While affordable communities are often consistently full, they require an immense amount of attention. When considering an automation platform, many assume that it would work best for a community looking to lease more apartments. While this can certainly be the case, automation can actually help ease the workload for affordable communities, allowing the site teams more time to focus on caring for the residents they have. Here are a few reasons you should implement automation at your affordable community.
Prequalifying
In affordable communities, high traffic is likely to be generated to the property. It’s common to find that a bulk of that traffic may be unqualified due to several factors. Having automation in place can help your properties prequalify to ensure that the traffic being sent to the communities is more likely to be qualified. In addition, it saves your leasing staff from having to answer common questions manually.
Waitlist Management
Managing your waitlist can be daunting, especially if your properties use the old-fashioned way — pen and paper! Implementing automation at your affordable communities could actually help you manage your waitlist more effectively. Now it’s easier than ever to manage who is next in line for a chance to live at your community.
Follow Up
Using automated lead nurturing, you can follow up with prospects interested in your communities. Your properties no longer need to be inundated with the number of follow-ups they must complete. It can all be set up for them. Your automation solution can answer questions wherever your properties can be found online: ILSs, websites, social media accounts, and more. Now those leads that come in can be attended to using processes that are predetermined and allow your properties more time. Although many affordable communities may not necessarily need more leads, they do need to consider the prospect experience and what marketing tools are in place. Implementing technology such as automation could help supplement the work that the on-site staff is doing and ultimately save your properties time that could be allotted to more critical tasks. Learn more about how automation can help save time with the Ultimate Guide to Automation.
Peak leasing season is the busiest time of year in the multifamily industry. It typically occurs during the summer months when leasing is at its highest velocity. Many people move during this time of year for a myriad of reasons, including weather, time, and availability. It’s important to be prepared for the busiest time of year, so we are sharing some things you and your teams can do to prepare for the influx of traffic.
Stock Up on Collateral
Take a look at the marketing collateral you have available. This could be flyers, brochures, PDFs, business cards, etc. Make sure all information is accurate and confirm you have enough inventory for the upcoming season. If there’s anything you need to get ordered, be sure to do so right away so you are not waiting for what you need. Being prepared is one of the most important things you can do to get your team ready for higher levels of traffic.
Complete Assigned Training
If your team has any assigned training they need to complete, now is the time! Once traffic starts picking up, it is likely you won’t have as much time to work on this, and you want to ensure your team is prepared for anything that comes their way. Make sure your team is breaking up shifts appropriately, allotting time for each member to catch up on what they need to.
Confirm Accurate Info
Confirm all info is accurate and up to date on listings, websites, and anywhere else viewable to the public. Be sure to audit your address, office hours, photos, pricing, and amenities so that you are putting your best foot forward. You want to confirm data is pulling through correctly anywhere prospects can find you. Don’t forget that if your team uses BetterBot’s platform and your websites are up to date, the information should pull through automatically. However, if you do notice any discrepancies whatsoever, you can always reach out to support@betterbot.com to see what’s going on.
Evaluate Model Unit
Walkthrough your model units and make sure everything is looking appropriate. Of course, you want it to look clean and tour ready. You’ll also want to take a look at the decor that is displayed. If it’s feeling outdated, but you don’t have the budget for a complete rehaul, see what you can simply remove from the unit. Sometimes, the space can look fresher by getting rid of items that are clogging up the space. If you do have the budget to revamp your model unit or even add some light upgrades, be sure to do so well in advance of peak leasing season so that you are ready to show it off.
Set Up Automation
Explore automation processes that can help take some of the burdens off your teams during the busy season. BetterBot offers automated features that answer questions anywhere you are found online. It also nurtures leads for the on-site teams, which saves an average of 104 hours per property each month. That being said, automation can truly save your teams so much time, allowing them to focus on more critical tasks. During peak leasing season, time becomes crucial for your team. It can often seem like there are not enough hours in a day to get everything done. When you set up automation in advance, it takes some of that burden off the site teams. If you want to learn more about how automation can help ease your workload, check out the ultimate guide to automation.
