Yardi Announces Virtuoso, a Human-Centered Approach to AI
Yardi has released a multifaceted platform that will set the stage for artificial intelligence (AI) in real estate and across the software company’s ecosystem.
Yardi Virtuoso delivers automation technology across multiple applications to expedite workflows, increase efficiency, and assist teams for better performance and net operating income. It uses machine learning, generative AI, natural language, and large language models to automate human tasks without jeopardizing the customer experience.
The framework and foundational enhancements will allow users to leverage AI as they interact with the Yardi product stack, including chatbots, invoicing, automated lease abstraction, and an assistant to help users with daily tasks.
“The AI platform automates repetitive workflows and routine tasks to help our clients reach new levels of efficiency,” said Akshai Rao, president of residential at Yardi. “We look forward to seeing the positive impact it has through 2024 and beyond.”
According to Yardi, it prioritized data governance, security, and integrity during the development of Virtuoso and built strict protocols to ensure protection of clients’ data.
“Virtuoso is a foundational platform that we will continue to evolve,” said Rob Teel, president of global solutions. “The embrace of AI with a focus on security and usability demonstrates our drive to remain an industry leader and, ultimately, to better serve our clients.”
In addition, the company announced the release of Yardi Voyager 8, the next generation of its flagship property management solution.
Allegion, Quext Create Alliance to Enhance Renter Experience
Allegion US, a provider of security products and solutions, and Quext, a smart technology and services company, have partnered to improve multifamily resident experience while improving net operating income for owners and operators.
With Allegion brands Schlage and Zentra offering security and access solutions paired with Quext IoT’s smart technology, operators can find an all-in-one solution with an additional layer of security under a single contract.
“This collaboration represents a significant milestone in our ongoing commitment to revolutionize the rental experience for both residents and property owners, alike,” said Robert Gaulden, Allegion director of multifamily access. “By combining our expertise in cutting-edge security solutions with Quext’s unwavering dedication to operational excellence, we are poised to deliver unparalleled levels of convenience, safety, and efficiency to the multifamily landscape.”
Quext CEO Tom Bres added that the two companies have a shared vision to empower renters with state-of-the-art security features that seamlessly integrate into their daily lives while unlocking operational efficiencies for owners and operators.
“Through our joint efforts, we will deepen software and hardware integrations and introduce a comprehensive suite of intelligent solutions that will elevate the daily living experience for residents while also streamlining significant aspects of property management for operators,” Bres noted.
ButterflyMX Unveils Next-Gen Video Intercoms
ButterflyMX has debuted its next-generation 8-inch and 12-inch video intercom systems for multifamily, gated communities, student housing, and commercial properties. The next-gen video intercoms boast a sleek design, enhanced hardware, and simplified installation. Both sizes are equipped with an ultra-bright LED display, a high-definition wide-angle camera, and an array of wireless connectivity options.
“Our next-generation video intercoms transform any multi-tenant building,” said CEO Aaron Rudenstine. “We’ve meticulously redesigned and enhanced the look, feel, and functionality of our video intercoms while still keeping them simple and intuitive.”
Engrain Partners With Parkable
Engrain, a leader in next-generation touring technology and map-based data visualization, is teaming with parking management software company Parkable to provide efficiencies across buildings with multiple tenants.
The combination of Parkable’s Multi-Tenant Platform and Engrain’s unit map technology will help multifamily and commercial property owners and managers better visualize and understand the utilization of multi-use parking spaces. Through real-time interactivity, the admin panel map will mirror the layout of the car park, with parking spaces color-coded based on type and status, such as allocated, occupied, unused, electric vehicle, visitor, and more.
“Until now, parking for commercial properties has been a hassle. With many property managers and owners having to shuffle car parking arrangements to secure a new tenant and manage the day to day of car parking,” said Parkable CEO Toby Littin. “With the Parkable Multi-Tenant Platform, property managers can easily view, adjust, and confirm parking permits and licenses in one place, making both the initial rent-up and the ongoing operations easy and profitable.”
Engrain CEO Brent Steiner added that “underutilized and undermonetized parking is both a problem and an opportunity for commercial and multifamily owners and operators, and this partnership offers a great option.”
Entrata Launches Business Intelligence and Data Share Products
Multifamily operating system Entrata has released its Business Intelligence (BI) and Data Share products to convert raw data into insights for its property management clients and partners.
The Entrata BI tech stack, combined with each user’s property management system data, creates a flexible and tailored experience. Managers and operators also can leverage Entrata BI’s back-end technology with Entrata Data Share to export and organize the data.
