2024 is a big year for Yardi, and it’s not just because we’re celebrating 40 years in business. This year marks an exciting shift in our innovation process, exemplified by the new AI solutions presented during YASC 2024’s opening spotlight session for multifamily. Here’s a recap of innovations and features unveiled during the event. Marketing with AI Ready to streamline content creation and optimize marketing spend? As Esther Bonardi, Yardi vice president of corporate marketing and REACH by RentCafe, put it, “AI is everywhere, and it’s impacting all of our development from the time renters start looking for their apartment, and all the way until they’re renewing their lease.” Here’s a peek at new AI-driven solutions to help you drive more quality prospects. Simplifying content creation with Creator by Virtuoso The new Creator by Virtuoso — included in Marketing IQ Genius — uses AI to generate and schedule content for property websites. Whether it’s page narratives, blog posts or Google Business Profile updates, content creation has never been easier. Marketers can now update websites and social feeds with minimal effort, ensuring they stay competitive in the digital landscape. Data-driven budgeting and strategy Marketing IQ Genius also includes more advanced SEO and PPC reporting, as well as PPC budget recommendations powered by machine learning. Get strategic suggestions that help you make informed decisions about your advertising spend.  Allocate budgets more effectively and drive better results based on real-time data and insights. Speed to lease: Accelerating the customer journey with AI “Days equal dollars when it comes to vacancy loss,” Paul Yount, industry principal, said to a crowd of multifamily professionals — but not before he somehow weaved a baby picture of himself onto a slide. (It all connected to his YASC session, “Back to the Future of Leasing and AI.”) Speed is everything when it comes to turning your prospect into a resident — and our AI initiatives are making that process even faster. Here are some updates that will help you reduce vacancy loss. More efficient leasing Chat IQ, powered by Yardi Virtuoso, provides instant, personalized responses to your customers that keep them engaged and informed throughout their leasing journey. Plus, our income and identity verification solutions streamline approvals, ensuring maximum speed when it comes to converting an inquiry into a lease. Self-serve maintenance Our new self-serve maintenance feature guides residents through minor fixes, reducing the hassle associated with maintenance and the workload on property managers. This not only enhances resident satisfaction but also frees up time for teams to focus on more strategic tasks. Yardi Energy Yardi Energy has exciting new updates in store to help you manage energy usage more efficiently, so you can reduce cost while aligning with environmental best practices. Enhancing the resident experience We’re also rolling out new innovations that will make your resident experience even better. Get ready for increased resident satisfaction and renewals. Rewards by RentCafe Resident retention is key to long-term success, and our new rewards program for residents is designed to do just that. Rewards by RentCafe incentivizes your residents to pay rent on time by rewarding them for on-time rent payments and subscriptions to Resident Services by ResidentShield. Points can be redeemed for fun things like travel and shopping, helping you enhance satisfaction. Resident Services by ResidentShield As just mentioned, we’ve rolled out a comprehensive suite of resident services that cater to every stage of the resident lifecycle. But the highlight is our move-in tracker, which simplifies the move-in process for residents by giving them one place to sign up and activate all the essentials, like Wi-Fi and electricity. This helps them feel at home from day one, and gives you bonus points for a seamless experience — without extra effort on your part. The roadmap A preview of enhancements you can take advantage of now, or soon! Chat IQ It just keeps getting better with Chat IQ. This...

