A heated debate that rages in the PM industry: should you hire virtual assistants or invest in AI chatbots? This debate is more than just a professional dilemma; it's a clash of two worlds, human versus machine.
The lead communications and follow-ups have become a monotonous task for PMs. And this is exactly why PMs for so long have been opting for VAs as soon as they want to grow their portfolio and boom their business.
According to research 84% of companies now believe AI chatbots are a fundamental change in automating lead communications. This marks a pivotal shift from the traditional reliance on virtual assistants who have been managing lead communications and administrative tasks for years.
In the spotlight of this shift is a compelling narrative about cost-effectiveness. When we crunch the numbers, the cost of a single interaction with a chatbot averages between $0.50 and $0.70. This starkly contrasts with the heftier price tag of hiring the best virtual assistants for property managers. We've calculated the numbers and an AI chatbot can convert 4X the leads than a Virtual Assistant does. This brings AI-powered chatbots to the forefront as cost-effective and less time-consuming in PM business.
But let's hit the pause button here. Are we witnessing the end of the road for virtual assistants in property management? Far from it.
Now, imagine an innovative approach where you don't have to choose sides. We're talking about a masterstroke strategy where the best virtual assistants for property managers collaborate with the powerful AI chatbots.
Let's see how blending the human touch with efficiency can 2X your revenue per door.
Property managers can receive operational and administrative support from a virtual assistant (VA). They are able to work remotely and complete duties online with task management software.
It is vital to keep in mind that a virtual assistant is hired mainly for specific tasks and trained on them which makes it difficult to hire one VA that can do more than 2-3 of the following tasks:
Conversational AI in the form of chatbots are rapidly becoming indispensable for their speed and reliability. They provide instant, real-time support for tenant queries, combining cost-effectiveness with ease of implementation. They operate on pre-defined responses and are excellent for handling direct tenant queries and multiple task completions. These chatbots not only meet the varied needs of employees but also offer the significant advantage of being free of human error. This blend of efficiency and consistency makes AI chatbots a game-changing tool in the industry.
To evaluate the benefits of chatbots for your PM company, consider these steps:
Additionally, the cost-effectiveness of chatbots in property management reveals significant savings and efficiency improvements. Our research indicates that LetHub's AI River has resolved over 95% of standard inquiries, cutting costs by $2-5 per lead.
In comparison to the virtual assistants, who typically cost $20-50 per hour, chatbots offer a more economical and efficient solution. It handles multiple interactions simultaneously and reducing the need for a large team of virtual assistants.
It's clear that automating your workflows with the best virtual assistants for property managers is essential, and not just a luxury, in today's market. You can't afford the time for strenuous vetting processes to hire the best virtual assistants for property managers every time especially with such a high turn-over rate for VAs
Whereas, hiring an AI leasing chatbot involves just a demo and one first hand experience for a PM to assess its utility. Thus, we suggest a strategic alliance of the best virtual assistants for property managers with AI leasing chatbots to achieve a 2X faster ROI.
Best virtual assistants for property managers offer a broad spectrum of support, but excel in roles requiring human judgment and personalized communication.
Chatbots, on the other hand, excel in providing immediate, automated responses to routine inquiries, mainly ideal for high-volume tenant interactions.
How you can complement the best virtual assistants for property managers with AI chatbots to lower your OpEx and increase your ROI:
Utilize AI chatbots for standardized, repetitive tasks like answering basic lead inquiries and VAs for complex, personalized activities.
Implement chatbots for initial tenant interactions, with seamless handoff to VAs for in-depth follow-ups and more complex discussions.
Chatbots handle high-volume requests quickly, while VAs provide the human touch for nuanced conversations.
Combining both tools can optimize operational costs, ensuring tasks are handled by the most suitable medium. A single VA can oversee updating the AI chatbots, once every few months. This team tactic can help in managing a workload that would otherwise need a 12+ VAs or 12+ member team and incur substantial hours.
A blended approach of VAs ensures quick responses and personalized service. If a tenant is asking for simple basic questions that require a template answer you chatbots are on top of that. This is to ensure that overall each and every tenant is responded to timely.
Use your AI chatbots to gather tenant feedback and preferences, allowing VAs to tailor services and communications effectively. The data can be fed to AI for further analysis, while the human judgements can be made based on your VA's logic and expertise.
Deploy chatbots for routine maintenance requests and let VAs coordinate with service providers for complex issues.
Chatbots can initiate marketing campaigns with set workflows in place. Meanwhile, VAs follow up on leads and conduct in-depth client interactions.
In urgent situations, chatbots can provide immediate guidance, while VAs handle escalated issues with a personal touch. This strategic combination ensures that immediate needs are met with precision, while more intricate problems receive the thoughtful attention they require.
Your VAs can update chatbot scripts based on lead communication data and tenant's feedback to refine both chatbot and VA performance. You can also ensure that the VAs and your team members are not bored to death with monotonous tasks and constantly trying new things for your business.
Every team lead will want the best virtual assistants available for property managers and to vet the perfect ones for your team, these are some common questions you should ask:
The choice between VAs and chatbots is not binary. A strategic integration of the best virtual assistants for property managers and AI-powered chatbots can enhance efficiency, ensuring tasks are appropriately assigned based on complexity and nature. Your team can benefit from the speed of chatbots and the nuanced, personalized support of the best virtual assistants for property managers for a comprehensive, effective management strategy.
Property management chatbot with built-in Artificial Intelligence technology can increase your conversion rate by up to 391% and save 30% of your communication cost. Keep reading to see how these chatbots attract high-quality rental leads, resulting in low turnover rates.
Appointments are crucial for property managers. They mark both the beginning and the end of transactions, sales, rentals, and other agreements. Therefore, it is of utmost importance that these appointments occur right on time and as expected with a very low risk of cancellation or no shows. That's where property management automation comes in!