Since 2020 multifamily has seen an enormous influx of new technology. Recently, at the forefront, is AI. What does AI for Multifamily look like? How do we define it? What options are out there? How do I know what to pick? These are all great questions that we will dive into in this article.
AI doesn’t have to be confusing, and often the solutions you need are the most simple ones. In this article we will dive into types of AI for Multifamily, how to identify what “kind” of AI you need, and how to pick the best solution.
What is AI for Multifamily?
Let’s start by first defining AI. We can lookup the official definition from Oxford Languages, but that doesn’t serve our purpose of understanding what AI is. Rather, we can simplify the definition greatly:
Artificial intelligence is the science of making machines that can think like humans.
HCLTech
At it’s core, AI for Multifamily is the effort for multifamily professionals to replace human tasks with technology in a way that creates delightful experiences for prospective renters and residents while saving team members valuable time. There are SO many options these days of products to implement at your properties. So how do you categorize these products and how do you know what tool(s) is right for you and your properties?
Types of AI for Multifamily
AI for Multifamily has manifested in a varied of tools and products in the market. Nurture Boss offers several products that leverage AI and is just one of many companies you could choose to work with. Fortunately we can break all of the products in the market into a few categories.
ChatBots
ChatBots seek to create a conversational experience for prospects and residents through text conversations with artificial intelligence. In order to interact with a chatbot, the prospect or resident needs to be at a place where the ChatBot is accessible. Property websites, some ILS’s, and Google Business Profiles are some examples.
ChatBots are typically powered by a knowledge base that houses tons of information about your property. It is this knowledge base that the AI for multifamily references when crafting answers. As with all AI, the knowledge base is the crux. A strong knowledge base means a better experience for the prospect or resident.
The two most common types of ChatBots you can find are “point and click” and “conversational”. It’s important to note that while these two ChatBots offer a different experience, they are often powered by the same technology.
Point and Click:
These types of bots are useful if you want to narrowly focus the individual interacting with the ChatBot. With this type of product you can ensure prospects and resident only ask about things you are prepared to answer. This can completely eliminate the possibility that the ChatBot gets stumped and can help focus driving individuals toward the conversions you care about most. The downside of a solution like this is that the limited functionality can fail to solve a prospect or residents problem and potentially create a frustrating experience.
Conversational:
These types of ChatBots create a more “human” experience. These ChatBots mimic a human conversation where participants can type any question or comment they would like, and the ChatBot interprets the text and does it’s best to provide a useful response. This is the type of ChatBot that Nurture Boss offers. The benefits of a solution like this is the incredibly broad range of questions it can answer. A conversational ChatBot truly replaces a human conversation and all the nuance it comes with. Potential downsides with a open topic solution like this is an increased chance a question is asked that the ChatBot cannot answer. A good solution to this is to train your ChatBot that it is okay to say “I don’t know” and pass questions like this to an onsite team member.
Virtual Leasing Assistant
Virtual Leasing Assistants are one of the most innovative AI for multifamily solutions to be brought created to date. A good virtual leasing assistant will leverage AI to drive prospective renters through the entire lead to lease journey and then continue it’s work to drive residents through the lease to renewal lifecycle.
Think of your virtual leasing assistant as an additional team member at your property. They can do most things a normal team member could do. It’s important to understand the attributes that make up a strong Virtual Leasing Assistant and understanding where technology should not replace the human touch.
Proactive Approach:
A good Virtual Leasing Assistant will be proactively following up with prospective renter and residents. This means your Virtual Leasing Assistant should not be sitting back waiting for engagement, rather, like a good onsite team member, it should be creating opportunity for engagement by reaching out to all prospects and residents at regular intervals.
A Strong Knowledge Base:
Your AI is only as good as the information you give it. A powerful Virtual Leasing Assistant, and any powerful AI for multifamily will have a robust knowledge base that can be added to frequently as new information comes up. A good knowledge base will also be broken into sub-categories around different questions topics for folks in different stages of the lead to lease and lease to renewal lifecycle.
Multi-Channel Support:
Can your AI for multifamily text? Does your AI it email? Will it support chatting on the phone? Having multi-channel support, or omni-channel, is critical for success. Not only should your AI for multifamily support multiple channel types, but it should be able to understand the individuals preferred channel and default there. Seamlessly switching a conversation between channels is a plus!
Other Types of AI
While ChatBots and Virtual Leasing Assistants are the main things we think of when we hear “AI for Multifamily” they are by no means the complete list. Some other common examples of AI for multifamily include:
- AI assistance in combing through data
- Content generation powered by AI
- Send Time Optimization, harnessing AI to understand when you should send a message
- Intelligent stage recognition to send relevant messages throughout the leasing journey
In Conclusion
Understanding AI for Multifamily does not have to be complicated. Like any scenario where you are looking for the correct solution, start with focusing on the problem. What are you trying to solve for? Understanding this will help create a clearer picture of what technology you should partner with.
Once you know the solution you need, understand the different ways different vendors go about solving the same problem. All AI solutions are not created equal. Find something that works for you, your teams, and your customers.
Lastly, find a partner that is in it for the long haul. A technology partner should be an extension of your team and get their hands dirty with problem solving. Customizing a solution for each property is critical to getting the best results!