Chat IQ is helping one million units with seamless communication! To celebrate this milestone, we spoke with Chat IQ’s biggest fans: Top property managers in the industry. Discover why the industry loves this powerful bot and how it all creates a domino effect when it comes to driving efficiency in their organization. Backing it up with the numbers “We’re thrilled about the unit milestone,” said Paul Yount, industry principal at Yardi. “It means that our valued clients trust us with their AI bot needs.” This year to date, Chat IQ has handled over four million inbound messages for our clients and their agents. This resulted in over 225,000 hours saved, according to Yardi data. One of the standout benefits is the improvement in what Yount refers to as “speed to lease,” or the time it takes for a prospect to become a resident. Chat IQ accelerated the time it took for a prospect to sign a lease by up to seven days. “Days equal dollars when it comes to vacancy, so this is really improving not just the efficiency of the onsite teams, but the community and client’s bottom line,” Yount concluded. About Chat IQ Chat IQ answers prospect and resident questions around the clock through chat, email, text and calls. It frees up your staff to focus on higher-level activities they enjoy more than answering repetitive questions. Chat IQ instantly answers almost all customer base intents, connects customers to real agents if needed and now includes support from Yardi when your agents are unavailable. Our clients say it best Chat IQ has garnered praise from top property managers for its outstanding performance and benefits it brings to their operations. Here are some of the key advantages that make this AI-powered bot an industry favorite. Enhanced efficiency Chat IQ can answer 97 percent of questions without needing to learn anything new, eliminating the need for constant data reentry. Carrie Bakke, senior systems analyst at the Lund Company, shares her experience, stating, “In the first six months after we rolled out Chat IQ, we had an average of three leases per month that were generated entirely from the bot. It freed up approximately six hours a day spent answering questions. And all of that information has been provided without our site teams having to lift a finger.” Freed up time for leasing agents Chat IQ allows community team members to do more valuable and meaningful work, while providing the immediacy today’s consumers expect. “Chat IQ is there day or night, business day or holiday,” said Yount. The ability to operate around the clock has made a significant impact on leasing teams. Leslie Henry, SVP at Towne Properties, notes, “After we implemented Chat IQ, our site teams quickly realized how useful it was in gaining back time. They love how it filtered out less promising leads in the beginning. We let them customize some aspects of the responses so there was more of a personal human touch.” Proven ROI For others, Chat IQ is simply about the return on investment. Jason Gherardini, SVP of IT at Sares Regis Group, highlights the value Chat IQ brings, saying, “We get true ROI with Chat IQ from the first conversation, discussion, all the way to lease. It’s a good product.” And it’s getting even better with a new AI update We’re excited to announce that Chat IQ is now more efficient, more impactful and more streamlined with several AI enhancements: Customizable brand tone: Chat IQ matches your company’s unique voice and style, creating consistency in each conversation. OpenAI ChatGPT integration: Prospects and residents will enjoy more natural, human-like interactions. Better interactions: Chat IQ now responds dynamically to questions, moving beyond templated responses to provide a more interactive experience. Multi-question handling: Seamlessly address multiple questions in a single chat, such as “What’s the pet policy, the nearest dog park and the pet deposit?” New voice...

It was a film buff’s paradise last week at the National Apartment’s Association biggest tradeshow, Apartmentalize. In addition to the Yardi Theater showings, eventgoers had the opportunity to attend a session titled “Leasing: Back to the Future with AI & Human Touch.” Led by Paul Yount, industry principal at Yardi, the discussion featured Anne Baum, director of marketing at Towne Properties; Diana Norbury, SVP of multifamily operations at Pillar Properties; and Tyler Lucas, director of marketing technology at Gates Hudson. (Pictured, right.) Onsite staff were also presented virtually, with Emma Akervold, assistant property manager at Pillar Properties and Leslie Armstrong, area manager at Towne Properties, sharing their thoughts on Chat IQ, Yardi’s virtual assistant that answers to prospects and residents. Back to the future of customer service & technology Yount set the stage with a “Back to the Future” theme, even donning Marty McFly’s iconic vest. The theme highlighted how modern renters want traditional customer service nostalgic of the past, but with the efficiency of cutting-edge technology one could expect from the future. (But the good news is that this kind of innovative technology is available today.) “In the past, hands-on customer service meant compromising staff roles. Great service but very inefficient,” Yount explained. “But today, with the right technology, you can have that great hands-on customer experience and leverage efficiency at the same time.” Yount demonstrated how customer expectations for excellent service have remained constant, but the means to deliver it have evolved. Drawing parallels between scenes from “Back to the Future” and property management, the session emphasized AI and technology’s role in improving human-centered service and overall efficiency. Reshaping & elevating onsite roles The panel discussed how AI and automation reshaped onsite roles to focus more on higher-priority tasks. AI-driven solutions help staff handle repetitive and manual tasks, lightening workloads. This gives teams more time to focus on more meaningful, high-value activities, which leads to better customer experiences and employee satisfaction. Additionally, AI can instantly provide leasing teams with the information