Artificial Intelligence Gets Real

By on Oct 2, 2018 in People, Technology

Artificial intelligence and machine learning for multifamily property owners and managers has arrived.

Yardi recently launched Yardi Elevate for multifamily, a suite of asset management solutions that dives deep into operational data and goes beyond presentation with predictive insights and prescriptive recommendations designed to elevate portfolio performance by lowering costs, balancing risk and increasing revenue.

Seattle-based Pillar Properties is an early adopter already discovering the benefits.

Pillar is an award-winning developer, owner and manager of apartment residences in the Puget Sound area, and a developer of senior living communities through sister company Merrill Gardens. The company has always believed in taking advantage of the best available technology to improve business processes.

Before Pillar started using Asset Intelligence, part of Yardi Elevate, relying on various tools including spreadsheets to aggregate and analyze portfolio data was a challenge.

With Asset Intelligence, we finally have a tool that incorporates all of our property and leasing data with historical traffic and RENTmaximizer pricing data. The system marries all that information together beautifully,” says Diana Norbury, senior vice president of multifamily operations at Pillar.

The Lowdown on Elevate

Comprised of Asset Intelligence, RENTmaximizer, Forecast Manager and Yardi Matrix and designed specifically for CEOs, COOs, asset managers and other operational executives, Yardi Elevate delivers unprecedented portfolio visibility and helps companies maintain data integrity to make better decisions faster to elevate asset performance.

And, Yardi Elevate keeps getting smarter. All of the products within the suite work together and also leverage data from other Yardi solutions including Yardi Voyager for unit and lease-level data and the RENTCafé suite, which enables just-in-time marketing recommendations. With broader, cleaner and more accessible data sets, the system learns over time while connecting information and enabling decision-making across disciplines.

Driving Performance with Better Data

Billy Pettit, president of Pillar Properties

Asset Intelligence includes tools that help Pillar’s executives benchmark operating income and expenses against the competition, as well as reduce costs with prescriptive recommendations and just-in-time marketing.

Billy Pettit, president of Pillar Properties, said that being able to see detailed information and metrics for the company’s entire portfolio in one location is exactly what he had been waiting for. The one-click filters in Asset Intelligence give Pettit the information he wants faster, and he doesn’t need to run as many reports as he used to.

Asset Intelligence also pulls in and factors revenue management and rental pricing data from RENTmaximizer so Pillar can quickly review pricing and leasing and audit issues to identify trends and make better decisions for its properties.

For marketing needs, Norbury can view leasing activity and goals for each property on the Asset Intelligence dashboard to guide her on the best course of action.

Getting Ahead with Analytics

With predictive performance insights across its portfolio and machine learning recommended actions, Pillar can be confident about unit pricing that increases revenue without sacrificing occupancy.

“Asset Intelligence pulls in all the data that we used to hunt for manually between systems. Now all the portfolio and property performance information is in one place and I quickly get a clear picture. The Yardi Elevate suite enables us to make decisions much faster, speak on issues with confidence and identify problems with more ease,” says Norbury.

Diana Norbury, senior vice president of operations, Pillar Properties

Access to deep market data from Yardi Matrix through Asset Intelligence, including comps along with current and imminent market conditions, has sharpened Pillar’s competitive edge.

Pillar recently used benchmarking data from Asset Intelligence to paint a picture, in Norbury’s words, for one of its investors regarding suggested rent drops to gain occupancy growth.

“We were still ahead of the market and Elevate provided the data to demonstrate trends over the last two years along with what was presently occurring,” explains Norbury.

Not only is Pillar’s executive team aided by Yardi Elevate to ask the right questions and gain insights to drive decision-making, but on-site team members also get valuable information that helps improve community performance.

Tools for Moving Forward

The marketing data aggregated by Asset Intelligence has replaced the spreadsheets the company previously used to track leasing goals. With the date filters in Asset Intelligence, the Pillar team can use filters to look at future unit availability in 30, 60 or 90-day periods, review exposure by floor plan, and proactively drive incentives for the appropriate floor plans at the right time.

And with mobile access, Yardi Elevate suite keeps Pillar’s team connected no matter where the day takes them. When Pettit is working outside of the office or has an impromptu meeting, he now uses a tablet.

“Elevate empowers Pillar Properties to take a forward-thinking approach. There’s more competition now than there ever has been, and using a tool that enables us to be more proactive is something we will benefit from moving forward,” says Pettit.

Learn more about Yardi Elevate for multifamily.