How Artificial Intelligence Stands to Assist Your Property's Staff During COVID-19 and Beyond
Browse any technology blog, and you will likely come across multiple mentions of artificial intelligence. Defined as computer systems that perform tasks normally requiring human intelligence, artificial intelligence, or AI, is regarded by many as the next frontier of business efficiency. It’s even been estimated that 80 percent of emerging technologies will have AI foundations by 2021.
The buzz surrounding artificial intelligence isn’t all for nothing. The real-time data provided by AI helps leaders better approach multiple aspects of professional property management, whether it’d be marketing personalization, day-to-day operations, or strategic decision-making. In fact, AI-based software revenue is expected to climb from $9.5 billion in 2018 to $118.6 billion in 2025.
This year, we will see AI doing even more within the multifamily sector. Artificial Intelligence as a Service (AlaaS) will become increasingly popular, as mature infrastructure and better machine learning algorithms allow technology to adequately stand-in for staff. AI will also make use of cloud technology – something that is integral to accessing, expanding, and sharing workflows with others, no matter where they are. Needless to say, AI should be on your multifamily team’s radar, especially during the COVID-19 pandemic.
As anyone in the industry will tell you, apartment communities are difficult to operate remotely—even more so when you’re considering apartment tours. Less than 14 percent of renters are willing to lease an apartment sight unseen. Yet, with social distancing guidelines and statewide stay-at-home orders still effective in many places, it’s become impossible to show prospects the exact unit that they are interested in leasing with an in-person tour.
To resolve this problem, many communities have leveraged videos of model units to show prospective renters their next home. Unfortunately, these videos have proven to be insufficient in replacing in-person tours. Others have turned to popular video chat platforms, such as FaceTime, Skype, and Zoom, to virtually meet with potential residents. Although these programs have helped us adapt to new, remote workflows and maintain our personal lives to some extent, all three apps have shown various pitfalls in accommodating all smart devices, providing a lightweight login process, and supporting high-quality video and audio during a virtual tour.
Thankfully, AI-powered technology can stand-in as a plausible, affordable solution when leasing agents and other office personnel wish to keep their physical presence to a minimum. AI technology, such as chatbots, can help apartment communities deliver quick replies and rich conversational reactions to the common questions that many prospects ask. Newer bots on the market are designed for even more capabilities, including processing leads, scheduling tours, and even initiating livestream video walkthroughs between you and your prospect.
Better yet, Americans are open to using and interacting with AI-powered technology. A study by MIT Technology Review found that 90 percent of businesses enjoy faster complaint resolution with bots. Over 80 percent of consumers surveyed also report having favorable experiences with AI-powered bots. With high numbers like these, it’s no wonder that more businesses are considering AI solutions, especially right now, when adaptation could decide how you come out on the other side of this unprecedented event.
Taking bots to the next level, the team at 365 Connect recently launched Digi.Lease , an AI-powered leasing assistant , which delivers a type-less experience with swift navigation, quick replies, and rich conversational interactions. It is the only conversational leasing agent on the market designed to book and broadcast livestream tours. Digi.Lease also works on any Internet-enabled device and handles all the complexities of managing leads and scheduling tours with fully automated communication.
Digi.Lease’s livestream tour platform eliminates bulky apps with easily forgettable logins, or downloads of screen share software that requires endless updates. Digi.Lease will not only schedule your tours, but it will also send reminders by text or email, re-schedule appointments, and even send a follow-up email, encouraging prospects to apply after the tour. The bot pulls available tour slots from a centralized calendar to avoid double bookings. Additionally, Digi.Lease will deliver pricing and availability information and answer any questions prospects might have during the leasing process.
We’ve all heard of the phrase, six-degrees of separation and now, we’re expected to live our lives under six-feet of separation. For decades, our industry has relied upon personal touchpoints and relationship-building techniques to convert leads to residents. Now, multifamily owners and operators are faced with an obstacle: having no way to personally interact with prospects during critical, decision-making moments of the leasing journey. Fortunately, there is a solution designed to address a property’s most significant challenges, pandemic and beyond. Whether you’re looking to grab leads, schedule appointments, or conduct livestream video tours, your leasing team can do it all with Digi.Lease.