they need to enhance performance. “It’s performing faster than any of us can,” Lucas emphasized. But AI’s powerful capabilities can’t completely replace human abilities — it just enhances them. Panelists agreed that AI and automation enable property managers to reallocate their resources more effectively, ensuring that human talent is utilized where it can have the greatest impact. How AI transforms operations Speakers shared their experiences with Chat IQ, highlighting improvements in lead conversion rates and operational efficiency. They noted a significant reduction in the time between lead inquiries and scheduled appointments, resulting in faster lease conversions and reduced vacancy periods. “We’ve seen a huge increase in inquiries being scheduled without us having to initiate that conversation,” Akervold, assistant property manager at Pillar Properties, said. “I can’t emphasize enough the value that I find in it.”  The benefits of AI extend beyond operational efficiency—they also power faster response times and improved lead management, which directly contribute to better occupancy rates and revenue performance. Team & customer reactions to AI Integration While skeptical at first, staff members like Leslie Armstrong of Towne Properties eventually embraced AI for its ability to handle routine tasks, freeing them to focus on resident engagement and customer satisfaction. This change led to improved team morale. “Chat IQ makes our customers feel like we’re always present even after business hours,” Armstrong said. “When I’m at home with my family, I know that my offices are still being supported.”  As staff attitudes shift towards the support of AI, operators can also look towards using AI to combat staffing issues. “I think what nobody talks about when you’re short-staffed are that the people that are left behind. It’s a lot of burnout. They feel a lot of the pressure and so it allows you to be a little bit more flexible with operations,” Norbury noted. Choosing the right AI platform It’s no secret that the multifamily...

The multifamily industry has long since been a lucrative target for fraudsters, and recent years have only made it worse. While online leasing has streamlined the leasing journey for many applicants, it has also opened the door for bad actors to manipulate the system, resulting in unpaid rent and bad debt for multifamily owners. The good news is that you can deter fraud from the very start. Read on to explore how technology can enhance security and efficiency across your online leasing process. The rise of real estate fraud Real estate crimes have increased each year since the pandemic. The FBI’s internet crime reports the total reported internet-based real estate crimes soared from $213 million in 2020 to a staggering $397 million in 2022. The multifamily industry was no exception, with many fraudsters taking advantage of the rising popularity of online leasing. According to the Pulse Survey conducted by NMHC, 93.3% of survey respondents reported experiencing fraud within the last 12 months with 70.7% seeing an increase in the same time period. Fraudulent documents have evolved to become increasingly complex. It is now more challenging to detect false applications without the help of technology. And in this digital age, relying on onsite teams to play detective is not practical or efficient. Combatting fraud with technology With the help of AI and automation, tech can detect fake IDs and altered paystubs instantly, stopping criminals who are trying to exploit the system. Of the options out there, consider a system that is easy to use, can easily be trained and can seamlessly connect to your property-level data. Overall, you want to choose tech that makes it not only easy for quality applicants to apply, but also creates an uninterrupted experience from prospect to resident. How fraud prevention tech can benefit everyone involved Implementing an automated screening solution is not just about preventing fraudulent applicants during the leasing process. It’s a proactive approach that can be integrated into various stages of your customer’s lifecycle. Easy touring. Enabling ID verification before in-person and self-guided tours enhances security before your prospect enters your community. It can also be used to manage resident visitor and vendor access, enhancing security within your communities. Faster leasing. If you implement a connected identity verification solution that seamlessly guides prospects into the applicant stage, prospects who have already verified their identity for a tour won’t have to repeat the process if they proceed with an application. This makes it frictionless for prospects to complete their application and streamlines the approval process for your staff. Staff efficiency. Using technology to automatically cross-check information and detect any inconsistencies that may indicate potential fraud is a huge game-changer for leasing teams. But the tech doesn’t stop at identity verification. You can also leverage automation to authenticate applicant incomes, further ensuring that your applicants are able to afford the rent. Not only does this decrease your staff’s manual workload, but it’ll also remove the burden of being detectives. Ongoing verification. Be sure to provide residents with access to a secure portal where they can update their information as necessary. This contributes to a seamless and secure ongoing resident experience. As the multifamily industry navigates the challenges posed by rising internet-related real estate crimes, technology emerges as both a solution and a deterrent. Online leasing, when coupled with robust ID and income verification solutions, accelerates the leasing process and strengthens the industry against fraud. Discover how Yardi’s screening and fraud solutions, ID Verify and Income Verification, simplifies screening for your staff and future residents. Dweck Properties saved up to 30 minutes per applicant during the application process. Want to see it for yourself? Watch this short on-demand webinar on how you can automate ID and income verification to make screening easier for your prospects, staff and...

