The Top Three AI-Powered Tools Revolutionizing Property Management

Artificial intelligence (AI) has been making waves in various industries — multifamily property management and real estate industries are no exception. With AI property management technology, property managers can automate and streamline various tasks, improving the leasing journey from lead generation and prospect nurturing through to tenant retention efforts.

How Will AI Change Property Management?

There’s a lot of talk about artificial intelligence (AI) in today’s media. With all the buzz surrounding the topic, it can be hard to picture exactly what effect it can have in the day-to-day activities of the property management industry.

Traditionally, property management involves numerous time-consuming daily tasks, including following up with prospect interest, lease renewals, maintenance requests, rent collection and answering a never-ending stream of questions from tenants.

Here’s where a powerful tool like AI can help. Using AI automation, property management companies (PMCs) benefit from improved:

  • Lead generation, reducing the time and effort required to attract potential tenants
  • Marketing strategy, resulting in better-targeted and more cost-effective campaigns
  • Relationship nurturing, fostering meaningful interactions with prospects
  • Tenant sales, helping leasing agents and PMC professionals turn leads into signed leases
  • Resident experience, contributing to tenant satisfaction and retention

The Role of AI-Powered Systems in Property Management: Three Tools for Success

As the only multifamily marketing property management software specializing in leveraging AI to enhance the leasing journey and increase operational efficiency, we know technology can make all the difference in converting window shoppers to contracted leases. Here are our recommendations for the top three types of AI tools you need to improve your property management.

1. Conversational AI

Conversational AI is a tool that uses natural language processing to enable human-like interactions between your business and a prospect — without actually needing to have a real-life person manning your phone and email systems 24/7.

AI property management tools like conversational AI is a must-have for innovative multifamily companies.

Typically, conversational AI is deployed virtually through chatbots on web pages. PERQ’s conversational AI takes it one step further by bringing this technology to SMS, emails, Google Business chats and Interactive Voice Response (IVR) software, ensuring property managers have their prospect communication channels fully covered at all times. Conversational AI can help to greatly reduce the workload of property managers.

2. AI Leasing Assistant

An AI-powered leasing assistant is just that. Imagine the amount of work on every leasing assistant’s plate. They’re responsible for responding to inquiries, scheduling tours, follow-ups, documentation, communicating with prospective renters and numerous other administrative routine tasks.

Using AI, you can streamline and automate much of the effort your team dedicates to these tasks, saving you much-needed time, reducing delays in responding to prospects or renters and ensuring you can redirect your energies into more revenue-driving activities for your business.

PERQ’s marketing automation solution, including an AI Leasing Assistant, provides top-of-funnel and cross-channel marketing automation, strategically combining conversational AI captured from the web, SMS, email and IVR channels while capturing leads from website visitors. From this information, it builds a database of leads, ensuring you’re reaching out to the right prospects based on the likelihood of conversion.

3. AI-Powered Nurturing Automation

AI-powered nurturing automation is a critical component to approach prospect's in a personalized way.

A critical component of being able to approach your prospect’s in a personalized way is through AI-powered nurturing automation. Prospective renters are more likely to engage with and respond to touchpoints that are tailored to their specific preferences and criteria.

Nurturing automation leverages captured data and uses it to dynamically adapt the cadence, content and channel of nurture touches for each prospect. This ensures they’re getting the information that’s of most value to them — and not simply generic messaging for the masses.

PERQ’s nurturing technologies are a leader amongst AI property management tools. Designed to drive down your cost per lead and cost per leases expenses, PERQ’s solution helps you maximize your marketing dollars and save money along the way. It’s also powered by PERQ’s Nurture Science and machine learning so that the conversation is always customizing to your prospects’ needs as they change — making it a dynamic solution for your evolving business needs.

Transforming Property Management: The Benefits of AI

AI property management offers a wide range of benefits, enabling property managers to make informed decisions while focusing their efforts on more value-adding activities.

Lead Generation

Generating property management leads — or, the individuals who could potentially turn into a future renter — is critical for any PMC. Traditionally, lead generation tactics included efforts rooted in manual and time-consuming work, such as advertising, referrals and networking. While these efforts still have their place in your sales funnel, the advancements in AI technology can support this process while making it even more efficient and effective. That’s because AI automation can automate engagement with website visitors, ensuring their information can be captured and routed for the best next step that will maximize conversion potential.

Marketing Strategy

A significant advantage of emerging technologies is the ability to support the personalization and optimization of marketing campaigns. By leveraging AI, you can capture meaningful information, behavior patterns and preferences during a prospect’s online renting journey — often long before they’re even interested in speaking with a leasing agent.

Relationship Nurturing

Using the captured prospect data not only helps you better target and reach your prospects, but it can also help you establish a meaningful connection with your prospects even faster. As prospects search and researching leasing opportunities six to twelve months in advance of taking action, having an established, consistent rapport is critical.

Renter Leases

After successfully nurturing a prospect throughout their leasing journey, AI can ultimately help your team understand individual preferences, behaviors and demographics in a way to match the right leasing opportunity to the right prospective renter at the right time, leading to an increased likelihood of swaying a lead towards a lease agreement.

Resident Experience

Technology is often thought of only as a lead generation tool; a way to support your sales funnel. While it can certainly deliver in that area, it can also improve resident experience and retention rates by providing round-the-click support for answering questions and responding to incidents or issues.

Addressing AI Concerns and Pain Points: Will AI Replace Property Managers?

One of the biggest concerns related to artificial intelligence is the lack of human interaction it might leave in a very people-centric property management industry. Rest assured, the need for human intelligence — and human intervention — isn’t easily replaced in the field of property management. Instead, view AI as a tool to help you do your job better, faster and easier. If you’re wary of adopting AI into your own business, first examine these areas of your business and see if there is an opportunity to measurably improve them. From there, examine if AI is the right fit.

  • Lead generation and scalability
  • Profit margins and cost savings
  • Manual, repetitive tasks and administrative duties
  • Current resident satisfaction and retention
  • Response times

It’s also important to note that AI is likely here to story. History trends show there are benefits to being early adopters of technology. The truth is, AI systems are already changing the way houses are bought and sold in your market. As the already-crowded multifamily market faces additional pressure from the real estate industry as agencies face a slowing housing market, this competitive edge could keep you ahead of the rest.

The Danger of Using AI in Property Management

With questions surrounding privacy, data security and more, it’s important to pick the right AI-powered system to implement alongside your property management operations.

PERQ’s marketing automation platform is proven and trusted, helping property managers achieve success including:

  • +226% average increase in lead-to-tour conversions for each pilot property
  • +157% average increase in website leads
  • +1,002 hours of staff time saved, resulting in labor cost savings/reallocation of ~$20,000

PERQ: The Best AI-Powered System for Property Managers

Interested in staying in the know on all things AI and how it affects your multifamily property management strategies? Check out these related articles. Then, learn more about PERQ’s AI-powered property management tools today.