Software company Entrata has acquired rental industry player Colleen, its second company in a year, which provides artificial intelligence-based tenant communications and rental operations support.
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Software company Entrata executives announced Thursday that it has acquired Colleen AI, an artificial intelligence-based tenant communications tool. The deal is Entrata’s second in the past 12 months, terms of which were not disclosed.
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Entrata plans to roll out what it calls “autonomous property management,” which will enable “increasingly automated workflows and more efficient portfolios while delivering an enhanced resident experience,” the announcement said. Powering this vision will be the Colleen AI transaction, a product called ELI+ or an enhanced version of Entrata Layered Intelligence.
Entrata CEO Adam Edmunds said the acquisition would enhance the company’s autonomous property management plans, adding that it “significantly accelerates our vision.”
“With this combination, operators can support end-to-end automated workflows and interactions,” Edmonds said in a statement. “This in turn will allow teams to focus on meaningful resident connections and high impact mission to positively impact the resident experience and ultimately the NOI.”
ELI+ will be layered across many components of existing solutions, improving speed, data accuracy and enterprise-wide connectivity by closing the distance between data gaps, enabling functions to react faster and Provide a greater degree of clarity and rationality to human decision-making.
“There are thousands of data variables in the Entrata operating system, and ELI+ leverages all of them to automate and contextualize every interaction, providing clear advantages over other non-native AI solutions,” the press release states.
One of the product examples of how artificial intelligence can better provide daily services to property managers will be in what it calls “conversational context switching,” the company said.
The process allows each tenant interaction to be instantly linked to the resident’s contact target, and then automatically leverages the resident’s occupancy history to address other potential discussion points, such as questionable payment methods or renewal interest. This automation keeps individuals engaged, prevents fragmented communication and improves the overall quality of interactions.
“One of the key challenges for effective artificial intelligence is high-quality, up-to-date data,” Colleen AI CEO and co-founder Itamar Roth said in a statement. “By making Colleen AI a native The power of technology introduced into the Entrata operating system will be unparalleled in the multifamily industry, dramatically accelerating autonomous possibilities in many areas that do not exist today. We are very excited about the potential for innovation this combination will bring.
Other products launched with the acquisition include a new suite of property management tools focused on the resident experience called PMS, Homebody, a “fully integrated financial services product for residents.” and a utility component to streamline billing and maintenance activities.
In July 2023, Entrata acquired Rent Dynamics, a system that reports on-time rent payment history to credit bureaus.
According to previous reports by Inman, Colleen launched voice AI for rent collection in early 2024. Considered an industry first, Colleen Voice is a conversational experience derived from property management software that can contact tenants about late fees, fees, specific amounts and other key lease terms.
Entrata says it serves more than 20,000 apartment communities and 3 million residents.
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