Executive Summary
By leveraging the full suite of EliseAI’s products to automate over 80% of all resident and prospect communications, SRG Residential automated over 2,500 hours of messaging across 4 communities while driving delinquency rates down by 60bps, increasing average time to 90% collected by two days, and boosting lead capture by 245%.
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Introduction to SRG Residential
SRG Residential is a premiere provider of third-party property management services for the multifamily industry. Serving over 50 clients and managing over 40,000 units, SRG operates in Texas, Arizona, Nevada, Colorado, Washington, and California. SRG Residential prides itself on the local market expertise of their operation’s personnel enabling them to develop targeted operations and management strategies that increase revenue, reduce expenses, and enhance asset value. The company is large enough to have a full suite of services including accounting, human resources, technology, marketing, and capital improvements. The size of the company allows SRG Residential to be nimble and focused, with the ability to customize service for each client and property. That forward thinking attitude is what first led them to look into deploying AI at their communities.
The Challenge: Commonly Felt Pains in the Multifamily Industry
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Like many other leading real estate companies, SRG Residential faced a variety of external pressures that necessitated innovative technological solutions. Between a tight macroeconomic climate, heightened resident expectations driven by “on-demand” companies like Uber and Amazon, and onsite inefficiencies caused by manual workflows, Jeff Bailey, President - SRG Residential Management and the rest of SRG Residential leadership team recognized they needed to make a change. SRG Residential’s leasing teams were challenged to keep up with high volumes of repetitive tasks, maintenance request follow-ups were eating up significant time for maintenance teams, and residents’ need for 24/7 support was overtaxing their onsite staff.
Fortunately, they found a way to manage heightened resident expectations by providing round-the-clock service without adding headcount or putting more work on the plates of their teams—enter EliseAI.
The Solution: Deploying the Full Suite of EliseAI’s Products
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For Susan Whitney, VP of Strategic Initiatives at SRG Residential and Jason Gherardini, Sr. VP of IT at SRG Residential, getting their AI rollout done properly was just as important as getting it done quickly. With that in mind, they chose to first pilot EliseAI’s LeasingAI, ResidentAI, and VoiceAI products across 1,300 units at 4 communities in the Greater LA area, hoping to get valuable insights and data that they could then use to roll EliseAI’s products out across their whole/remaining portfolio. SRG Residential already had almost 10,000 units using the LeasingAI product, but introducing ResidentAI and VoiceAI allowed them to automate the entire prospect-to-resident lifecycle while saving significant amounts of time for their onsite teams.
Throughout the rollout Susan, Jason, and the SRG Residential team worked closely with both the EliseAI team and SRG Residential’s community managers, with weekly check-ins to refine AI workflows and proactively solve any issues. With LeasingAI automating lead follow-ups and scheduling tours, and ResidentAI handling lease renewals, follow-ups on work orders, and proactive payment reminders, the SRG Residential team saw immediate financial impact of the product that motivated them to focus on expanding their AI deployment across their portfolio.
Measurable Success & Financial Impact
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Deploying the full suite of EliseAI’s products has driven significant qualitative and quantitative results for SRG Residential. For one, the LeasingAI product has a 145% increase in overall lead capture rates, with an impeccable 47% lead-to-tour rate via email. This has boosted SRG Residential’s lead-to-lease rates to over 5%, with EliseAI’s products automating over 80% of all prospect communications and handing thousands of after-hours texts, emails, and calls to ensure no lead goes unnurtured. Since going live, the LeasingAI product has saved thousands of messaging hours for SRG Residential’s onsite teams, giving them valuable time back to build relationships with residents and deliver best-in-class customer service.
Beyond improvements to leasing velocity, the ResidentAI product has created significant efficiencies and cost savings for SRG Residential. EliseAI’s Maintenance product successfully deescalated over 20% of emergency maintenance calls, reducing emergency technician costs and saving SRG Residential valuable time spent on non-emergency maintenance. The Delinquency product drove a 60bps reduction in delinquency rates, as well as reduced the time to 95% collected by two days on average during their pilot. Between additional revenue collected as a result of delinquency rate improvements, staffing-related cost savings, and improved conversion rates, SRG Residential has recognized significant ROI on their AI spend, with operational improvements driving improving community NOI.
Overcoming Initial Hesitations & Building Buy-In
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While there was early skepticism about AI from onsite teams, once community managers saw the significant time savings and operational benefits of AI once the product reached a steady state, they quickly bought in. The resident experience was similar, as residents’ initial apprehension about AI faded away as they experienced the personalized, responsive nature of AI. With EliseAI’s 24/7, concierge-like level of service, SRG Residential’s residents have reported increased satisfaction with maintenance operations and overall resident service, driving an increase in positive Google reviews and helping keep renewal rates high.
With 45 SRG Residential communities currently leveraging LeasingAI and a growing number of communities using the full suite of EliseAI’s products, Jason, Susan, and the whole SRG Residential team are excited about the future integration of AI solutions into SRG Residential’s operations. Whether it’s EliseAI’s new AI-Guided Tour product that reinvents the standard self-guided tour, AI-Powered Call Scoring that delivers automated insights into leasing team performance for training and improvement, or Lease Audits that reduce the risk of over or under charging residents, SRG Residential is excited to continue innovating alongside the EliseAI team.
Reflecting on a Transformational Partnership
The success SRG Residential has found with EliseAI’s products is a perfect example of the real-world benefits of AI deployment in multifamily property management. With strong leasing results, increased operational efficiency resulting in lower costs, and concrete examples of improved resident experiences, SRG Residential is well-positioned to expand its AI adoption across its portfolio of communities moving forward. From the top down SRG Residential has worked to effectively manage change, get their onsite teams onboard, and consistently communicate the value of AI to their residents until they get a chance to see it for themselves. The EliseAI team is excited to watch the further deployment of AI across the SRG Residential portfolio, and is proud to work with such an innovative, forward-thinking operator.