In the dynamic world of multifamily real estate, implementing the latest technology is not just an option, it’s a necessity. Modernizing your leasing strategy is more important than ever as renters increasingly demand instant, automated and personalized experiences. But above all, they value experiences that put them in control of their journey. We’ve identified five key tools and strategies that you can implement or enhance in 2024, putting your customers in the driver’s seat while elevating your NOI. These solutions not only enhance the customer experience, but also streamline your onsite teams’ efficiency. Let’s dive in! 1. Chatbots as virtual leasing assistants Chatbots are revolutionizing customer interaction across industries, and the multifamily industry is no exception. Chatbots can free up leasing teams by fielding the bulk of common inquiries, but what’s the point if it only creates more hassle for your teams with multiple logins and disjointed data? As customers expect more instant gratification and answers, it’s more important than ever to leverage a chatbot that can do more than just chat — the right bot will act as a true extension of your team, answering chats, texts, emails and calls in the voice and tone your organization prefers. Additionally, a chatbot that has access to your property and customer data can help you provide consistent customer experiences from the start. Chat IQ has direct access to Voyager data, providing accurate unit availability, pricing and tour appointment schedules. Here’s a quick overview of what else the right chatbot can bring to the table: Generate conversions with prompt customer service and automated tour scheduling Improve resident retention by facilitating rent payments, maintenance requests, lease renewal notifications and more Reduce operating costs by automating repetitive tasks and streamlining workflows 2. Self-guided tours to empower prospects Want more interested prospects, a speedy leasing process and fewer vacant units? Implementing self-guided tours can help. Self-guided tours offer a more convenient and flexible way for prospects to explore units. Unlike traditional tours that require a leasing agent to be present, self-guided tours can be booked outside of leasing office hours. Plus, you don’t have to hire additional staff. Onsite teams also benefit greatly from self-guided tours, shifting the focus from just showing prospects around to more strategic efforts for enhancing the customer experience. This focused approach not only generates more high-quality leads, but also paves the way for job satisfaction and subsequently, better staff retention. 3. Automated screening for better efficiency and security Your leasing agents are leasing agents, not detectives. Automated screening tools eliminate the need for tracking down lost papers, tedious back-and-forth emails and the responsibility of ensuring whether documents are legit. Automated screening is also a win for prospects. Facial recognition and automation technology reduce obstacles prospects face in trying to apply for an apartment, accelerating their journey to becoming your resident. The same goes for technology that allows prospects to verify their income on the spot. With technology that seamlessly allows prospects to take a selfie and upload a paystub, they’ll be able to get approved for that unit faster. 4. Centralized data for operational excellence Centralization is more than just a buzzword. It’s a strategy that has the potential to yield lower costs, increase efficiency and increase satisfaction for both renters and staff. But a long-term strategy to centralization requires a more nuanced approach. When considering how to centralize, focus on your onsite staff’s expectations, how roles will be specialized and the structure of your centers of excellence. Kim Young, vice president of shared services at Fogelman Properties, suggests refining your automation strategy before jumping head-first into the centralization hype. “Until you know what humans don’t have to do, you can’t know how and where to centralize,” she said.  No matter how you go about it, a thoughtful approach to centralization paves the way for long-term operational efficiency. Need a place to start? CRM IQ gives you visibility into...

Yardi is now offering to handle all incoming leads when a client bundles RentCafe Chat IQ with RentCafe CRM IQ. Chat IQ is an artificial intelligence-driven chatbot capable of answering questions instantly through chat, text, email and phone call. With this offer, Chat IQ will automatically connect customers to a dedicated Yardi specialist for assistance if it is unable to answer a question. “Chat IQ has always offered live-agent handoffs, but we’re taking it one step further and offering live agent support directly from Yardi when a client pairs Chat IQ with CRM IQ,” said Richard Malpica, vice president at Yardi. “Chat IQ already responds to over 95 percent of inbound inquiries effectively, but there will still be questions that need human attention. This offer will uphold our promise of automating routines and humanizing exceptions.” Yardi stands out as one of the few multifamily technology providers that currently offer to connect customers to agents. This feature is invaluable for companies with sufficient onsite resources to manage handoffs. However, not all companies have these resources readily available. By integrating Chat IQ with CRM IQ, organizations ensure immediate answers to customer inquiries — ultimately increasing the number of quality leads — even if onsite staff are not available to answer the customer’s questions. “We want to step in for those inevitable inquiries that can’t be answered automatically,” Malpica adds. “This means every question gets answered, every interaction gets documented and everything can be seen from one connected system.” If the Yardi specialist does not have the answer to a question, they will contact the property, relay answers to the customer, then store the response in Chat IQ as a custom intent to answer the question going forward. CRM IQ is a customer relationship management system that provides leasing teams with a clear view of the entire prospect and resident journey. Built to work together, Chat IQ and CRM IQ are complementary solutions that ensure seamless experiences for renters and seamless communication and management for staff. Speak to a representative to learn more about this...

