Operational Intelligence
Latest findings from IREM’s Income/Expense Analysis®:
- Staff costs = 23% of operating expenses
- 40% of time spent on administrative tasks
- AI automation can reduce admin work by 60%
How are you optimizing your team’s time?
#PropertyEfficiency #MultifamilyOps #PropTech #RealEstateManagement
A few thoughts on how to translate those insights into action:
The first step is pinpointing exactly which admin tasks are draining the most staff hours. Have team leads track how employees spend their days for a week or two. Look for repetitive manual processes like data entry, reporting, invoice processing, etc.
Those high-volume, low-complexity tasks are ideal candidates for automation. Per IREM's analysis, the right AI tools could slash that admin burden by over half. Imagine what your team could accomplish with 60% of that time back!
Once you've identified your biggest efficiency gaps, explore the growing landscape of AI-powered PropTech solutions. Focus on tools that specifically target your team's most time-consuming tasks.
For example, an AI leasing assistant could field prospect inquiries, answer common questions, and schedule tours - freeing up hours of daily leasing admin. Or an intelligent invoice processing platform could auto-scan and enter invoice data, route for approvals, and sync with accounting systems.
The key is finding tools that integrate with your existing tech stack and can be customized to your unique processes. Prioritize options with proven ROI and referenceable clients in the multifamily space. Many offer free trials so you can validate their impact before committing.
Change is hard, especially when it comes to daily habits and workflows. Don't just drop a new tool into the mix and expect instant productivity gains.
Treat any automation initiative like a mini-change management project:
- Clearly communicate the “why” behind the change
- Provide ample training and ongoing support
- Gather employee feedback early and often
- Celebrate efficiency wins and recognize adopters
- Measure and report time savings and productivity gains
With the right approach, you can turn cutting-edge research insights into real operational efficiencies. Start small, iterate often, and keep your team at the center. Before long, you’ll be turning saved admin hours into new strategic initiatives that move the needle for your entire portfolio.
What part of your property management operations do you think has the most potential for AI-powered optimization?
#AIforMultifamily #BoostProductivity #AutomateToElevate #WorkSmartNotHard
