Is AI the next big bang in multifamily?

Think about it. Many aspects of our daily lives are automated. Be it a posed question or task to Siri or Alexa, that traffic camera that captured your latest speeding debacle, or your Roomba vacuum–artificial intelligence (or AI) is transforming life, business, and survival as we know it.  The same concept has applied to the multifamily industry. From narrowing down top quality leads to scheduling tours to answering common questions about your property–AI is quickly taking over the leasing industry now and leaving its mark on properties. Multifamily communities across the country are deploying AI technologies in various forms to modernize and streamline the leasing process for themselves and renters. Here’s how AI is re-shaping the leasing industry as we know it.

It’s fielding inquiries.

The most common utilization of AI technology within the leasing industry is online chatbots that field common questions about the property. If a prospect contacts you via phone or website, these bots can be programmed to not only return the prospect’s call, but also respond to standard inquires regarding location, price, availability, and more. Whether it’s 8 a.m., midnight, or the crack of dawn, these bots are allowing properties the capability of being available to their customers 24/7. And, in the event the bot cannot address a question/concern, it can also capture the interested party’s contact information and alert you to follow-up on the next day. 

It can automate your scheduling.

Given the limitations on interactions these days, apartment communities have had to get a little creative with setting appointments and booking tours. One of the newer AI technologies to be released is self-touring. These types of AI tools specifically allow prospective renters to tour vacant units without a leasing agent being present. One AI tool has even gone so far as to navigate the amenities and common areas of properties to boost the quality of the tour. Other AI technologies on the market can schedule livestream tours for prospects in advance and broadcast them live, giving those interested the ability to view their actual unit in real-time and on any device.

It can weed out risky renters.

Through AI-based screening technologies, properties are now reducing their financial losses and increasing their quality candidate pool. AI screening tools are now available that leverage algorithms to analyze your applicant pool and identify high-risk renters. By partnering data science with machine learning capabilities while considering millions of lease outcomes, the tool can predict renter performance during a possible lease term.


Rentbot can help.

There is no doubt that AI is revolutionizing the leasing experience. The question is–are you ready? Prior to taking a deep dive into AI technologies, you’ll first want to ensure your website is up to par. If your site isn’t responsive, designed with SEO in mind, or offers conversion-optimized layouts then it’s time for a makeover. That’s where we come in. 

Each of our Rentbot sites is specially designed for multifamily owners to attract, convert, and retain tenants. That’s why we offer mobile-friendly designs, real-time availability, SEO integration, and a plethora of online capabilities with each of our client websites to appease your renters while saving you time and money on the back end. We stand by our commitment to build and support property management websites specifically for small and mid-sized properties and will work with you hand-in-hand to create the most effective turnkey solution for your property. If you’re ready for an upgrade, give us a call, and we’ll let you try out a brand new site free for 30 days.


About the Author

Jonsette Calloway joined the Rentbot team in 2015. With a background in public relations, advertising and copywriting, she has helped a multitude of clients achieve their marketing and communications goals within various fields, but she particularly enjoys working with the apartment industry.