In this conversation, Mike Brewer interviews Vidur Gupta, the founder and CEO of Beacon, an analytics platform for real estate. They discuss the power of AI and machine learning in property management, the benefits of using data to make informed decisions, and the role of machine learning models in predicting resident behavior. Vidur explains how Beacon's products and solutions help investors and operators across the asset lifecycle, from underwriting to management and financing. He also highlights the importance of creating a culture of trust and empowerment within an organization. The conversation concludes with recommendations for operators on adopting AI and a book recommendation: 'The Age of AI' by Eric Schmidt.
Takeaways
Beacon is an analytics platform that uses AI and machine learning to help investors and operators make data-driven decisions in real estate.
Machine learning models can analyze large pools of data to predict resident behavior, optimize pricing, and measure social impact.
AI removes emotion from decision-making and provides a more objective and accurate approach.
Creating a culture of trust and empowerment is essential for building a successful organization.
Operators should have a framework for evaluating AI and understand its limitations and benefits.
Chapters
00:00 Introduction and Origin of the Name Beacon
01:15 Unpacking What Beacon Does
02:12 The AI Component of Beacon
03:13 The Power of AI and Machine Learning
04:45 Data Lake and Modeling
05:38 Using Data to Make Informed Decisions
06:05 Machine Learning in Property Management
07:35 The Power of Machine Learning in Decision-Making
08:17 Weighting Variables in Machine Learning Models
09:09 The Dynamic Nature of Machine Learning Models
09:49 The Benefits of Machine Learning over Rules-Based Models
10:48 Applying Machine Learning to Real Estate
11:26 Removing Emotion from Decision-Making with AI
12:43 Using AI to Overcome Biases in Decision-Making
13:39 Building the Future State with Beacon
14:34 Products and Solutions Offered by Beacon
15:52 Predicting Resident Lease Renewals
16:53 Dynamic Pricing of Leases
17:22 Measuring Social Impact with a Score
19:03 Using Beacon for Acquisition and CapEx Planning
26:48 Creating a Culture of Trust and Empowerment
29:47 Drawing Inspiration as a Leader
33:34 Recommended Books: The Age of AI
34:34 Advice for Operators on Adopting AI
