Teamwork: How AI Helps Leasing Agents Raise Conversion Rates

With regards to property management, technology has emerged as a game-changer. From streamlining leasing to enhancing resident experiences, its impact is undeniable. Yet, despite all of the tech stacks and amidst the buzz surrounding AI, the need for human interaction remains of utmost importance. There is nothing more personal than choosing a place to live and renters will always feel more comfortable with a real person involved in that decision-making process.

There is no doubt that a combination of both humans and AI can make a big difference in the success of leasing apartments. But what is easier said than done is striking the balance between the two, so that your properties are still providing the most high-value interactions to qualified leads. This means distinguishing where AI can elevate staff’s ability to do their jobs better and where there are tasks that require human interaction to produce the best outcome: signed leases and happy renters.

The Benefits of Both

Technology brings plenty of benefits in leasing, enabling the gathering and managing of data, streamlining communication, and having conversations with prospects outside of a leasing agent’s working schedules (weekends, evenings, etc.) While automated systems can handle routine tasks and free up valuable time for leasing agents to focus on more strategic endeavors, AI can fill in for a human when a human is otherwise out of office or busy with other leads.  

Despite that usefulness, the decision to lease an apartment remains a deeply personal one. Prospective renters often seek guidance and reassurance throughout the leasing journey and this can be reflected by a leasing agent’s ability to prioritize the renter and their time while deciding on an apartment. Leasing agents possess the ability to build trust—a feat that technology nor AI alone can replicate.

While AI enhances efficiency and scalability, it is the human element that secures the most signed leases. And though humans are completely capable of performing many tasks from lead generation to getting leases signed, they can do it even more with the help of AI and automation. Simply put: automation and AI allow leasing agents the ability to give more to even more leads. More leads mean more leases.  

‍How Do Chatbots Affect Conversion Rates?

In the digital landscape and with 40.3% of all chatbot leads coming outside of office hours, Chatbots are used as a 24/7 digital personal assistant for leasing agents. When it comes to high-value or qualified leads, they still need high-value interactions. A chatbot that utilizes AI does so by combining automation and personalization to get the ball rolling for high-value leads and on behalf of leasing agents. Here’s how:

• Early Engagement - making the first contact with prospective renters before they even schedule a tour, laying the foundation for a more personalized leasing journey.
• Personalized Communication – AI tailors its communication to individual preferences and needs, recommending specific floor plans, sharing available units or highlighting amenities. This resonates with renters in their interest phase of apartment shopping.
• Human-like interaction – It chats with renters like a human would.
• Capturing Leads and Scheduling Tours - While a lead might go forward with scheduling a tour anyway, AI will effortlessly book tours and take guest card information at the lead’s convenience, enhancing the overall leasing experience for the renter and optimizing lead generation for leasing agents.
• Timeliness – AI starts the conversation early and will answer questions or provide valuable information to the lead as prompted, instantaneously, which ultimately keeps prospective renters engaged.

All of this combined only reinforces a human agent’s commitment to providing high-value interactions for renters. It also opens up time to have more personalized relationships with potential renters so that they can increase lead satisfaction and maximize the outcome of more qualified leads.

Bonus: The Predictive Analytics of AI

AI algorithms analyze vast amounts of data to identify potential leads, enabling leasing agents to prioritize their efforts effectively. By targeting the right audience, conversion rates rise and their resources of time and attention toward interested renters are utilized efficiently.

Predictive analytics can also anticipate lead satisfaction by analyzing historical data and trends. It’s machine-learning, taking in previous conversations and interactions to better predict the outcome. By identifying potential hiccups before they happen, AI can pivot accordingly.

The tag-teaming between AI and leasing agents is going to reap rewards in your property’s conversion rates. By using the predictive technology, there is a smooth handoff of leads to leasing agents, while still maintaining an enhanced and personalized experience for prospects. And the rising conversion rates that come with it don’t hurt either.  

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