At the 2023 Yardi Advanced Solutions Conference, Director of Sales Nima Farkhak led a panel with leading multifamily figures about trends impacting the industry — and the tech they’re using to get ahead. The conversation revolved around automation, fraud prevention and training. Particularly, how can multifamily organizations receive more employee buy-in when implementing new technology, and leverage that technology to maximize support for their employees? Panelists (pictured, right) included Leslie Henry, SVP of strategic solutions and development at Towne Properties and Josh Draughn, head of marketing at Weidner Apartment Homes. Read on for key takeaways. Automating early touchpoints significantly reduces site teams’ workloads Most multifamily operators agree that strategic automation is key to efficiency, resulting in streamlined workloads, satisfied employees and happier residents. “Automation is all about how we can give back valuable time to our associates, and we’ve found Chat IQ to be extremely helpful with that,” said Draughn. “Instant gratification is now expected, so our first automated engagement starts just five minutes after an initial contact. Then Chat IQ transitions the interaction to texting, which results in a faster response time.” Since implementing automation and Chat IQ, Draughn says that Weidner experienced a 15 percent reduction in advertising costs year over year. Transparent communication is key to achieving employee buy-in But there are challenges with implementing automation, artificial intelligence and new technology in general — especially when it comes to employee buy-in. Henry noted that most of Towne’s employees have been with the company for a long time and were opposed to change — until they saw its benefits firsthand. “After we implemented Chat IQ,” Henry said, “Our site teams quickly realized how useful it was in gaining back time. They love how it filtered out less promising leads in the beginning. But we also took their feedback if they didn’t like the way the bot was responding. We let them customize some aspects of the responses so there was more of a personal human touch.” Draughn agreed. “Getting buy-in at first will always be challenging,” he said. “But it’s all about how you communicate new changes and listen to their feedback. The human element in multifamily is always going to stay.” Deterring fraud with automation Multifamily organizations are also relying on technology to vet applicants more than ever. ID Verify uses facial recognition technology to confirm applicant identities. To do this, applicants take a selfie during the screening process, which is then matched with the official documents they submit. “Accuracy is one of the biggest benefits of automating the identity and income verification process,” Henry said, adding that automated technology has acted as a fraud deterrent, saving Towne thousands of dollars in the process. “In the beginning, I thought we were losing rentals,” Henry said. “But when we looked closer, it was because some IDs were so clearly fraudulent that the system weeded them out instantly. It saved us from dealing with them, them potentially living with us and us incurring bad debt.” Draughn agreed, noting that while there may be steps like taking selfies, genuine prospects will still follow through with the application. This allows leasing teams to avoid guesswork or repetitive communications. Streamlining online training As the pandemic shifted training methods from in-person to online, Towne Properties also turned to the learning management system Aspire for online training. “We’re learning about the product faster and it’s easier for us to train new employees,” Henry said, highlighting the ease brought by Aspire’s full integration with Towne’s solutions. “It feels good knowing that anyone can learn at their own pace with Aspire.” See it in action A connected solution can help you drive efficiency at every stage of your workflow, enhancing data connectivity and eliminating gaps. Want to see what this looks like in action? Watch a webinar to see how Yardi helps you streamline workflows, reduce fraud and enhance...

