Property management has traditionally been a hands-on industry. Yet today, you can’t open any news feed without seeing an article about artificial intelligence (AI) and how it’s transforming business. What many property professionals want to know is this: can AI help me stay organized, get rid of repetitive work, and yet still improve the customer experience? The answer is yes.
What’s the Big Deal About AI?
Estimates suggest that the AI market could be worth as much as $14 Trillion by 2030. Many people believe that 2023 marks the turning point for artificial intelligence as next-generation AI holds the promise of “once-in-a-generation productivity gains by automating repetitive tasks and freeing up employees for higher-level functions.”
AI property technology is quickly emerging as a game-changer for the PM industry. There are new and exciting ways to integrate its capabilities into your business such as:
- Automating routine tasks to drive up productivity
- Increasing lease conversions
- Improving customer interactions
- Reducing costs
Let’s dig into the details about how AI can improve performance and accelerate growth, specifically within the lead cycle.
Using AI Leasing Assistants to Answer Prospect Inquiries and Book Tours
Leasing pros know that the lead-to-lease cycle can be chaotic. Emails and phone call inquiries come in at all times of day and night and need to be responded to quickly. Industry stats show that only 20% of sales calls get returned within 24 hours. That means that 80% of your potential leads are likely gone from the get-go. Expectations have changed, and if you make potential renters wait over a day to get a return call, they’ve most likely moved on.
This is where AI can be a boon for leasing managers. By adding an AI component to your existing property tech stack, you can add a chatbot to your website or use AI to automatically respond to potential renter telephone inquiries. In either case, interested renters can get answers and instantly book a tour. If you are using our LeadManaging solution, which includes VistaVoice, our AI-driven leasing assistant, it ensures that you never miss another call.
Better yet, the information acquired by the AI tool, like the name of the lead, the date and time of the tour are then auto-populated into your leasing managers’ calendars, cutting out all the hassle, keeping them organized and allowing them to focus on closing the deal.
Using AI to Get Rid of Repetitive Work and Reduce Costs
Even five years ago, the property industry was notoriously paper-heavy. And, while the uptake of property management software has greatly increased, without the right tools there’s still plenty of repetitive work. By using AI in tandem with automation, you can eliminate the low-value work that fills up your day. And, as an added bonus, unlike human leasing agents, AI isn’t bored or fatigued by repetitive tasks, which means there’s a reduced chance of errors.
Our LeadManaging solution easily captures all the prospect communications, the advertising sources they came from, buildings and units they are interested in viewing, and automatically generates a guest card. Once the prospect schedules a tour the information is integrated into the leasing agent’s Outlook365 or Gmail calendar with custom automated notifications, reminders and follow ups. No more cutting and pasting information between systems.
AI can even take the headache out of call scoring. Call scoring provides valuable insights into the effectiveness of prospect interactions by evaluating phone conversations between your leasing agents and customers to drive customer satisfaction and business success. With AI, you can reap the benefit of ongoing agent development, allowing you to reduce call handling time, and improve first-call resolution and booked tour rates.
Using AI to Improve the Customer Experience
AI and the customer experience is quickly becoming inextricably linked. Why? Because AI can create frictionless positive interactions for your potential renters. When you implement AI solutions, like a chatbot, you are empowering your leads to be their own advocates and problem-solvers. Your future resident can ask questions and get answers right away, whenever they want. By offering 24/7 customer support (without the cost of human customer service agents), website users get the info they need when they need it.
How We Help
Our code-free AI chatbot can be set up in minutes with a few simple steps. It is always available on your website to respond to inquiries, qualify leads, and book tours. With our call recording and AI call scoring, you can analyze your prospect calls to optimize your messaging, enhance the leasing experience, and drive occupancy. Want to learn more? Book a demo to start a conversation.