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Updated over 1 year ago, 08/15/2023
using AI to make multifamily business more profitable
I am trying to figure out how to use AI to make my multifamily business more profitable, our team acquire more deals, and make myself more productive. I was hoping that AI can automate a lot of the most tedious parts of the business. However, AI still has a lot of limitation. As of May 2023, AI still can't underwrite deals, find rent comps, list all local brokers in a market with their contact info, give me all the multifamily listings in a market in real time, or make cold calls for me. Please correct me if I'm wrong. So far, I use it to write some of my content and it can kind of tell you how property tax in a county, but it's not very accurate. How are you using AI to automate your multifamily business?
I am actually trying to see if AI can do some accounting for me to free up my time. It seems really easy for an AI to be able to do this but I am not sure if there is a tool yet out there.
- Real Estate Consultant
- Lehigh Valley PA & New York City
- 625
- Votes |
- 1,282
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There was a recent study that AI failed miserably in accounting.
Accounting isn't black and white, there are gray areas.
- Simon W.
We were considering adding rental comps to AI, either an internal chatbot or possibly a ChatGPT plugin.
Many revenue management solutions such as the ones we use leverage "AI technology" to dynamically price the leases based on market rents.
We have used AI for RE content, adwords, etc.
Next few years would be interesting as AI works its way into the real estate industry which has not traditionally been an early adopter of technology.
#5 Investor Mindset Contributor
- Investor
- Greenville, SC
- 12,907
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#5 Investor Mindset Contributor
- Investor
- Greenville, SC
I'm waiting for the guy to reply that posts all the ChatGPT replies...
Quote from @Aaron Breckenridge:
We were considering adding rental comps to AI, either an internal chatbot or possibly a ChatGPT plugin.
I need to learn plugins
You can find rent comps as long as you have a database with all the rent comps in your area. The biggest challenge here is that such information is private, and therefore inaccessible for AI models.