Multifamily Folks - It is time to work alongside AI rather than compete with it!

From nice to have to a necessity, Artificial Intelligence has found its way into the real estate industry and is currently one of the most searched topics in multifamily according to multifamilyexecutive.com. However, many are still cold to the idea of AI in multifamily and have gone as far as claiming that AI assistants are stripping the industry of its labor force.

AI is advanced, but not as advanced as the human mind as it lacks intuition, creativity, and experience. AI in multifamily is most effective when it works in harmony with human intelligence to provide the best possible customer service. According to a recent survey, 91% of top companies across various industries use AI to boost customer service and improve their branding, including giant names like Alibaba, Lexus and Uber.

When looking at the example of applying AI in multifamily, let’s take a look at how blending AI’s efficiency with a human leasing agent’s ability can bring better satisfaction for prospects and agents alike.

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Human + AI: A great example of artificial intelligence in real estate

Despite the pandemic, the great resignation or current recessions in different parts of the world, Multifamily is continuing to thrive. Recent industry reports have shown how Multifamily real estate suffered less and rebounded more strongly, with the least rent falls and the most recovery within three to four years of each decline. Some experts also list the integration of AI in multifamily and real estate artificial intelligence ventures as one of the reasons behind the good numbers!

The never-ending demand means an increased expectation of a quick turnaround from leasing agents who are already handling a high volume of calls and emails from prospects. Bringing together human abilities and artificial intelligence in real estate can help resolve the pain of losing prospects, and hence avoid losing revenue. The goal is to have the optimal blend of the two to offer prospects a seamless experience. Does that mean AI is coming for multifamily jobs?

The solution is an AI-powered assistant, who can take over repetitive tasks, and allow human leasing agents to concentrate on what they do best: empathize and make a personal connection with prospects. AI leasing assistants can communicate with prospects and guide them in the leasing process as far as their capabilities allow while taking care of all the redundant and repetitive tasks. Then, human leasing agents can take over to provide a personal touch to the prospects that are a good fit!

Here’s how integrating AI in multifamily can help you win

Is AI in multifamily effective?

• Increasing your rental income: What can one new closed lease per community do for your revenue? An AI assistant on staff is proven to convert unanswered calls to appointments, providing additional sales opportunities for your leasing team.

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• Maximizing your ad source spend: You might be spending a significant budget on ads and when inquiries are missed, your ad dollars are wasted. A typical company spends 55% of its budget on advertising only to see a return of 4-6% due to losing leads. However, if the same or even less is invested in real estate artificial intelligence, an AI-powered leasing assistant can consistently engage prospects by answering calls, texts, and chats, 24/7.

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• Boosting your onsite staff productivity: Your in-house leasing staff can focus on high-value activities such as tour follow-up, closing deals, and resident retention. AI such as LetHub’s River or Lisa by Appfolio handles everything else from addressing common leasing questions to booking appointments and more.  

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• Boosting occupancy rates: With the threat of bad rent debts and move-outs, joining hands with AI is the perfect counter defense for maximizing every incoming rental opportunity. With an impressive prospect-to-appointment conversion rate, you can rest easy knowing that your showings calendar is full of high-quality leads.

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Artificial Intelligence will take the multifamily industry into the future by helping them increase productivity and deliver better prospect experiences. Rather than relying on a basic chatbot and investing in bare minimum, invest in a platform that can do more, for a truly robust and human-like experience that is proven to convert your prospect to residents.  

Click the button below to find out how LetHub’s AI solutions can help with all of the above!