Planning to attend multifamily events this fall and winter? Chances are we’ll be there! This is a great opportunity to strengthen your industry connections and see how a connected system benefits every stage of your workflow. Explore this list to see how you can connect with us at every event. September: Multifamily Executive Conference Mark your calendars for the Multifamily Executive Conference from Sept. 26-28 in Dallas, Texas. This three-day event is a great way to get insights on how to sustain your organization’s success. Learn how to map out your next moves, collaborate with key industry players, advance business strategies and much more. Yardi is proud to be a Platinum Co-Sponsor for this event. Meet with us at booth 210 to make the most out of your time! We’re excited to show you how you can improve your workflows with connected solutions. September: NAA Cultivate Join us in an all-new event: Cultivate, Powered by NAA! Set to take place in beautiful Tucson, Arizona, Sept. 27-28, this retreat-style event is tailored to executives looking to deepen their networking and leadership skills. We are proud to be the NAA Strategic Partner and the General Session Sponsor for this event. Book a meeting with us in advance! With sessions and speakers designed to encourage, motivate and enable reflection, this event is a can’t miss for multifamily executives looking to enhance their people management and leadership strategy. October: IREM Global Summit This year’s IREM Global Summit will be held in Toronto, Canada, Oct. 9-12. As a proud IREM Industry Partner, we can’t wait to show you solutions to help you increase your NOI and drive efficiency. Join Yardi Aspire Industry Principal Patty Evans on October 12, where you can learn how to futureproof your workforce with a futuristic elearning strategy. We’re also proud to sponsor the IREM Gala and Afterparty. Join us as we celebrate IREM members and their accomplishments with a cocktail reception, dinner, drinks and awards. And don’t forget about the Afterparty, where you can wrap up a spectacular week with a fun dance floor. We’ll be happy to see you at booth 1 and 2, but feel free to book time with us in advance. October: Florida Apartment Association Conference & Tradeshow And who could forget about the Florida Apartment Association Annual Conference & Tradeshow happening Oct. 11-13? With numerous speakers and informative sessions to choose from, you can truly customize your time to your learning and networking goals. Yardi is proud to be a platinum sponsor for this event. Schedule time at booth 701 to connect with our team! October: NMHC Student Housing Conference Join us for the NMHC Student Housing Conference in Las Vegas, Nevada, Oct. 17-19. Gather and get inspired with other leaders as you learn and make connections that will shape the future of the industry. Plus, don’t miss Yardi Vice President Jeff Adler on the student housing market economic outlook panel. We are happy to be the Chair Circle Sponsor for this event. See us there at kiosk 3 — or book time with us in advance! November: NMHC OPTECH Conference & Expo Who says you can’t go to Vegas twice in one year? Also in Las Vegas, Nevada: the NMHC OPTECH Conference and Expo from Nov. 1-3. Join us and other leading voices in multifamily as we touch on the most important conversations around the future of multifamily tech and operations. We are pleased to sponsor the registration for this event. We’ll have more information as the event gets closer, but you can always book a meeting with us ahead of time.   We can’t wait to see you in person! Curious to see where else we’ll be throughout the year? Check out our full list of events. If you’re interested in learning more about how our connected solutions can help your multifamily company improve NOI across your portfolio, let us know how...

At 2023 Apartmentalize powered by NAA, Yardi Vice President Richard Malpica led a panel with multifamily executives about how staffing challenges are driving the need for automation and centralization. Meet Berkshire Residential Investments Vice President of Marketing Justin Wald, Fogelman Properties Vice President of Shared Services Kim Young, ROSS Companies Vice President of Marketing Taylor Blades and Westdale Asset Management Technology Director Jaymz Yates. What do these leading voices in multifamily have in common? They’re all leveraging technology to maximize staff satisfaction, enhance customer experiences and improve efficiencies.  Session panelists at the 2023 Apartmentalize education conference. From left: Yardi’s Richard Malpica, Berkshire Residential’s Justin Wald, ROSS Companies’ Taylor Blades, Fogelman Properties’ Kim Young and Westdale’s Jaymz Yates. Read on to learn about their challenges, strategies and how they’re taking on automation and centralization to automate routines and humanize exceptions.  