The pandemic gave operators a nudge to embrace cutting-edge technology solutions like never before, and experts say the sector now has entered an era in which artificial intelligence (AI) can offer major advancements in leasing-process efficiencies and the customer experience.
That was one of the major takeaways of the “Streamlining the Leasing Process with AI and Modern Technology” session at Apartmentalize 2024.
Virtual leasing agents are one example of an AI-powered technology that is providing benefits for both operators and prospects, according to the panelists.
Katie Nelson, Vice President of Marketing at Maryland-based CAPREIT, said her company has implemented a virtual leasing assistant that can communicate with prospects via chat, text or phone call. The solution, which is up and running 24/7, can help prospects book a tour, provide them with pricing and unit availability and answer questions about amenities, policies and the application process.
The solution enables prospects to get the information they need exactly when they want it, Nelson said. It also lightens the load of the company’s leasing staff, freeing them to have more meaningful interactions with renters.
“To have some of those mundane tasks taken care of, it just gave our associates a breath of fresh air,” Nelson said. “It gave them this sense of relief that they have [the virtual assistant] taking care of the basic needs of our prospects and residents. And then our associates have the time and the ability to take the customer experience to a different level.”
Tricia Corwin, Vice President at AION, also emphasized the benefits that AI-powered chatbots and virtual agents can provide to an onsite staff’s morale during the leasing process.
“As an associate, if I hear that question a 20th time, I’m like, ‘I’ve got to answer this again?’” she said. “It’s a different person asking it, but the associates are exhausted because they’ve had to answer that question so many times. And people sense that.”
On the flip side, modern and AI-powered leasing systems can gather and centralize prospect information so they also don’t have to answer the same questions repeatedly during the leasing process, the panelists noted.
“If you’ve ever been to the doctor’s, you might go in and someone asks you a bunch of questions,” said Rich Hughes, Senior Vice President of Data Science at RealPage. “Then the doctor comes in and asks you the same questions afterwards. It’s frustrating because you’re like, ‘I just said all of this. Why are you asking me again?’ Leasing an apartment—if done badly—can make a prospect feel a lot like that.”
According to Hughes, AI can also efficiently synthesize insights into a community’s most effective marketing channels with information about upcoming exposure to formulate highly targeted and strategic marketing campaigns.
“AI can bring together this information to help you buy the demand that you need in the time horizon you’re looking for at a price you can live with,” he said. “The cost of getting it wrong is vacancy and that can be really, really expensive.”
Modern technologies like AI also can help operators centralize their teams. CAPREIT has implemented a centralized leasing structure, and Nelson said operators considering doing the same should take their time to carefully study how they should proceed.
“We took a year to do our research,” she said. “Take your time and figure it out. Plan the tech stack that you want and know that it’s going to change. It’s not cookie cutter. It’s not one size fits all.”
Looking outside the leasing process, the panelists said AI has the potential to create significant improvements in handling delinquencies, renewals and maintenance.
Stephen Ursery is a Senior Account Manager at LinnellTaylor Marketing.