With rents likely to stagnate in 2023, focus is turning to how to cut property management costs. That’s easier said than done, especially if you want to maintain strong operations.
The right tech suite can help you streamline and centralize operations and improve NOI without compromising high-quality operations. You can even digitize and set new expectations for the leasing process altogether. These multifamily tech trends are here to stay and will likely shape the future of renting as we know it.
The 5 Best AI & Proptech Solutions To Level Up Property Management in 2023
- AI Leasing Assistants
Artificial intelligence, particularly to manage prospect questions and schedule tours, is more popular than ever.
If you are not using AI technology to manage your property communications and marketing, you are putting yourself at a significant disadvantage. EliseAI is an advanced AI assistant that manages over one million units and engages with prospective renters via email, text, chat, and phone. Buildings that do not have an AI leasing assistant typically convert prospects into tours at a rate of 11%, whereas EliseAI converts prospects at a rate of 35% using the same definition.
Using a basic chatbot won't yield comparable results. It's important to note that an AI Leasing Assistant built with machine learning is significantly more advanced and efficient. It can closely emulate a human leasing agent to the extent that most prospects are unable to distinguish the difference.
- Virtual & Video Tours
Real estate virtual tours have been commonplace for the homebuyers, but many properties and lease-ups have been rolling out advanced 3D renderings of apartments, and finding more opportunity to share virtual tours throughout the renter funnel. Companies like Matterport and Peek, for example, can create photorealistic images of multiple floorplans, even a whole building. They can also generate fully staged apartment photos so that prospective residents can envision their life in a certain community.
The more chances a prospect has to see the unit prior to the tour, the more likely they are to sign site unseen, skipping all the oversight and staff that a self-guided or escorted tour takes.
- On-Demand Self-Guided Tours
The beauty of using an AI Leasing Assistant is that it can schedule tours 24/7 based on an agent’s schedule, including travel time between communities if an agent works on more than one property.
The beauty of proptech for self-guided tours? The agent doesn’t need to be present at all. Instead, companies like Tour24 and Rently equip properties to offer solo tours before, during, and after business operating hours.
Prospects can book a self-guided tour, use the company’s app to access the building and unit with keyless entry, access all the unit specifications and details. Agents can even record a tour audio. It’s great for managing walk-ins and renters who can’t tour during business hours.
- Automated Resident Management
On average, leasing agents spend a significant amount of time each month chasing overdue payments and fees, and fulfilling maintenance requests and lease renewals. These basic tasks can be a distraction from more strategic projects, such as event marketing, resident engagement, and property enhancement.
However, by leveraging artificial intelligence and automation, property managers can reduce costs and enhance interactions with residents. EliseCollect, an advanced rent manager tool from EliseAI, can collect, track, and negotiate rent payments with residents in a personalized yet persistent manner. The use of AI ensures that reminders, follow-ups, and confirmation notices are sent consistently, whether by centralized or onsite agents or property managers.
Moreover, automating the lease renewal process eliminates the need for leasing agents to keep a catalog of renewals in their heads, resulting in consistent lease renewals ahead of the expiration date.
- Resident & Prospect Incentives
With rent still growing (albeit slowly), resident engagement is vital to maintaining occupancy, and with less staff available, it can be tricky to make a rental property feel like home.
Prospects and residents alike are searching for ways to save on upfront fees and ongoing expenses. Technology start-ups have found innovative solutions to help renters save money. Although investing in trendy amenities such as ghost kitchens, secure package rooms, and social events can be great, it is wise to begin with financial incentives that will impact every renter.
Bilt Rewards enables renters to earn points by paying rent, and use points to travel, pay rent, workout, and even as a path to homeownership.
Maximizing Efficiency and Renter Experience through Technology
Adopting new technologies is a short-term cost for long-term savings. With the right proptech suite, you can operate more autonomously and centralized, reducing the burden of short staffing and alleviating the costs of hiring and training. Now’s the time to change your value chain too, with a more digital experience preferred by the modern renter. What the renter wants matters, and — you’re in luck — can increase your net operating income too.