AI and Modern Tech are a Win-Win for Prospects and Property Management Companies
The emergence of artificial intelligence (AI) and other modern technology tools are transforming the way owners and operators engage with prospects, offering a more efficient and responsive experience. In this blog post, we'll take a deep dive into the AI-enabled prospect journey, exploring how it streamlines the process, enhances prospect satisfaction, and provides multifamily owners and operators with improved conversion rates and operational efficiencies.
The Rise of chatbots
One of the most noticeable elements of the AI-enabled prospect journey is the integration of chatbots leveraging conversational AI, making interactions feel more human-like and less automated. Chatbots have come a long way since their introduction, evolving into intelligent virtual assistants capable of understanding context and delivering personalized experiences. Chatbots have matured significantly in the past year alone and they keep getting better, learning from each user interaction to become more proficient and accurate.
Today, they understand user intent and preferences, delivering relevant information in real time so that each visit is consistent, relevant and unique. Gone are the days of waiting for office hours to inquire about property details, pricing or availability. Today’s chatbots are available around the clock, providing prospective residents with instant information and assistance about different properties, their amenities, and even the application process. Chatbots can guide users through virtual tours, check availability and even reserve units, saving users and leasing teams time and effort.
Simplified tour scheduling
Modern technology doesn't stop at answering queries and offering recommendations. It can also simplify the process of scheduling tours. Prospects can use automated scheduling assistants to view available time slots, select a convenient date and time, and receive confirmation — all without the need for back-and-forth emails or phone calls.
This streamlined scheduling process not only saves time for prospects but also reduces administrative overhead for property management companies. It ensures that tours are organized efficiently, increasing the chances of converting prospects into residents. Without an automated scheduling assistant, it can take up to five days to schedule a tour.1 With one in place, it takes minutes. That’s an extra five days of rent in the system for multifamily operators.
More transparency around pricing, fees and availability
Transparency is key in the prospect journey. Of all the different factors playing into a prospective resident's decision to rent from any one particular community, knowing what the monthly rent will be and if there's a current opening in their preferable floor plan always come first. Using technology to integrate your current tools can provide prospects with detailed information about pricing, fees and availability in real time.
For example, Integrated Property Management Systems (PMS) automatically updates your website with the latest unit availability and pricing. Smart Digital Advertising serves dynamic ads with pricing and availability directly in ad headline copy — integrated with multiple PMSs — empowering leads to prequalify themselves. And integrated Online Leasing provides 24/7 ability to lease independently
Providing prospects with this information empowers them to do much of the prequalifying — from self-selecting the units that meet their size and price ranges to contacting you directly regarding their interest. Transparency allows your teams to focus their limited hours and energies on prospects who are most likely to rent. AI can also offer insights into pricing trends and market dynamics, helping multifamily operators set rates and adjust pricing strategies in real time.
This level of transparency builds trust with prospects, as they have access to all the information they need to make an informed decision.
One of the challenges in the prospect journey is maintaining timely and consistent follow-ups. AI makes this process seamless. It can send automated follow-up emails or messages to prospects, checking in on their progress and offering assistance, if needed. These follow-ups ensure that prospects remain engaged with the leasing teams, creating a positive impression and reducing the risk of prospects seeking alternatives due to slow responses. It demonstrates a commitment to excellent customer service, which can positively impact a prospect's perception of the company.
Lastly, AI can also facilitate multichannel communication, allowing prospects to connect through their preferred platform, whether it's email, text or phone. In fact, AI-powered call systems can handle incoming inquiries (yes, engaging directly with prospects); route calls to the appropriate team members; and even provide information to callers without human intervention. This automation reduces call center costs, increasing gross margins and ensures that prospects receive consistent and accurate information regardless of the time they call.
Prioritizing the most qualified leads
With AI and modern technology tools, multifamily teams can more effectively analyze and track prospect interactions and preferences to gain insights and refine acquisition strategies to increase conversions. Each step of the prospect journey can be tracked to assess lead sources, allowing teams to manage and track the entirety of their marketing channels—from Google Ads and email campaigns to internet listing services. Organizing lead tracking by source helps quickly determine which platform and marketing campaigns are the most productive. Using modern AI-enabled tools like a CRM, the lead-scoring process can be automated to help leasing agents prioritize leads. When a highly qualified lead is captured in a CRM, leasing agents can be notified of the lead, given recommendations on follow-up, and take the necessary steps to nurture the prospect.
The AI and tech-enabled prospect journey represents the future for multifamily operators, offering a seamless and efficient experience for prospects while providing property management companies with valuable insights and operational benefits. As technology continues to advance, the synergy between AI and property management will only grow, creating a win-win situation for both prospects and operators. Embracing AI and modern tech tools isn't just about staying ahead; it's about delivering exceptional service in today’s digital age.
1Multifamily Marketing Meets AI, Multi-Housing News, February 2023