“In today’s economic environment, accurate and accessible data is critical for the property management industry to make the strongest business decisions; Entrata BI and Data Share empower users with exactly that,” said chief product and operating office Catherine Wong. “Through these new offerings, asset managers, operators, and investors can have personalized data at their fingertips, all in one place and in every format necessary, to inform their stakeholders as effectively as possible.”
Funnel Raises $32 Million in Series B-2 Financing Round
Renter management software platform Funnel Leasing has closed a $32 million Series B-2 financing round to unlock a new operating model for the multifamily industry. The financing is led by RET Ventures, which was joined by Trinity Ventures and a group of leading multifamily owner and operator co-investors.
The new operating model is built on a foundation of renter-centric technology, AI, and automations to better assist teams and their renters. The financing also expands Funnel’s sales and marketing teams, including the recent addition of multifamily veteran Johnny Hanna. The round also recognizes the completion of Funnel’s front office suite, including CRM, virtual leasing agent, online leasing, onboarding, and resident portal.
“Funnel is uniquely positioned to combat many of today’s worsening problems: increasing fixed expenses, lower renewals, talent shortages, and skyrocketing consumer expectation,” said Funnel CEO Tyler Christiansen. “The future of multifamily leverages enterprise-grade technology, automations, and shared services to provide renters and residents the best experience at every step of their journey—from inquiry to move-in to renewals—all while making teams’ roles more engaging.”
Interplay Learning, OMNIA Partners Collaborate on Maintenance Training
Interplay Learning, a provider of immersive skilled trades training, is teaming with OMNIA Partners, a provider of procurement and process optimization solutions to the multifamily industry. This collaboration offers OMNIA Partners’ members a maintenance training solution to help new technicians come up to speed quicky and boost retention rates.
Interplay’s on-demand maintenance training includes expert-led videos, hands-on 3D simulations, and virtual reality offerings for HVAC, electrical, plumbing, appliances, safety, and more.
“We are so excited to add Interplay Learning to our portfolio of industry-leading partners,” said Vikki Kay, vice president of multifamily housing at OMNIA Partners. “Our members have a growing need for hands-on and virtual skilled trades training, so offering this solution is a real game-changer to our members in the multifamily industry.”
Markerr Integrates Quantitative Multifamily Rent Forecast Into Its Data Studio
Markerr, a leader in real estate data analytics, has introduced an enhancement to its RealRent Multifamily Forecast. Now, Markerr Data Studio offers an immersive visualization experience that provides users with instant access to quantitative forecasts for thousands of ZIP codes. Users also can leverage generative AI to summarize the forecast and other indicators in Markerr Data Studio.
“Markerr’s commitment is to provide precision and transparency in multifamily real estate investment,” said chief product officer Andrew Jenkins. “We believe in equipping our users with the most advanced tools available in the industry, and visualizing our machine learning-powered rent forecast is another example of that commitment.”
MRI Software Launches Revenue Shield by RentPayment
To prevent fees related to non-sufficient funds (NSFs) and curb fraud in the multifamily industry, MRI Software has launched Revenue Shield by RentPayment. This new feature reduces NSF and chargeback fees by 95%, according to MRI Software, and saves time for multifamily teams.
Revenue Shield by RentPayment uses technology from Plaid, a data network that powers the digital financial ecosystem. Plaid provides account authentication and balance verification to ensure sufficient funds are in residents’ accounts before payments are processed.
“Rising operating costs and flattening rents leave little room for unexpected fees, whether they stem from human error or fraudulent activity,” said MRI Software industry principal Brian Zrimsek. “Revenue Shield by RentPayment enables multifamily businesses to further streamline the rent process by reducing the tedious burden of NSFs.”
Snappt Launches Identity Verification
Helping fight fraud in the multifamily industry, Snappt has launched its Identity (ID) Verification to verify prospective residents. The offering, which is part of Snappt Pro, will help save property managers time and better protect their teams.
The SOC2-certified ID Verification performs more than 30 data point checks on every ID, including its expiration date, barcode matching, and tamper checking, and its biometric technology ensures the ID photo matches a live person.
“Identity fraud is a multibillion-dollar issue that’s increasing at alarming levels. Unfortunately, recent advancements in technology have made it far too easy for people to obtain fake IDs and sneak through the tenant screening process,” said CEO Daniel Berlind. “Enhancing our solution with identify verification allows property managers to detect fraudulent applicants right out of the gate, saving them time and ensuring the safety of their property.”