The pandemic upended everything, forcing many multifamily owners and operators into a hurried digital transition. Rapid implementation may have left some to wonder if bot technology was friend or foe, as it posed tough new questions like:
How far do you safely pull back traditional soft skills without damaging lead conversion? What is reasonable to expect from a bot system? What does a happy middle ground between analog and digital look like?
In recent months, companies like Towne Properties, Gates Hudson, and Pillar Properties have worked hard to find answers. Today, each firm has fashioned their new normal by artfully blending the best of old and new to produce better experiences for prospects and front-line staff alike.
The results are gratifying. On average, the three organizations report:
• 19% improvement in lead to appointment conversions;
• Five fewer days between lead and appointment, lead and tour, and between lead application; and
• Nearly seven fewer days between lead and move-in. Multiply those gains across all vacancies, and it’s easy to understand their growing excitement.
“Artificial intelligence (AI) and automation help front-desk staff focus on the people in front of them. They’re not glued to their laptops trying to meet customer relationship management expectations,” explains Diana Norbury, senior vice president of Pillar Properties, a Pacific northwest developer, owner, and operator. “AI bots help them tend to the people in front of them. They’re more productive, doing what they like best and increasing our conversion and retention rates and reputation scores.”
Tyler Lucas of Gates Hudson, a Virginia-based property manager, likes the staff engagement side, especially important in labor-challenged markets. The director of marketing technology says AI bot technology “allows for more administrative hours and more opening and closing flexibility during the week and weekends.”
Staff Reassurance
“Automation is also helpful during business hours, when staff is tied up, speaking and meeting with residents and prospects,” adds Anne Baum, marketing director at Towne Properties, a Cincinnati-based multifamily development and property manager.
All three professionals admit the rush to technology caused initial staff concern. Leasing teams and management worked together to find the right mix of automation and soft skills. “COVID rapidly accelerated adoption of automation tools,” Norbury says. “Our property management teams were having a hard time sorting through unqualified leads from all kinds of lead sources. Technology helps solve quantity and quality issues.”
Paul Yount, industry principal at Yardi, suggests there has never been a better time for property managers to take advantage of AI technology. “The right use of automation helps leasing agents achieve even greater impact in their role. AI-based technology supports a better customer experience, better employee satisfaction, and an even better net operating income. It’s a win-win for everyone.”
7 Lessons
Many lessons are evolving from today’s hybrid model. Here are seven the pros point to:
- Continually test your automation and bots.
- Experience firsthand what a prospect faces in their leasing journey with you.
- Clearly define what success looks like. Is the software meeting expectation?
- Revise your KPIs to focus on conversion. Put the focus on personal interactions.
- Test new technology in pilot programs. Start small.
- Be disciplined. Figure out what metrics you are trying to change with technology.
- AI is a continuous learning experience. Constantly tweak your system to reflect new insights, and always confirm that your technology provider has a strong history of results and dedication to client success.
Bottom line? Time shows once again that the more things change, the more they stay the same. Make the most of your talent and technology.
Learn more about the best ways to integrate talent and technology in your apartment communities.
