Asset management can be a real challenge for multifamily operators, especially if you’re managing properties from a distance.
If a site is not working, how do you figure out what’s wrong? Is it the staff? Are rents too high? Do you have too many work orders?
The good news is, new AI tools can give GPs transparency around what’s going on—helping us set pricing, manage expenses and optimize the performance of our real estate assets.
Marc Rutzen is Cofounder and CEO of HelloData.ai, a game-changing platform that is using data science to transform the world of proptech.
On this episode of Financial Freedom with Real Estate Investing, Marc joins us to explain why the HelloData team decided to take on asset management.
Marc discusses the weaknesses of traditional revenue management software, describing how HelloData leverages AI to address those problems.
Listen in for Marc’s insight on the potential dangers of AI and learn how HelloData can help you analyze numbers effectively, evaluate your operations and optimize your real estate portfolio!
Key Takeaways
How Marc got into proptech
- Started career in real estate development and consulting
- Launched first startup to address inefficiencies in industry
What problems HelloData.ai solves for owners and operators
- Uses AI to identify what drove pricing, risk factors
- Set pricing, manage expenses and optimize performance
Where HelloData.ai pulls its data from
- Analyzes data and photos from traditional listing sites
- Plugs into property management software
How LiquidRent differs from revenue management software w/o AI
- Summarizes data in understandable language
- ‘If you do X, Y will happen’
The pros and cons of traditional revenue management software
- Works well in up market, poorly in down market
- Doesn’t support markets with few close comps
How Hello.Data.ai solves these problems
- Comps algorithm looks at location, price and quality
- Assesses as many as 500 comps with visual analytics
How Marc and his team decided to tackle asset management
- Talk to people in market re: biggest pain points
- No revenue management solution for under 100 units
How Marc’s team infuses AI into their products
- Label photos for attributes, quality and condition
- Use ChatGPT to summarize statistical analyses
Marc’s insight on the potential dangers of AI
- Potential for bias in training data, compliance issues
- Fake news
Marc’s advice on how to vet an AI company
- Does tech simply overlay existing product
- Look at longevity of company, track record of team
Connect with Marc Rutzen
Email [email protected]
Connect with Michael Blank
Apartment Investor Network Facebook Group
Email [email protected]
Resources
Explore Michael’s Mentoring Program
Join the Nighthawk Equity Investor Club
Access Michael’s Free Resources in the Freedom Vault
Review the Podcast on Apple Podcasts
Financial Freedom with Real Estate Investing by Michael Blank