Richard Malpica: What kind of staffing constraints is your company experiencing, and are there any new expectations the industry needs to adapt to? Justin Wald: Expectations have changed for our onsite employees. They now expect being able to work from home in addition to a higher salary. On the other hand, our prospects and residents have the expectation of immediate gratification. So, we’re really taking a step back and thinking about ways to provide the right tools for everyone’s satisfaction. Kim Young: One of the biggest things for us is onboarding. We now know to ensure that our tech is in place before a turnover occurs so the transition is as smooth as possible. Taylor Blades: Today’s employees don’t want to spend hours working leads, handling maintenance tickets or paying invoices. I think we could improve retention if we move them away from these tasks and give them more time to make an impact with prospects and residents. Today’s employees want to be involved in higher levels of thinking, not necessarily just leasing apartments or responding to emails and answering the phone. Jaymz Yates: I think we also need to be mindful and recognize that what we’re expecting out of our staff is different from what it was 10 years ago. We could look at it in a way where we’ve given them tools for success, but we’ve also put an additional burden on them to learn those new tools. It’s hard enough to hire staff, but now we expect them to manage multiple lines of channels and communications. Richard Malpica: Today’s workers place a bigger emphasis on their wellbeing. How is your company providing a work experience where employees are invested, participate in more than just rudimentary tasks and feel supported by automation? Kim Young: Our industry has a reputation of creating a pipeline where someone can start out as a leasing agent then become an assistant manager, property manager and possibly a regional vice president. But the problem is that those roles each require a different skill set. It’s not a natural progression, and that’s always been a problem. With automation, you can take a skilled leasing agent and help them deepen their practice, or help an entry-level employee excel in their field. It can be a tool to guide career paths. Richard Malpica: Everyone is interested in what automation can do. How are you utilizing automation to attract and retain the best employees? Taylor Blades: We might be in a position now where employee turnover is almost more costly than resident turnover. Some of the things we’re doing to add value to our employees’ work lives is removing the high-volume, low-value tasks out of their daily routine. We successfully implemented a bot that could handle leads from any channel. This helped our staff focus on building a connection with our residents, hosting events and making meaningful interactions. Our residents’ needs are aligning with our employees’ needs. Kim Young: We’re trying to highlight the fact that automation improves our workflow. Our leasing teams are not going to suddenly...

The multifamily industry has many options when it comes to solutions that claim to deliver optimal results for both clients and renters. But which ones actually do? According to Multi-Housing News, the answer lies in automation and artificial intelligence. Chatbots powered by natural language and AI that extend beyond predetermined conversations, for example, offer communities the chance to create meaningful online engagements, all while increasing conversions and advancing innovation. But not all prospects want to engage with a chatbot — at least not at first. You need to be aware of how leads find your website, and understand that real engagement — the kind that converts — might be infrequent. So when it comes to using AI-based systems for multifamily marketing, aim for quality over quantity. Check out an excerpt: “The visitor has to hit the website first, and they have to elect to engage,” Paul Yount, industry principal at Yardi, explained to Multi-Housing News. “There’s a fairly large segment of the population that doesn’t want to engage with a chatbot; they know it’s a machine, and they think that it won’t be helpful.” Overall, the quality and reliability of leads matters infinitely more than the number of engagements, something facilitated by an acute use of automation. RentCafe Chat IQ is an AI-powered bot that features active, engaging responses, such as automated email responses and phone calls. “You really have to go beyond the chat for both business and operation efficiency and make sure that you’re getting consumers from all those different channels,” Paul Yount detailed. “The volume of chat is notably lower than email and web leads…much lower than phone calls, emails and potentially [text-based] leads. Consequently, such engagements significantly enhance lead quality and potential.” Two things change the game for good when it comes to converting prospects and keeping residents happy with a chatbot: natural language processing and omnichannel features. Let’s dive in on what makes each so important. Natural Language Processing A chatbot that can overcome casual language, spelling errors and grammar mistakes can simulate a more humanlike conversation. Natural language chatbots open opportunities of flexible conversation, enabling customers to ask questions pertaining to policies, schedule tours and ask much more in their own way, compared to chatbots that limit customers with predetermined questions. This enables your chatbot to deliver personalized customer service, meeting your customers where they’re at, every time, no matter when they reach you. Omnichannel Features More often than not, leads slip through the cracks because their initial inquiries were ignored. According to Yount, “Nobody says, ‘If only we had more leads!’ You don’t have a lead quantity problem; you have a lead quality and qualifying problem, one where the leasing team simply can’t handle all the inbound communication.” But keeping a tight grip on inbound communication is possible. How? With a smart bot that can field questions across multiple channels. A bot that can automate responses to emails, texts, chats and calls frees up your staff and increases the possibilities of gaining quality leads. Next Steps Interested in the future of multifamily chatbots? Read the rest of the article to find out more about how automation and AI-driven chatbots can help you convert prospects, take care of residents and save staff...