Set Realistic Goals
Create some reachable goals for your team. With the influx in traffic, you will want to make sure you are closing at an appropriate rate. Setting goals for closing leases should help your team achieve this. Use the SMART method to help set up realistic goals. Ensure all goals are Specific, Measurable, Achievable, Relevant, and Time-Bound. Not only should you use this method to determine where you want to go, but you should also implement strategies to help your teams get there. Work together to come up with a plan so that everyone is on the same page.
With the summer months typically being the busiest time of year in the multifamily industry, we know how important it is to get your ducks in a row beforehand. Implement these tips and tricks to help ensure your on-site teams have all the support they need. Want to learn more? Find out how technology can help short-staffed leasing teams.
As more and more Gen Zers are on the hunt for apartments, it’s essential to consider what they may be on the lookout for. Gen Z consists of individuals born from 1997 to 2013, meaning more individuals in this range are searching for a place to live. Here are some things most commonly seen as necessary for Gen Z during their apartment search.
Technology Matters to Gen Z
Gen Z was raised using technology, meaning most are incredibly comfortable using different technological devices and programs. When leasing to these individuals, having the right technology matters. If you’re not already, you may want to look into different platforms such as chatbots, virtual tours, and especially online leasing. In fact, 62% of young renters find technology critical while searching for a new apartment home.
Apartment Amenities
In addition to being able to lease an apartment easily, Gen Z is looking for some specific amenities. It’s essential to have a work-life balance, and Gen Z knows this better than anyone. That’s why they need to have specific amenities. For example, having high-speed internet is a must. Not only because they need to be able to work from home but also because they are most likely to stream content rather than utilize traditional cable tv services.
As we know, Gen Z has grown up being able to refer to technology whenever they want. Therefore, they are expected to go directly to online reviews before making a purchase, and apartment hunting is no different. Ensure your online presence is current, and you have a healthy mix of reviews. Your reviews needn’t be 100% positive but must be authentic. You can turn a negative review into a positive one by addressing the situation and working to make things right. When prospects see that the management team is attentive and on top of things, they will likely consider that during their search.
At the end of the day, one thing Gen Z can appreciate is transparency. They want to know what they are getting when they enter a situation. Finding an apartment can be stressful at any age, but for early renters, it may be even more confusing. That’s why it’s important to consider these trends when trying to market to this generation. Check out more Multifamily Marketing Trends to keep in mind.
Managing a lease-up community is hectic. There are a myriad of things to do to prepare and marketing a community becomes a daunting task. But not everything needed to lease up the community has to be stressful. Setting up automation strategies can help you pre-lease your new community.
Engage with Automation
Using automation at your lease-up community can engage prospective residents from the moment they look your property up on the internet. Using automation like a chatbot, you can reach customers anywhere they can find you, like social media, property websites, landing pages, ILS accounts, and more. As you begin to claim your listings, having a bot can help field the traffic that comes through and share the most qualified leads with your on-site team.
Nurture During Pre-Leasing
Automation can help you nurture leads at your new community. Your on-site team is inundated with things to prepare the property. They are fielding tasks that are not typical on an established property. That’s where lead nurturing comes in. It’s common for lease-ups to see several people who want to see what’s new and aren’t genuinely qualified or interested. Having a nurture solution can help weed out those prospects that may not be serious about leasing and have your site teams working with those most likely to lease.
Save Time For Your Teams
When pre-leasing a community, many marketing teams may set up a splash page to get a list started. It may not have all the information that an entire website would have, but basic information to get interested in the property. With minimal details, prospects may be prone to asking more questions because they seek answers they can’t find online. Using an automation solution with chat technology may help save time by answering those questions for you. While your chatbot solution answers questions, it may also nurture those leads, set appointments, and even begin the leasing process for you. On average, BetterBot customers see 100+ hours saved per property when using the complete solution. That’s some vital time that could be allotted to more critical tasks.
