AIM 2023: Beyond AI Leasing Agents: What’s Next

Beyond AI Leasing Agents: What’s Next

Ellen Thompson, CEO, Respage, says when it comes to artificial intelligence (AI), the apartment industry ahead of other industries.

“We suffer from inferiority complexes in multifamily, but in this case, there is a variable level of knowledge on this topic,” she said.

Thompson said AI is simply statistical models that can simulate human actions.

“It’s not really artificial intelligence, it’s just the math that solves problems,” she said.

Thompson offered some AI vocabulary for attendees, namely that machine Learning helps computers learn tasks without having to reprogram them; Natural language processing is where bots learn to understand, speak, or write text; and ChatGPT is when AI trains on a huge amount of data, such as what is available on the internet with large language models.

She said there are many AI applications in place today for apartment operators.

It can aid in revenue optimization – a pricing expert in your computer.

Chatbots can deliver automated lead response 24/7. Besides, prospects want this info right away – even at 2 a.m.

There is automated lead follow-up to help book tours.

And AI can be used to cross sell apt communities in the same neighborhood. “Computers can be taught to do this really easily,” she said.

“AI can manage your wait list, sending alerts promptly to applicants when an apartment becomes available.”

More Interesting Points:

• Marketers can adjust their advertising with AI, which will indicate when to turn off Google spends at a community that has no vacancies, for example.
• It can create seasonal social media posts based on the resident life cycle, using appropriate artwork (swimming pool, falling leaves, etc.) based on the time of the year.
• It can create SEO content assets, generating meta descriptions for your ad listings.
• In the future, it will be able to leverage third-party analytics, such as sending payment reminders early to those it predicts might be late based on credit scores.