Artificial intelligence tools for commercial real estate are already here, and they are disrupting apartment leasing. AppFolio's new digital leasing assistant Lisa, is one example of what is possible through AI tools. The assistant is able to take a tenant through the early stages of apartment leasing, answering questions and carrying on conversations in real time. For brokers and property owners going through lease up, the benefits are substantial.
“Artificial intelligence is taking away the manual work that goes into some of the very first steps of the leasing process,” Elliott Burris, VP at property management software company AppFolio, tells GlobeSt.com. “Every single query gets answered by Lisa and, through conversational AI, Lisa can have a full-text conversation with a prospect about their query, answering questions about the property and unit, as well as vetting prospects to make sure they meet all requirements.”
The biggest benefit is that the assistant is able to answer questions and react to potential tenants in the same way that a person could. “Lisa asks specific questions of prospects to learn more information about them,” says Burris. “The immediacy of responses that Lisa provides helps meet prospect expectations and gives time back to leasing agents and property management businesses to focus more on business strategy.”
The assistant shouldn't be confused with a chatbot, according to Burris. Chatbots are programed to respond to pre-determined questions with a pre-set of information. True AI, on the other hand, can have a live conversation. “Unlike a chatbot, which offers just automated, canned responses, Lisa actually learns over time, getting more detailed and knowledgeable in her answers and the information she provides,” explains Burris. “There are many chatbots in the space that are coining themselves as AI — but they're not. Property management companies need to understand the difference and know what they are buying when trying to incorporate AI to streamline leasing processes.”
While this is a new tool and concept for the firm, AppFolio intends to grow its AI technology and sees tremendous potential for future applications. “Our customer-centric approach to developing and expertise in the space allows us to identify the most effective areas of opportunity to apply AI to intelligent solutions for our customers,” says Burris. “So we'll continue to leverage our customers' feedback to drive AI innovations that bring value to their business. We'll also continue to build upon our all-in-one solution advantage, which gives us and our customers seamless access to robust data and insights, which is key to successful AI technology.”
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Kelsi Maree Borland
