Leveraging AI for Better Property Management
One of the most significant issues for property management companies since the COVID-19 outbreak has been to figure out a strategy to organize their dwindling teams and accomplish the tasks at hand while managing the landlords’ and tenants’ expectations. We’ve broken down how multifamily landlords are leveraging AI for better property management.
Finding and retaining staff has been an issue across all industries in the past two years, with many positions going unfilled, and multifamily management is no exception. In consequence, the to-do list for each team member is getting longer and longer. Inevitably, some less urgent tasks are falling through the cracks. For example, how often do inquiries received through voice calls go unanswered and are never returned because the leasing agent is busy solving an issue with an existing tenant or away from the office showing a unit to a prospect? These days, each agent often ends up wearing several hats to palliate the lack of available workforce, increasing the chances that some menial tasks go uncompleted until it is too late.
Fortunately, there is a simple solution to many of these problems. Instead of wasting your team members’ precious time on tasks that require little skills and nuance, such as scheduling appointments or answering common questions, you can use artificial intelligence software. Here is how AI for landlords can help improve your tenant experience as well as your team’s efficiency.
Leveraging AI for Better Property Management to Free Time and Money
If you think that the past couple of years have been busier than ever in the multifamily industry, you are absolutely right. Between remote work and rapidly changing rents, tenants have become extremely mobile, leading to an uplift in vacancies and inquiries for available units. Meanwhile, the labour shortage has made for long workdays for your staff as team members juggle answering queries regarding each available unit, scheduling (and cancelling) visits, and responding to existing tenants’ needs.
It is to be expected that some items on their to-do list get pushed down lower and lower each day, so deadlines are missed, calls go unanswered, and disgruntlement grows among both existing and prospective tenants.
The good news is that multifamily AI could provide a cost-effective solution for many of these issues. For example, a leasing chatbot can serve as a filtering tool for many common inquiries that often get overlooked, such as questions regarding the availability of advertised units or which services are included.
You can also use AI for landlords to ensure that each team member makes the best use of their time, such as updating schedules automatically in case of cancellation and scheduling visits between different properties as effectively as possible so each rep can get to their next appointment faster and fulfill as many requests as possible, and so on.
“You work hard to generate qualified leads and offer the best tenant experience,” explains Zev Kershman, Head of Growth at DigiRealty Technologies Inc. “The last thing you want is for your team members to be side-tracked by menial tasks or waste time when you are already in a tight spot. Multifamily AI frees your time so each rep can focus on what is important and what they do best.”
Leveraging AI for Better Property Management to ImproveTenant Experience
Not every undertaking can – or should – be handled by multifamily AI. The human touch is necessary in many cases to ensure the highest tenant satisfaction. Relationships with tenants and prospects often require tact and nuance that are unavailable to AI. This is where your rep can shine – as long as their time is not taken over by mindless tasks such as data entry or recurring actions that can be time-consuming but require little brain power.
AI for landlords lets team members keep track of all communication in one place so that everyone is on the same page about what has been said and done. It allows for a more personalized experience and gives anyone involved in the transaction a better view of the issue without unnecessary back-and-forth between team members or the risk of missing crucial information.
Multifamily AI software enables landlords to have access to all the data they need to improve their communication and marketing. Doing so allows them to increase their chances of converting leads but also offer a better tenant experience. For example, they can keep track of tenants’ preferences or see which advertising channels are the most effective. It allows them to leverage their communication by focusing on the most impactful outlets, measuring their efficiency, and giving them the tools to identify their flaws and improve their performance.
Using AI for Landlords
Multifamily AI technology gives landlords and property management companies the tools they need to improve their efficiency and avoid wasting their and their team members’ time and resources on tasks that can be automated so they can focus on a better tenant experience and prospect conversion. Find out here how AI for landlords can help your business.