The leasing process, a historically labor-intensive and repetitive task, is undergoing a dramatic transformation thanks to artificial intelligence (AI) and modern technology. The pandemic acted as a catalyst, pushing property operators to adopt cutting-edge solutions faster than ever before. Today, these innovations are not only streamlining workflows but are also elevating the overall renter experience.
This shift was a focal point of the "Streamlining the Leasing Process with AI and Modern Technology" session at Apartmentalize in Philadelphia. Industry leaders shared insights into how AI-powered tools are reshaping operations, benefiting both renters and onsite teams.
Virtual Leasing Assistants: The Future is Now
One standout example of AI's impact is the virtual leasing assistant. Katie Nelson, Vice President of Marketing at CAPREIT, shared how her company’s adoption of this technology has been a game-changer. Available 24/7, the assistant communicates with prospects via chat, text, or phone, providing vital information such as pricing, unit availability, and property amenities. It can even schedule tours and guide applicants through the leasing process.
For renters, this means instant access to information whenever they need it. For leasing staff, it alleviates the burden of repetitive tasks, enabling them to focus on high-value interactions.
“To have some of those mundane tasks taken care of, it just gave our associates a breath of fresh air,” said Nelson. “It gave them this sense of relief that they have [the virtual assistant] taking care of the basic needs of our prospects and residents. And then our associates have the time and the ability to take the customer experience to a different level.”
Elevating Team Morale
AI isn't just improving processes; it’s enhancing workplace satisfaction. Tricia Corwin, Vice President at AION, highlighted the psychological toll of answering the same questions repeatedly.
“As an associate, if I hear that question a 20th time, I’m like, ‘I’ve got to answer this again?’” Corwin explained. “It’s a different person asking it, but the associates are exhausted because they’ve had to answer that question so many times. And people sense that.”
AI chatbots and virtual agents relieve this pressure, allowing team members to approach interactions with renewed energy and enthusiasm. The result? Happier staff and a better experience for renters.
A Tailored Approach to Centralization
AI's benefits extend beyond daily tasks. At CAPREIT, modern technology has enabled a centralized leasing structure, which consolidates operations to improve efficiency and consistency. But implementing such a system isn’t as simple as flipping a switch.
“We took a year to do our research,” Nelson advised. “Take your time and figure it out. Plan the tech stack that you want and know that it’s going to change. It’s not cookie-cutter. It’s not one size fits all.”
This thoughtful approach ensures that the right technologies are integrated, and staff are adequately trained to use them, maximizing the impact on both operations and customer satisfaction.
Beyond Leasing: AI’s Broader Potential
The possibilities for AI in property management don’t stop at leasing. Panelists noted its potential to revolutionize other areas, such as handling delinquencies, managing renewals, and streamlining maintenance requests. By centralizing data and automating routine processes, operators can ensure smoother operations across the board.
AI-powered tools also reduce redundancies for renters. Instead of repeatedly providing the same information, their preferences and details are stored and seamlessly integrated into every interaction.
Looking Ahead
As the multifamily housing sector continues to evolve, AI and modern technology will play an even more significant role. From improving operational efficiency to elevating the renter experience, these tools represent a new era of property management.
The takeaway is clear: investing in AI isn’t just about keeping up with trends—it’s about staying ahead of the curve. As Nelson succinctly put it, “Take your time, do your research, and embrace the change. The rewards are worth it.”
For operators ready to innovate, AI offers endless possibilities to create a more seamless, efficient, and enjoyable leasing experience for all.
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