Multifamily Real Estate Tapping Emerging AI Tools

Choosing an apartment, is a personal decision that often benefits from a human touch. Artificial intelligence (AI) can’t yet replace this human touch, but multifamily property owners and managers can use this trending technology to help streamline customer relations management (CRM), leasing activities, improve operations and make better-informed decisions.

  • Streamline Customer Relationship Management: AI and generative AI can help multifamily communicate better and more efficiently with prospective residents.
    • AI generated-text to better direct website visitors to the info they need. Text AI or “chat bots” are supported by a number of real estate CRM platforms today. The developer or property manager can prepare answers to commonly asked leasing questions, and when the site visitor asks that question (or a variation of it), it is able to return the results.
    • Prescreen and nurture potential residents. With populated pre-screening questions, AI can be used to evaluate customers to see what types of apartments or buildings they would qualify for and follow up with targeted marketing to encourage them to tour or apply for an apartment.
    • Answer phone calls and capture phone leads. Studies show that more than half of all prospects reach out by phone, but on average, leasing teams miss 40% of those calls. With Voice AI, callers can explain in a few sentences or phrases what they’re looking for, and a voice AI will return the results, including tour scheduling, screening questions, qualification criteria, and more.
  • Support leasing activities: Text and Voice AI can even help convert prospects to applicant status by explaining what documents are needed and sending direct links for leads to begin the application process. From first interaction to signed lease, real estate AI companies are helping automate the resource-intensive leasing process to respond to and follow up with prospective residents.
  • Improve Operations: But AI’s influence doesn’t stop there. AI is increasingly helping with property management tasks such as maintenance planning and tracking, energy efficiency monitoring and more. Multifamily real estate will always be a people-centered business, but AI can help developers and managers be more proactive and better deploy their team’s skills and time.

AI is playing a significant role in transforming the multifamily real estate industry. From property management to marketing and leasing, AI is providing real estate companies with innovative solutions that improve efficiency, enhance the customer experience, and make better-informed decisions. As AI continues to evolve and improve, it is likely that we will see even more innovative applications in the multifamily real estate sector in the future.