apartment company clients are moving away from cold-calling properties to collect rent data of competitors. “They are finding it easier and more efficient to bring in-house,” he said, adding that finding out rents online is a more passive way to get that information. He said companies also are getting better at leveraging their own data.
“Generative AI accelerates the process for information workflow,” Lichtenberger said. “You can do in minutes what took an assigned staff person hours or days to process.”