Introduction to SRG Residential
SRG Residential is a premiere provider of third-party property management services for the multifamily industry. Serving over 50 clients and managing over 40,000 units, SRG operates in Texas, Arizona, Nevada, Colorado, Washington, and California. SRG Residential prides itself on the local market expertise of their operation’s personnel enabling them to develop targeted operations and management strategies that increase revenue, reduce expenses, and enhance asset value. The company is large enough to have a full suite of services including accounting, human resources, technology, marketing, and capital improvements. The size of the company allows SRG Residential to be nimble and focused, with the ability to customize service for each client and property. That forward thinking attitude is what first led them to look into deploying AI at their communities.
The Challenge: Commonly Felt Pains in the Multifamily Industry
Like many other leading real estate companies, SRG Residential faced a variety of external pressures that necessitated innovative technological solutions. Between a tight macroeconomic climate, heightened resident expectations driven by “on-demand” companies like Uber and Amazon, and onsite inefficiencies caused by manual workflows, Jeff Bailey, President - SRG Residential Management and the rest of SRG Residential leadership team recognized they needed to make a change. SRG Residential’s leasing teams were challenged to keep up with high volumes of repetitive tasks, maintenance request follow-ups were eating up significant time for maintenance teams, and residents’ need for 24/7 support was overtaxing their onsite staff.
Fortunately, they found a way to manage heightened resident expectations by providing round-the-clock service without adding headcount or putting more work on the plates of their teams—enter EliseAI.
The Solution: Deploying the Full Suite of EliseAI’s Products
For Susan Whitney, VP of Strategic Initiatives at SRG Residential and Jason Gherardini, Sr. VP of IT at SRG Residential, getting their AI rollout done properly was just as important as getting it done quickly. With that in mind, they chose to first pilot EliseAI’s LeasingAI, ResidentAI, and VoiceAI products across 1,300 units at 4 communities in the Greater LA area, hoping to get valuable insights and data that they could then use to roll EliseAI’s products out across their whole/remaining portfolio. SRG Residential already had almost 10,000 units using the LeasingAI product, but introducing ResidentAI and VoiceAI allowed them to automate the entire prospect-to-resident lifecycle while saving significant amounts of time for their onsite teams.
Throughout the rollout Susan, Jason, and the SRG Residential team worked closely with both the EliseAI team and SRG Residential’s community managers, with weekly check-ins to refine AI workflows and proactively solve any issues. With LeasingAI automating lead follow-ups and scheduling tours, and ResidentAI handling lease renewals, follow-ups on work orders, and proactive payment reminders, the SRG Residential team saw immediate financial impact of the product that motivated them to focus on expanding their AI deployment across their portfolio.
Measurable Success & Financial Impact
Deploying the full suite of EliseAI’s products has driven significant qualitative and quantitative results for SRG Residential. For one, the LeasingAI product has a 145% increase in overall lead capture rates, with an impeccable 47% lead-to-tour rate via email. This has boosted SRG Residential’s lead-to-lease rates to over 5%, with EliseAI’s products automating over 80% of all prospect communications and handing thousands of after-hours texts, emails, and calls to ensure no lead goes unnurtured. Since going live, the LeasingAI product has saved thousands of messaging hours for SRG Residential’s onsite teams, giving them valuable time back to build relationships with residents and deliver best-in-class customer service.
Beyond improvements to leasing velocity, the ResidentAI product has created significant efficiencies and cost savings for SRG Residential. EliseAI’s Maintenance product successfully deescalated over 20% of emergency maintenance calls, reducing emergency technician costs and saving SRG Residential valuable time spent on non-emergency maintenance. The Delinquency product drove a 60bps reduction in delinquency rates, as well as reduced the time to 95% collected by two days on average during their pilot. Between additional revenue collected as a result of delinquency rate improvements, staffing-related cost savings, and improved conversion rates, SRG Residential has recognized significant ROI on their AI spend, with operational improvements driving improving community NOI.
Overcoming Initial Hesitations & Building Buy-In
While there was early skepticism about AI from onsite teams, once community managers saw the significant time savings and operational benefits of AI once the product reached a steady state, they quickly bought in. The resident experience was similar, as residents’ initial apprehension about AI faded away as they experienced the personalized, responsive nature of AI. With EliseAI’s 24/7, concierge-like level of service, SRG Residential’s residents have reported increased satisfaction with maintenance operations and overall resident service, driving an increase in positive Google reviews and helping keep renewal rates high.
With 45 SRG Residential communities currently leveraging LeasingAI and a growing number of communities using the full suite of EliseAI’s products, Jason, Susan, and the whole SRG Residential team are excited about the future integration of AI solutions into SRG Residential’s operations. Whether it’s EliseAI’s new AI-Guided Tour product that reinvents the standard self-guided tour, AI-Powered Call Scoring that delivers automated insights into leasing team performance for training and improvement, or Lease Audits that reduce the risk of over or under charging residents, SRG Residential is excited to continue innovating alongside the EliseAI team.
Reflecting on a Transformational Partnership
The success SRG Residential has found with EliseAI’s products is a perfect example of the real-world benefits of AI deployment in multifamily property management. With strong leasing results, increased operational efficiency resulting in lower costs, and concrete examples of improved resident experiences, SRG Residential is well-positioned to expand its AI adoption across its portfolio of communities moving forward. From the top down SRG Residential has worked to effectively manage change, get their onsite teams onboard, and consistently communicate the value of AI to their residents until they get a chance to see it for themselves. The EliseAI team is excited to watch the further deployment of AI across the SRG Residential portfolio, and is proud to work with such an innovative, forward-thinking operator.