When it comes down to it, automation can help assist communities of all types. However, it becomes imperative at a lease-up community because teams often work with a leaner staff and higher traffic volumes. Your teams can work efficiently using the available tools while providing the top service expected at a new community. Check out some of the ways that automation can help short-staffed leasing teams.
From Zlatko Bogoesvski, CEO and Co-Founder of BetterBot: “It is my pleasure to announce that Debbie Sehorn has been appointed as the new Chief Operating Officer (COO) of BetterBot effective immediately. Debbie has been an integral part of our team for the past four years, and her contributions have been instrumental in driving the company’s success.
Debbie joined BetterBot as a finance manager and quickly demonstrated her ability to manage complex financial operations. She also took on the additional responsibility of overseeing HR, where she implemented policies and procedures that have helped us attract and retain top talent.
Most recently, Debbie has been leading our efforts to improve operational efficiencies. Her keen analytical skills and strategic thinking have been invaluable in identifying areas where we can streamline processes and reduce costs.
As COO, Debbie will continue to oversee finance and HR, and will take on additional responsibilities, including managing our day-to-day operations and ensuring that we are meeting our growth targets. With her strong leadership skills and deep understanding of our business, I have no doubt that she will excel in this new role.
Please join me in congratulating Debbie on this well-deserved promotion.
From Robert Turnbull, President and Co-Founder of BetterBot: “I love it when people are promoted and everyone thought they already had the job. That means you just promoted the right person and Debbie Sehorn has proven time and again she is absolutely the right person for this job.
With Debbie focused on improving operational efficiencies, it allows me to focus solely on our product evolution, go-to-market strategy, and revenue growth for BetterBot. With the exponential leaps and bounds AI is taking right now, we plan to keep BetterBot well ahead of the curve and solving problems before now not attempted.”
Here’s how to use QR Codes Effectively in Multifamily
Despite how they used to be underutilized in the past, QR codes are not dead! Businesses use them all the time successfully to share information. Why should the multifamily industry be any different? Here are a few ways to effectively use QR codes for marketing in the multifamily industry.
Signage
Using QR codes on your leasing signage can be a great way to handle traffic. For example, adding a code to your office hours signage and leading users to your virtual leasing agent may allow prospects and residents to still be helped, even if no one is available in your leasing office at the moment.
Print Marketing
Adding QR codes to your print collateral can help users easily find assistance even after they’ve gone home. For example, adding a code to your brochure may be easier than having the user type in your entire property URL, which may encourage additional engagement with your site and branding.
Commercials and Ads
QR codes on commercials and advertisements can be a great way to direct traffic to your property website or even your virtual leasing agent. For example, you may add your QR code to a YouTube or TikTok ad, to prompt users to engage with your community.
Where can I get a QR code made?
While many tools, such as Canva, have the ability to create QR codes, BetterBot also has this functionality right in the dashboard. Users can find different QR codes that begin at whatever starting point in the conversation is desired. For instance, you can easily save a QR code starting at the schedule an appointment workflow, or you can begin at the welcome screen. Not only can you customize where to start the conversation, but you can also customize the tracking so that you know how often these codes are being used. Now there is no excuse to miss a prospect because the bot can handle that traffic for you, truly anywhere you are being represented.
Ensuring you are catching all potential customers doesn’t have to be stressful. With all the different places renters are looking, you can be sure never to miss a prospect again. Between social media, print marketing, ads, ILSs, and more, you can ensure your messaging is consistent across the board by utilizing these tips. Learn more about how AI can best serve in the multifamily industry.
While the Stanford Institute for Human-Centered Artificial Intelligence (HAI) doesn’t specifically focus on the real estate industry, there are plenty of lessons that can be learned. The AI Index collaborates with many organizations, and the report is compiled by an interdisciplinary group from industry and academia. Here are some key takeaways that can be useful for multifamily decision-makers, owners, and managers.
