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Are AI Chatbots Shaping the Future of Rental Housing Processes?

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Written by Kristopher Drey
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Edited by Sarah Claire Eleazer
Innovation September 20, 2023

Every time you blink, it seems there is a new technology that will somehow reshape our lives. The world of technology is constantly evolving, and one of the most exciting advancements in recent years is the integration of artificial intelligence (AI) and machine learning (ML) into everyday applications.



Streamlining the Search Process

For the apartment industry, this means transforming how prospective residents engage with property websites. AI and ML are reshaping the landscape of apartment websites, enhancing user interactions and streamlining the search for the perfect home.

Chatbots can be used in commercial real estate, more specifically on apartment websites, to assist prospective residents throughout their shopping journey. These tools empower customers with self-service capabilities that not only surprise and delight them but also aid leasing teams by further qualifying leads and improving workforce productivity, all while shielding busy leasing teams from repetitive questions that can be easily answered on websites.



The Evolution of Chatbots

Chatbots have come a long way since their beginning, evolving from simple scripted responses to intelligent virtual assistants capable of understanding context and delivering personalized experiences. From simply regurgitating pre-formed responses from a spreadsheet to scanning your website for information to compose the perfect response, chatbots have matured significantly in the past year alone.

With AI and ML, chatbots on apartment websites can engage users in meaningful conversations not just boring Q & A. Today, they understand user intent, preferences, and behavior patterns, delivering relevant information in real time so that each visit is consistent, relevant, and unique.

Gone are the days of relying on complex traditional search tools that dig through pages of information only to return an ugly list of links. Information retrieval has become much more efficient with AI-powered chatbots, enabling users to ask questions in their natural language and receive instant, accurate responses.



Chatbots in Action

Other advancements in AI and ML bots that can further help blend the physical with digital worlds are listed in our top 5 AI/ML chatbot functions below:

  1. Personalized Recommendations: Generative AI takes chatbots a step further by creating human-like responses and generating personalized content. For property websites, this means crafting tailor-made suggestions based on user preferences and needs beyond just, “see other 2-bedroom, 2-bathroom apartments in your area” and more resembling human results like, “Hi, welcome back! We have found several communities in your area that meet your requirements including; 2 bedrooms and bathrooms, a children’s park, fair pet policies, and stainless-steel appliances”.
  2. Contextual Understanding: AI-driven chatbots remember past conversations, ensuring context is not lost. This allows for more fluid and intuitive interactions as prospects explore various apartment options so that, upon their next return to the website, they can pick up where they left off in their journey which will certainly improve lead to lease conversion rates.
  3. Virtual Tours & Visuals: With ML, chatbots can guide users through virtual apartment tours. Users can ask to see specific areas or features, and the chatbot can respond by displaying relevant images or videos creating an immersive experience.
  4. Improving Over Time: ML empowers chatbots to learn from user interactions. As more people engage with the chatbot, it becomes proficient in providing accurate and relevant responses as well as predicting what a prospect might do next.
  5. Simplified Booking: AI-driven chatbots can assist users in scheduling apartment viewings, checking availability, and even reserving units, saving both users and leasing managers time and effort. These types of AI solutions improve workforce productivity and efficiency for leading teams, saving the company time and money.


Looking Towards the Future

As AI and ML continue to advance, the possibilities for property websites are limitless. These intelligent assistants empower users to navigate the shopper journey seamlessly, offering personalized recommendations, immediate assistance, and visual experiences that cater to unique, individual preferences.

One day we will be able to use fully automated systems where a bot assistant will guide prospective residents through the entire application process. As this technology evolves, real estate websites are becoming more than just digital platforms; they're becoming intuitive, efficient, and customer-centric companions in the search for the perfect home.



Explore our other articles to learn about the thrilling innovations transforming the real estate industry, such as cutting-edge technologies like augmented reality.


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