It’s that time of year where a lot of leases are ending, and renters are beginning to debate whether they should renew or look elsewhere. This time last year, leasing season looked a little different. The push to go virtual was a no-brainer and leasing teams had to work with more prospects that were making their decisions before stepping foot onto the property. While virtual leasing has made its impact, it has allowed multifamily to enter into the age of leasing AI. AI in multifamily is getting more interest as we start to see how helpful leasing AI is for onsite and marketing teams.
With a lot more leads coming through due to an increase in casual online visitors on top of renewals, onsite teams are overloaded with leads. Finding the ones that are ready to talk can be time consuming and take away from their other responsibilities. To prepare for this busy time of year, there are some tips and tools that can help take the load off your leasing team. Let’s start with current residents.
Now is crunch time when it comes to putting in the work to get a resident to renew. Throughout the year, resident events and any service-related conversations or maintenance requests are all factors into a resident’s satisfaction with your property. There’s not much you can do now about past negative experiences besides reassuring residents that they won’t happen again. Negative multifamily reviews are almost always maintenance related. Having clear and efficient maintenance request systems will help with keeping residents satisfied. Some residents know whether or not they are going to renew but what can you do in the last leg of the lease for those residents who are still unsure?
For starters, if there were any negative experiences they had, address those with them. If it was how a maintenance request was handled or something with the unit, you can set some time with the resident to talk through what can go better. This will make the resident feel more heard and show to them that your team does care about their time there.
You can also offer discounts on rent or other amenities for renewing. If you can figure out where else they are looking to move to, see what those properties are offering. If it’s possible, offer similar pricing or even less. You can also highlight how the resident gets more at your property for your pricing versus your competitors.
Not only is this time of year typically when a lot of people are moving and leases are ending, but there has been an increase in the casual online visitor for many multifamily property websites. Someone who isn’t looking to move anytime soon but is still browsing your apartment website and looking through all your floor plans and photos, can come through as a lead but they aren’t ready to think about leasing yet. To help with the high influx of leads on your website, using tools that help automate the leasing process will help your leasing team work more efficiently and help them manage leads that are further down the pipeline.
AI Leasing Assistants can help with this. Using AI technology, these AI Leasing Agents can collect prospect data and send follow-up messages based on their timeline so the leasing team can focus on prospects with more immediate move-in dates. With leasing AI, onsite teams will only get qualified teams that are ready to talk to a leasing specialist on their desks and any other leads will be handled with the AI Leasing Agent.
The new generation of renters have grown up in a digital world where they expect the kind of service automation gives while also expecting to talk to a person when that automation no longer meets their needs. Adding an AI Assistant to your website meets the expectations of new buying behaviors of renters. Without it, your property will feel outdated to these renters and the leasing team won’t be equipped with the best data before talking to a prospect. Leasing AI only makes your team stronger and is an investment worth taking to help tackle busy leasing seasons.
With warmer weather, the opportunity for open houses and outdoor prospecting should also be explored. Put your open houses as events on Facebook and encourage residents to share it with their friends and family. It’s time to open the doors and get to leasing. Preparing your onsite team with competitor knowledge and automating the process with leasing AI will help them manage the workload and give qualified leads the attention they deserve.