1. There has been a significant increase in demand for AI specialists in Real Estate Rental and Leasing. The number of job postings requiring an AI skill set has grown from 0.65% in 2021 to 0.89% in 2022, in line with a significant increase in almost every industrial sector. We can expect this trend to accelerate with all the advancements in 2023.
2. The proportion of companies using AI has almost doubled from 2017, with a vast majority of these companies reporting significant cost savings and revenue increases directly related to the use of AI. For instance, in sales and marketing, 70% of respondents reported significant improvements in cost savings and revenue increases.
3. AI is being deployed in a multifaceted way, with different AI capabilities used to improve different business units. Notable AI capabilities include Natural Language Understanding (33%), Virtual Agents (33%), Computer Vision (34%), and Robotic Process Automation (39%).
4. Generative AI is breaking into the public consciousness, and interest in these technologies is rapidly increasing. This encompasses everything from large text-to-image models like DALL-E 2, text-to-video AI, and large language model chatbots like ChatGPT. Given the advances in large language models in the last 3 months, we can expect the public to increase use of these technologies.
5. We are seeing that AI is contributing to the creation of better AI. For example, Nvidia reported that using AI allowed them to design better chips tailored to powering AI models. In general, there is a rapid increase in the use of AI to solve problems, which will accelerate the rate of innovation across all industries.
In conclusion, AI is now firmly on the map for industry, and the real estate industry is no exception. The only current barrier is the lack of professionals capable of implementing AI solutions. However, rapid improvements in AI will allow companies to operate with increased efficiency, leading to higher profits. By keeping up with the latest AI trends, multifamily decision-makers, owners, and managers can stay ahead of the curve and benefit from this game-changing technology.
Mystery shops are crucial in the multifamily industry because they help teams understand the customer experience from beginning to end. These programs help make business decisions and fill any gaps in the process. Together, BetterBot and Ellis Partners, which was acquired by Grace Hill in 2022, have created a solution that helps property management companies more thoroughly evaluate a prospective consumer shopping experience.
BetterBot compliments leasing teams by working with them to create a seamless experience. By using AI and lead nurturing, prospects are never missed. Organizations can rest easy knowing that each potential customer is attended to.
Together, BetterBot and Ellis Partners have a combined solution that helps property management companies more thoroughly evaluate a prospective consumer shopping experience.
“Mystery shopping is a key component to giving multifamily companies a comprehensive overview of the customer experience, highlighting a leasing team’s strengths and giving insight to areas that require improvement,” Kendall Pretzer, CEO of Grace Hill. “These AI-friendly mystery shops allow for easier access to the data necessary to help teams offer the optimal customer experience. We’re excited to show our clients how BetterBot’s integration with Ellis will help them improve the quality of their service.”
In addition to assisting with the leasing process, BetterBot can now be integrated into the mystery shop experience so that every step of your processes are visible to your team.
“Utilizing AI helps take menial tasks off the leasing team so that they can focus on providing the best customer service to anyone who walks through their door,” says BetterBot COO & Founder Robert Turnbull. “Now, you can easily track the process with our mystery shop-friendly integrations that we’ve implemented.”
Grace Hill provides technology-enabled performance solutions that help owners and operators of real estate properties increase performance, reduce operating risk and grow top talent. Grace Hill carries years of real estate experience, in-depth service-level expertise and outstanding customer support that cover policy, training, assessment, survey, and data-driven insights. Grace Hill’s industry-leading suite of companies has grown to include Kingsley Survey (acquired in 2020), Elizabeth Moreland (acquired in 2020), and Ellis Partners and Edge2Learn (acquired in 2022). Today, more than 500,000 real estate professionals from more than 1,700 companies rely on performance solutions from Grace Hill. Visit us at gracehill.com or on LinkedIn.
