AI and Automation Are a Win for Multifamily

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DALLAS—Artificial intelligence and automation are familiar buzzwords in the multifamily industry, but tech implementation is hardly widespread. That is starting to shift, as multifamily organizations are using the concepts not only to boost smart-home technology efforts, but also assist prospects and recruit/retain high-performance associates.

For instance, multifamily communities that offer a self-scheduling tour option regularly generate significantly increased visitor ratios and experience a sharp spike in lead-to-lease conversion rates. That’s why automation that enables prospects to self-schedule a tour or even further, tour a community without interacting with an associate, have become increasingly popular in the industry.

These automated solutions might be the best answer to the labor shortage as well. With an all-time low unemployment rate remaining steady beneath 4%, multifamily communities often have more work to complete than people to do it.

AI-driven technologies, such as chatbots, automated credit screening, predictive maintenance and increasingly intuitive resident and prospect portals, simplify or completely eliminate surface-level tasks for onsite associates. This allows associates to concentrate on higher-level tasks, which creates greater overall onsite efficiency.

“The use of chatbots to provide real-time answers to customer questions has been a game-changer,” Brittany Wagner, senior software training manager for Mill Creek Residential, tells GlobeSt.com. “The evolution of natural language processing has created chatbots that can provide more detailed, thorough answers to prospects rather than scripted responses. In addition, by offering prospects the capability to schedule tours through our community websites, our onsite teams save time and prospects enjoy a more streamlined search experience.”

This rapid technological shift is occurring at a time in which customers are still unsure of what AI is. According to a survey generated by property management software provider Entrata, 33% of respondents said they believe chatbots are voice-search functions such as Alexa and Siri, when in fact, voice-search functions alone are not AI technology. In actuality, chatbots are an AI function that interacts with prospects in live-chat fashion such as Facebook Messenger and provides real-time answers to questions while learning from every interaction.

Although many customers are still trying to understand AI, they seem to be adaptable. The same survey indicated that 52% of people are comfortable interacting with AI and some 40% do so on a daily basis via Gmail, Alexa and Siri, Netflix, etc. As such, 62% trust a chatbot to schedule an appointment and 36% are good with the use of that technology to report a violation.  And, 30% don’t even realize they are interacting with a chatbot.

In addition to chatbots, Mill Creek also offers a self-scheduling tour and texting function on community websites. This has streamlined the leasing process for leasing agents so the first point of contact occurs after prospects have already become knowledgeable about the community. More informed prospects are more qualified, and as such, leasing associates are able to close leases faster.

“Our associates have really embraced the technology,” Wagner tells GlobeSt.com. “We have to hold up our end of the bargain by offering proper training and expecting something of a learning curve. But by utilizing automation technologies, our team members can create more impactful touch points with customers and residents while saving significant amounts of time by eliminating surface-level communications.”

To be sure, AI and automation eliminate many of the routine, mundane daily tasks and empower associates to shine. Leasing offices not bogged down by those tasks typically feature a more effervescent work environment as well.

These technology advances aren’t only helping in the industry with prospect-facing efficiencies. New developments with convenience-based amenities, business intelligence and predictive maintenance are also designed to boost the efficiency of onsite teams and to further drive relationships with residents.

For example, predictive maintenance is made possible by smart appliances that can recognize when one of its parts will soon malfunction. These appliances can essentially create individual service requests, allowing maintenance teams to have replacement parts on hand before the failure occurs. Or, a maintenance team member can take a photo of a crack in the lobby linoleum or near the pool, and AI will geo-locate the precise area of the community and generate a service request with the proper repair materials.

AI and automation possibilities are seemingly endless, and multifamily communities are already experiencing the benefits with regard to resident satisfaction, employee retention and increased efficiencies. Prospects are also taking notice. According to the Entrata survey, 27% believe a community’s use of AI and smart-home technology make that community a more attractive place to live.

“Now that we’ve started incorporating some of these technologies at the beginning of the resident lifecycle, we’d like to look at how to employ them throughout the other phases of the resident journey as well,” Wagner tells GlobeSt.com. “The use of AI and automation is a win for multifamily.”