In competitive rental property markets, property managers and landlords know that consistently providing an excellent customer experience is critical to distinguishing your brand from competitors and attracting and retaining quality tenants. That’s investment property management working at its best.
Expectations are high. According to Microsoft’s 2018 State of Global Customer Service survey, 59 percent of consumers have greater expectations regarding customer service quality than they did in 2017. The good news is, artificial intelligence (AI) can help property managers fulfill tenant’s expectations seamlessly and without missing a beat.
According to a report from global management consulting firm McKinsey & Co., by 2030, 70 percent of businesses will have adopted at least one form of AI technology. All industries will be impacted by AI technology, including real estate, where it is already transforming efficiency and productivity.
If the prospect of adapting to AI concerns you, you can relax. Most likely you’ve already engaged it. If you’ve asked Alexa to remind you of an appointment or interacted with your power company’s virtual agent online regarding a payment inquiry, you’ve already employed it.
AI technology is ubiquitous. And although some people conjure images of robots taking our jobs away, AI actually provides valuable, intuitive, real-time assistance by automatically taking care of menial tasks that free up humans to focus on more important responsibilities.
Below are three ways that AI technology can provide fast, personalized, and data-driven services that help project managers and landlords improve the customer experience.
According to a 2018 Zillow report, prospective tenants who leave an inquiry regarding a rental listing expect to hear back from the landlord or property manager within 24 hours. The sooner you get back to the prospect, the better your chances of securing a signed lease and reducing your vacancy rate.
Zillow research reports that property managers or landlords who respond to a lead within one to two minutes of receiving it are 40 percent more likely to engage with potential tenants. Wait even 30 minutes to respond, the likelihood of engagement plunges to 10 percent.
AI ensures that every lead receives a response within minutes, regardless of the time of day or night the inquiry is received. By using conversational AI like AppFolio’s AI Leasing Assistant Lisa, a prospective tenant can locate your listing, call or text their number, and almost instantly receive a response with answers to their questions.
Lisa is formatted to ask questions that qualify a lead, cross-sell other vacancies you have available to find the best fit, then assist with booking a viewing. On the day of the scheduled viewing, Lisa will text the prospective tenant to confirm the appointment or reschedule if necessary. Lisa can even follow up after the viewing with application information.
Lisa is just one of many examples of AI technology’s problem-solving functions, such as ensuring a swift response to lead inquiries.
A recent study from multinational services company Accenture found that 58 percent of consumers would switch providers if they discover one more adept at personalizing experiences. Additionally, a recent Salesforce study revealed that 84 percent of customers rated personal attention rather than impersonal treatment as very important to winning their business.
AI can provide the high personalization expectations of your customers in many ways. AI technology is fully equipped to personalize interactions with your customers by accessing all the customer’s available data points. AI can also tailor the service and information it provides to the customer.
AI is equipped to perform complex tasks, access customer data, and make decisions to ensure highly personalized customer service. It is poised to make investment property management so much easier for you.
AI empowers property managers and landlords to provide the same excellent customer experience to every tenant and potential tenant, every time. Your human property management team can’t guarantee this level of excellence because humans, no matter how capable, are not programmed to precisely manage explosive volume or provide a top-notch customer experience to everyone at once. In addition, human team members can’t work 24/7. AI doesn’t need to eat, sleep, or spend time with family. AI’s job is to reply quickly to lead inquiries outside of your human team’s normal business hours.
There you have three ways in which AI can empower your investment property management team to meet and even exceed customer expectations. And since recently published research by Salesforce found that 72 percent of customers will share a good experience, providing an excellent customer experience will earn your business the benefits of word-of-mouth recommendations, more referrals, and glowing testimonials.