About BetterBot
BetterBot is a team of dedicated builders, designers, and support enthusiasts focused 100% on building the best Conversational Leasing automation platform in multifamily. We believe that technology should make life easier for humans. Time-consuming, mundane, and repetitive tasks should be handled by an omnichannel automation solution so humans can have the time to engage in meaningful conversations with fellow humans.
Approximately every decade, a new user interface revolutionizes how people interact with technology. This was the case with graphical user interfaces (GUIs), touch UI (iPhone), and voice (Alexa, Siri, etc.) Conversational AI chatbots held that promise when we first started, and now they are everywhere. Bank apps, airlines, insurance companies, and most other businesses we deal with now use chatbots as a primary tool for support. Why are chatbots so popular?
Human habits have changed, and people now demand meaningful answers immediately. Old-school solutions like call centers and live chat simply cannot deliver this level of service.
Interactions have moved to mobile devices, and websites on mobile devices need help to deliver a good experience.
People prefer impersonal communication and don’t want to talk to people to get answers to transactional questions.
Knowing why chatbots are popular, how does it influence who you buy from? There are many options — free chat and widgets, paid bots, and full-stack marketing solutions. Here are a few things to consider when choosing which bot works best for your business.
Purpose & Functionality of Chatbots
Consider the purpose of the tool you are looking at. Think about why you need this specific tool. Then keep in mind how this particular tool functions. Ask yourself if the functionality fits the purpose you are trying to fulfill. Complete a demo or a trial of the product to find out how it works and ensure it has all the features you are looking for. Read reviews or chat with someone who has used the product before to see how it works in the real world. Will this tool solve the problem you are trying to resolve? Ask yourself these critical questions before making any decisions.
Integrations & Partnerships
Next, consider how the tool integrates and partners with other platforms. You shouldn’t need to limit the functionality of other tools for a new one to fit in. If a new partner asks you to limit the functionality of one tool to bring on theirs, that can be a red flag. Ensure the tools you consider integrate with your existing products to provide the most helpful functionality.
Information & Reporting
You will want to ensure that your new tools have great analytics tools. Find out if the reporting that is offered will show you metrics relevant to your business practices. Your reporting should help you decide how you do business, but that can only happen if you see the correct information to form those processes. Confirm that the tool you use is transparent about information and openly sharing that with you. If you can pull or schedule reporting from a dashboard, that is a great sign.
Value & Pricing
Find out what the pricing will be to bring on this new tool. Is this realistic for your budget? You’ll also want to consider the value you receive for the price. Can you find similar features for a better price? Many tools will offer a free trial period or a testing feature that can help determine if this tool is worth bringing on.
We know that sometimes adding new tools can be overwhelming, but it doesn’t have to be! We recommend considering 2-3 options and comparing what they offer against the price. Often it can be helpful to create a spreadsheet that includes all the features you are looking for and mark off which ones are available on the platforms you are looking at. It may sound like a lot of effort; however, it’s better to spend time upfront choosing the right product rather than rolling out a new tool that doesn’t perform. That way, you do not have to roll out a different product quickly. Remember, your tools are there to help you and not make things more challenging. So be sure to select the best tools for you and your team.
With all the growth we’ve experienced over the last few years, we now find ourselves as one of the companies leading the AI automation charge in multifamily. While our company has changed in many ways, our primary product philosophy has remained unchanged, and we still use it as a guiding principle to decide what types of products we build. Furthermore, this guiding philosophy is a true differentiator between our competitors and us. To know BetterBot, you must first understand our core philosophy.
Chatbots are here to stay
Approximately every decade, a new user interface revolutionizes how people interact with technology. This was the case with graphical user interfaces (GUIs), touch UI (iPhone), and voice (Alexa, Siri, etc.) Conversational AI chatbots held that promise when we first started, and now they are everywhere. Bank apps, airlines, insurance companies, and most other businesses we deal with now use chatbots as a primary tool for support. Why are chatbots so popular?
Human habits have changed, and people now demand meaningful answers immediately. Old-school solutions like call centers and live chat simply cannot deliver this level of service.
