Properties are facing more challenges today than ever before with residents not paying rent, the struggle to keep up with the competition, and making sure units are fully occupied.
One problem seen today is that many leasing offices are currently understaffed, leading to record-breaking rates of missed calls at a whopping 49%.
Even offices that have full staffing still only have a certain number of hours each day that the office is open.
One of our clients, LeaseHawk is a multifamily software company, and in a recent interview offered shocking statistics regarding tenant interactions: 87% of callers won’t leave voicemails and 52% won’t call back if you missed their first call.
Each missed call, LeaseHawk says, is a missed opportunity.
“Prospects typically begin their home search online,” explained Larry Gorman, President of LeaseHawk. “In fact, research shows that four out of five renters use online resources to assist in their home search. So, when a prospect decides to call, they are highly motivated and more likely to be ready to convert to a tour and sign a lease.”
But the software helps with more than funneling potential renters through to schedule tours; it also sifts out the 30% of calls to leasing offices that are NOT made by prospects.
LeaseHawk uses data and artificial intelligence to change the way technology is used in multifamily. The company aims to benefit both the renter and the property owner by making the prospect vetting and lease signing processes more efficient.
That’s done with a virtual apartment leasing assistant that LeaseHawk calls ACE, which answers phone calls, acts as a chatbot, and automatically responds to text messages.
It’s the only software of its kind that answers prospects on all three of those channels. It also offers call tracking, call routing, and a full IVR system.
Those interactions can lead to the collection of information about a prospective tenant and can even schedule tours.
Gorman states, “The use of virtual leasing tools is now more widespread than ever. Some even say that 10 years of multifamily technology was created in just 100 days due to the pandemic. Prospects are more than willing, in fact they are seeking, to get instant answers and information from digital resources to make their rental decisions.”
LeaseHawk says 73% of Millennial renters believe they should get a response within a day or less. And, as we mentioned, most are unlikely to call back if they don’t get through on their first attempt.
A vast majority of prospects are also intolerant of being placed on hold for a long time or having to repeat the same message to multiple representatives.
Responding to callers under those circumstances and time constraints is only possible with the use of AI software or some form of automated technology.
Tackling Missed Opportunities in Multifamily Leasing
Download the FREE Guide to AI Ebook to discover everything you need to know about how Artificial Intelligence (AI) is transforming the Multifamily industry.