In the past couple of years, Artificial Intelligence (AI) quickly moved from a futuristic concept to a highly effective technology solution. So, what’s all the buzz about and how can it impact a property’s leasing success and ROI? Let’s start with what AI is—computers performing tasks that normally require human intelligence, such as visual perception, speech recognition, decision-making, and translation between languages.  

Management teams may be wondering how to leverage AI to positively impact their bottom line. Well, there are a number of ways AI can enhance and improve the leasing process. Lead scoring, voice assistants and chatbots are some of the AI solutions that can maximize leasing success.

Lead Scoring

One of the leading uses of AI is for analyzing phone calls. Marketing teams spend a lot of money on ad sources to make the phone ring at their properties. So how do they measure advertising success? Is it the volume of calls the sites receive? AI can be used to quickly analyze call recordings to reveal caller intentions, like determining if the caller is a prospective renter. This insight improves advertising transparency, giving owners and managers the ability to better manage their marketing spend. It also enables leasing teams to prioritize their follow-up.  

Voice Assistants

Voice assistants are one of the most widespread AI solutions. With the popularity of Alexa and Google Assistant, people are becoming more accustomed to conversing with voice assistants.

Since prospective tenants are still most likely to call your property (75%) versus email (23%) and text (2%) for information, consider leveraging a voice assistant to answer overflow and after hours calls to insure you are not missing any leasing opportunities.  

Chatbots

A chatbot is computer program designed to simulate conversation with human users, especially over the Internet. Chatbots are commonly used on websites to provide customer service. So, visitors to property websites can interact with a chatbot to answer common leasing questions, like availability and pricing. The solution enhances the customer experience by providing an engagement tool 24/7.

‍

Specific AI applications for multifamily are quickly emerging and the benefits are plentiful.

‍

• Speed: AI can listen and score a call—in minutes.

• Accuracy: Human accuracy can fluctuate, but AI stays consistently accurate and gets smarter over time.

• Environmental: AI doesn’t need sleep or have emotions, allowing it to do its job 24/7 without much interruption.

• Intake volume: AI can handle multiple sessions and a higher amount of volume.

• Opportunity: AI models can be developed to do more skills – freeing up more time for complex tasks for its human counterparts.

‍

Property owners now have the unique opportunity to be among the first in the industry to leverage AI technology to create a better leasing experience. Learn about how LeaseHawk is leveraging AI for the industry to improve the leasing process.