Interactions have moved to mobile devices, and websites on mobile devices need help to deliver a good experience.
People prefer impersonal communication and don’t want to talk to people to get answers to transactional questions.
We build tools that serve their intended purpose
We are never satisfied with a product that works 85% of the time. We always strive to build a tool that works reliably on any given device 100% of the time. This has come at a cost because we have had products that wowed during scripted demos, and our customers would havebeen happy to try us. But we never compromised because deep down, we don’t want to build anything that has a degree of failure built in. This was the main reason why we moved to guided conversation technology. Even though we first had a full NLP bot with speech-to-text capabilities, we decided to scrap it and start from scratch. We were not satisfied knowing that some users would have a poor experience.
B2B vs. B2B2C
We are 100% a B2B2C company. Even though we directly sell to property management companies, the actual users of our product are the renters that use BetterBot to find their next home. That is why we are so obsessive about the experience that our end users will have when using our product. We always want to delight our end users, so we design everything pixel-perfect, use beautiful graphics and media and only let partners integrate with us if there are no compromises with the interface. We have iterated more times than I can count to minimize friction for our users to a point where they can use our product without typing on a mobile phone. Compared to other technology like websites and live chat, we were able to cut the time needed to get information by 50-75%.
Many other companies see themselves as B2B and mostly build features for the PMCs while completely ignoring the end users of the technology. The numbers don’t lie, which is why we significantly outperform head-to-head comparisons. Of course, we still take care of the PMCs, but we don’t compromise when it comes to the end users.
Automation is our core value proposition
Whatever we do has to have a measurable impact on the time saved for our PMC clients. We have seen firsthand that forcing leasing agents to spend time on menial, repetitive, mind-numbing tasks does not work well. Humans are waking up and demanding stimulating jobs that allow them to utilize skills that technology can’t replicate.
Saving time is the core of our value proposition, and everything we build must, in some way, savetime and, therefore, money. We will always look at activities to automate that allow the PMCs to operate 24/7. That is why we don’t primarily optimize for marketing KPIs like the number of leads and appointments with low show rates. We want to ensure we automate the work important to any given property. In a lease-up, we want to schedule as many appointments that show up, and in a fully leased property, we want to gracefully say there is no availability and put people on a waiting list. Many other solutions focus on increasing leads, phone calls, and the volume of work increases for leasing operations with little results.
The role of AI
We don’t believe in using AI to mimic human conversation. Even though the technology we use lends itself to doing this, there are practical, ethical, and even legal considerations that we care about. We always want to be honest and let people know they are talking to a bot that is there to serve them. On the other hand, we believe that AI can perform a function as long as it’s not in contrast with our philosophy. We are very proud that we developed a unique approach to making AI invisible to the user while simultaneously improving our product’s performance.
When a chatbot mimics a human, it sets the wrong expectations for the user. The user thinks there is a human on the other end, which sets the conversation’s tone. People tend to share responses in multiple paragraphs long filled with personal information. This, in turn, overwhelms even the best AI and sets up the interaction for failure. Recent advances in AI notwithstanding, we are still talking about mathematical algorithms that use language models to provide answers based on the quality of training data. If anything, all we have learned is how complex human conversation is. Conversation between humans relies heavily on nonverbal communication and, most importantly, empathy. Machines cannot replicate this. People don’t like to be duped unless they go to a magic show. How do you think someone feelswhen they find out they talked to a bot after sharing their most intimate details about their finances, health, and family? We see the notes that people leave and can say with 100% certainty people would not be sharing certain things if they knew there was nothing more than amathematical algorithm on the other side. Specific conversations have to remain between humans.
What does this say about us?
Knowing our core philosophy shows what’s most important to us — people. We want leasing teams to be able to do their jobs efficiently, which is why we’ve created a product that helps save time. We want to serve prospects and residents in a way that’s convenient for them. Our purpose is to serve the multifamily industry in an invaluable way, and we will continue to enhance our product to do just that.
