To retain current tenants and attract new ones, owners of multifamily properties must focus on continuous improvement. But it is not always easy to know which areas of service need improvement, or whether recent changes have made a positive or negative impact on residents’ experiences. You simply cannot gather the necessary data quickly enough on your own.
Fortunately, breakthroughs in artificial intelligence technology are taking much of this burden off property managers. Natural Language Processing (NLP) in particular is making it easier to gather data from residents and analyze relevant information regarding a property’s overall success and reputation. Here we will look at some of the key ways NLP helps you improve your properties’ offerings and services.
Deep Resident Analytics and Online Reviews
Little is more valuable to your business than honest feedback. Knowing what residents think about your property and services is vital in understanding what changes should be made and why.
Of course, your properties may receive several reviews each day from multiple sources, making it difficult to manually read each one. NLP technology analyzes text forms online by detecting relevant words and phrases that help multifamily properties hone in on patterns and areas of improvement.
In other words, NLP takes much of the preliminary work out of reviewing resident feedback. This algorithm is not a replacement for reading and responding to negative and positive online reviews, though. Rather, it is a powerful tool for quickly analyzing data that can be used to drive operational changes.
As a multifamily property manager, you must also keep your residents and employees engaged in knowing when operational changes are necessary. For example, if residents are not leaving reviews, the path to improvement cannot be seen.
The same goes if employees are also neglecting to give feedback to their supervisors. But most importantly, you must actively engage with your workers and residents by responding to any feedback you receive, and not only to improve brand reputation.
Replying to online reviews allows you as a property owner or manager to maintain a steady line of communication with your audience while also addressing common concerns. NLP technology can help in these engagement efforts by notifying property managers when and where a new review is posted. This allows you to respond more quickly to all feedback.
A business should always compete with itself by learning from its mistakes and improving from them. But in a competitive market, you must also look outward at your direct competition. You should not just look at your own resident metrics, but also those related to other properties in your market.
NLP helps you stay ahead of the competition with competitive benchmarking analysis tools. Just as NLP analyzes internal resident feedback, it can also analyze external feedback from local and national competitors.
With this industry information in hand, multifamily properties like yours can make operational changes that reflect the market, or get ahead of other properties by learning from their mistakes and achievements.
The more information you have as a multifamily property owner or manager, the easier it is for you to improve your operation. NLP technology helps multifamily properties improve services by analyzing resident data from online reviews, notifying property managers of opportunities for increased tenant and employee engagement, and helping properties maintain a competitive edge in the market.
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