Today on the Multifamily Innovation® Show, Patrick Antrim discusses the importance of standardized and normalized data in the multifamily industry with Elizabeth Braman , Co-Founder and CEO of Revolution RE . Elizabeth's company provides tactical insights and reporting for peak apartment performance. The episode also includes announcements for the Multifamily Innovation® Summit and the Multifamily Innovation® Council , which provides support and networking opportunities for owners and operators of 1,500 units or more. Patrick and Elizabeth discuss how using data for benchmarking, resident experience analysis, and risk management can help improve apartment property performance and retention. This includes analyzing year-over-year performance, team productivity, performance metrics, online reviews, sentiment, and emails to determine the health of a particular multifamily property. Data can be used to identify opportunities or potential weaknesses in multifamily property performance for risk management purposes. Other use cases for data include multifamily revenue growth, testing new technologies, and regulatory compliance. By having standardized data in the same environment and format, comparative analysis can be done to improve upon current practices and learn from the competitive set. Additionally, today's episode delves into the benefits of offering apartment amenities and experiences to residents, which can enhance their overall experience and increase retention. One way to measure their impact is by analyzing online reviews, which are the primary means by which most people find housing these days, especially within the multifamily industry. Positive reviews can lead to increased traffic from online leads, while negative reviews can have the opposite effect. Although determining the value of these offerings can be difficult, it is crucial to consider their overall impact on resident experience and retention. Elizabeth stresses the importance of having a structured and focused data strategy for multifamily companies to effectively use data and achieve results. She recommends starting by identifying which data sources to work with and setting achievable, measurable, and worthwhile goals. She also emphasizes the importance of involving everyone in executing the plan and committing to training and exploration. Time Stamps: [00:06:53] Clean data for AI applications. [00:09:55] About the Multifamily Innovation® Council: The Multifamily Innovation® Council is the executive level membership organization that makes a difference in your bottom line, drives a better experience for your employees, and allows you an experience that keeps demand strong for your company. The council is uniquely positioned to focus on the intersection of Leadership, Technology, AI, and Innovation. The Multifamily Innovation® Council is for Multifamily Business leaders who want to unlock value inside their organization so they can create better experiences and drive profitability inside their company. To learn more or to join, visit https://multifamilyinnovation.com . For more information and to engage with leaders shaping the future of multifamily innovation, visit https://multifamilyinnovation.com/ . Connect: Multifamily Innovation® Council: https://multifamilyinnovation.com/ Patrick Antrim: https://www.linkedin.com/in/patrickantrim/
