As the landscape of multifamily property management evolves, artificial intelligence (AI) is playing a pivotal role in streamlining operations and enhancing resident experiences. At Marquette Management, we are at the forefront of leveraging these technologies to optimize our services and maintain a competitive edge in the market.
Jim Cunningham, COO of Marquette Management, highlights the strategic approach the company is taking towards AI integration. “We are tracking the efficacy, efficiency, and return on each investment of AI, but are not sharing results publicly at this time. Currently, the focus is more on understanding, implementing, and optimizing AI for business in the future. Scaling these products for a larger impact on costs and expenses will come down the line,” he says.
Marquette Management is actively utilizing AI tools to enhance various aspects of property operations.
“Companies are centralizing job functions, such as leasing and maintenance, to streamline expenses and optimize operations, especially in markets with a high concentration of properties managed by the same company,” Cunningham explains. “Leveraging AI products offers opportunities to enhance various aspects of property operations, from managing delinquencies to handling resident inquiries.”
One such tool is EliseAI, an AI platform that assists in communication with prospective and current residents, scheduling tours, marketing properties, and managing operations. RealPage’s AI Revenue Management is another key tool, providing data-driven AI machine-learning insights for balancing supply and demand at a property and recommendations for optimizing performance. Additionally, Marquette is developing internal tools such as Microsoft Copilot to streamline information sharing across its portfolio. Microsoft Copilot works as an AI assistant to Microsoft 365 apps, documents, and meetings.
Beyond AI, Marquette Management is spearheading initiatives to offer self-guided tours, implement
automated market survey tools like Apartment IQ, and develop resident-focused apps for rent payments, work orders, event calendars, and more. Cunningham emphasizes the importance of these technological advancements: “Utilizing vendors like EliseAI and RealPage’s AI Revenue Management is one way to optimize operations. Additionally, we are developing internal tools such as Microsoft Copilot to streamline information sharing across our portfolio.”
When it comes to amenities, Marquette Management understands the evolving needs of residents. “Multifamily owners make their decisions regarding amenities, technology, and other property features on an asset-by-asset basis,” Cunningham states. “Location, demographics, and other factors can all influence a particular strategy. However, some standards should be met by a community to remain competitive within the marketplace.”
One prime example of Marquette’s commitment to providing top-tier amenities is The Ponds of Naperville, a community with several amenities such as a fitness center overlooking the outdoor pool and sun deck. This 216-unit property is located in the western Chicago suburb of Naperville and is designed to meet the diverse needs of its residents.
As the multifamily property management industry continues to evolve, Marquette Management remains dedicated to leveraging the latest technologies and amenities to provide exceptional service and value to our residents. Our strategic approach to AI integration and commitment to enhancing resident experiences ensure that we stay ahead of the curve in this dynamic field.