Artificial intelligence has quickly integrated itself into various facets of our everyday lives–from shopping, healthcare, and security to customer support; AI has created waves across the technology sphere. The first adopters of the trend tout its efficiency, cost-effectiveness, risk aversion, and daily application. But, when you consider the multifamily market, do the same benefits apply?
Here are four ways to leverage AI and its benefits for your multifamily property.
1. Maintenance
AI is now being deployed across multiple properties and businesses for predictive maintenance. An essential task for successful property management is ensuring the property remains operational and in good condition. This comes down to having a streamlined and effective preventative maintenance strategy. That’s where artificial intelligence comes in. While leveraging property usage and condition data, managers are now able to use AI to prevent specific maintenance issues from occurring and predict when maintenance will be needed. This proactive approach has reduced tenants’ downtime and unforeseen expenditures substantially. It has also created space for more informed decisions in the long term, resulting in less stress and more significant savings on the back end.
2. Advertising
Google offers a suite of AI-based tools to help its customers reach their target audiences at the right times. Google’s AI, paired with machine learning, creates an understanding of a user’s habits and tendencies and then decides to target your ad toward them based on their conversion potential. Other AI-powered tools Google offers include smart bidding, responsive search ads, and audience discovery. Essentially, these tools partner with AI to optimize the best delivery for ads and reduce the front-end work for customers accurately and precisely.
3. Administrative tasks
The pandemic forced communities to adjust to remote, contactless environments, which spurred the increase in virtual leasing and AI-powered admin tools. AI tools are now utilized for daily tasks like responding to standard electronic questions about the property, scheduling tours, answering phone calls, and screening for renters. Managers and agents are finding that they have more time to focus on other high-priority items, ultimately creating a more pleasant experience for renters.
4. Market research
Another significant usage of AI has been its deployment in market research and analysis. These tools will deeply investigate market data trends and determine potential demand for designated areas. The resulting information can assist owners with future real estate investment potential and managers in their efforts to target possible markets and rental demand for specific properties.
Rentbot can help.
AI is changing the future of multifamily marketing as we know it. Whether you’re leveraging the technology for administrative, maintenance, or customer service purposes, the potential you’ll experience from the tool will be limited if your website is sub-par. We can help with that.
Rentbot offers modern multifamily websites that attract, convert, and retain tenants, saving you time and money. With industry-leading features like mobile-friendly designs, built-in SEO, and a conversion-optimized layout, once quality tenants find you, the site will drive them to contact you and schedule a tour through an AI system that you select or an agent. Additionally, with online availability, payments, and maintenance, the processing is streamlined and updated seamlessly, keeping your team and tenants happy. If you’re ready to transform your leasing experience, sign up for your free website trial today.
About the Author
Jonsette Calloway joined the Rentbot team in 2015. With a background in public relations, advertising, and copywriting, she has helped many clients achieve their marketing and communications goals within various fields, but she particularly enjoys working with the apartment industry.