Embracing Automation Key To Driving Renter Engagement, Experts Say
AI and automation are critical to help managers operate with speed and efficiency.
Automation can be a key driver of renter engagement as multifamily operators push to stand out in a crowded marketplace, experts at last month’s GlobeSt Multifamily conference said.
Citing Zillow data, Allison Moledo, assistant vice president at Windsor Communities, said 89% of renters experience stress at some point of the rental process – and while prospects are researching your community, being responsive can make the difference.
“Your brand doesn’t stop at attraction,” she said. “It has to go through the whole experience. Can you elevate a moment where they’re already excited? You’re looking for these moments of truth where you can make more of an impact.”
And AI and automation are critical to help managers operate with speed and efficiency, said Mike Whaling, founder of 30 Lines.
“We see opportunities for automation to give our people superpowers,” Whaling said. “People expect response in very timely and sometimes unreasonably timely manner, and you can do that with the right automation tools. When you are faster to respond, to deliver the right message at the right time, that helps leasing teams to close deals.”
Pushing a closing ratio by 10% can ultimately reduce overall ad spend by 50% or more without impacting leasing velocity, Whaling says.
“If you get better at the bottom of the funnel and taking care of the leads you already have — especially going into a down market and slow season – you’ll be successful,” he says. “Ultimately we have to take care of the traffic we have.”
Moledo said Windsor uses an AI leasing consultant in some of its communities, and notes that 44% of the traffic coming to its site is after hours. The AI tools they use also has taken appointment velocity (the amount of time between first contact to a booked appointment) from 30 hours to 16 — and that amount continues to decrease, she says.
The panelists also recommended training teams on the different types of tours your community may offer – “meet your customer where they are, not where you want them to be,” advises Moledo – and ensure managers are comfortable with delivering tours of all kinds, whether in person or virtual.
“You always want to ask, ‘are we making it easy for people to connect with us?’” Whaling said.