Balancing Technology and Personalization in Centralized Leasing Offices

In the ever-evolving landscape of multifamily property management, centralized leasing offices have gained immense popularity in recent years. As a practice, centralized leasing involves multiple properties operating out of a single leasing office. This approach offers numerous benefits regarding efficiency, cost savings, and streamlined operations. However, with the increasing reliance on technology in the multifamily industry, finding the right balance between technology and personalization in centralized leasing offices is crucial. Let’s explore centralization dynamics, highlight strategies for balancing technology with a personal touch, and discuss how your marketing tools can play a pivotal role in achieving this equilibrium.

Understanding Centralized Leasing Offices:

Centralized leasing offices have transformed the way property management companies operate. Instead of having individual leasing teams at each property, centralization consolidates leasing tasks, marketing efforts, and administrative responsibilities under one roof. This approach allows for more efficient resource allocation, improved consistency in leasing processes, and cost savings.

The Challenge: Balancing Technology and Personalization:

While centralization offers undeniable advantages, it can also present challenges in maintaining the personal touch many residents value. In an era where technology plays a pivotal role in leasing and property management, there is a risk of losing the human element that fosters strong tenant relationships. Striking the right balance is essential to ensure residents feel valued and heard.

Strategies for Balancing Technology with Personalization:

1. Leverage Technology for Efficiency:

Centralized leasing offices can harness technology to streamline operations and administrative tasks, allowing leasing teams to focus on personalization. Here are some specific ways to achieve this:

  • Document Management: Implement a digital document management system to easily store and retrieve lease agreements, maintenance requests, and other essential documents. This reduces paperwork and ensures quick access to resident information when needed.
  • Appointment Scheduling: Use online scheduling tools that enable prospects and residents to book appointments conveniently. These tools can also send automated reminders, reducing no-shows and improving efficiency.
  • Lead Tracking and Management: Implement a Customer Relationship Management (CRM) system to track leads, their interactions, and preferences. This data can inform personalized follow-ups and marketing efforts.

2. Personalized Communication:

While technology can automate responses to common queries, it’s essential to maintain a personalized touch in communications. Here’s how to do it:

  • Technology with Personality: When using automation, customize responses to match your brand’s tone and personality. Engage prospects and residents in friendly and relatable conversations, making them feel comfortable and valued.
  • Personalized Notes: Ensure the leasing team includes notes in your CRM. Doing this lets your team keep track of details that make the resident or prospect feel special. For instance, if they talked about having a pet, note the pet’s name so the team can ask about them later.

3. Data-Driven Personalization:

Leveraging data can significantly enhance personalization in centralized leasing offices:

  • Resident Profiles: Maintain detailed resident profiles that include preferences, feedback, and past interactions. This information can tailor communication, marketing materials, and lease renewal offers.
  • Segmented Marketing Campaigns: Use data analysis to segment your resident base into different groups based on their preferences and behaviors. Customize marketing campaigns to cater to each segment’s unique needs, increasing engagement chances. Of course, it’s essential to be mindful of fair housing and consider demographics that do not interfere with fair housing laws. 

4. Training and Team Development:

To ensure a personal touch is maintained, invest in your leasing team’s development:

  • Customer Service Training: Provide training in customer service, active listening, and empathy. Equip your team with the skills to build rapport and establish meaningful connections with residents and prospects. Tools like GraceHill offer excellent training for leasing teams that include phenomenal insights and help retain talent. 
  • Tech Proficiency: Train your staff to use technology tools like BetterBot effectively. Make sure they understand how to monitor and engage with chatbot interactions and integrate these interactions into their leasing processes.

The Role of BetterBot in Balancing Centralization

BetterBot is an AI-driven chatbot designed to enhance the leasing experience by automating tasks and facilitating personalized communication. Here’s how BetterBot can help further:

  • 24/7 Availability: BetterBot is available round the clock, ensuring prospects and residents can get information and assistance whenever needed, even outside of regular office hours.
  • Consistency Across Properties: Centralized leasing offices often manage multiple properties. BetterBot ensures that responses and information are consistent and up-to-date across all locations, promoting professionalism and trust.
  • Quick and Accurate Information: BetterBot can provide accurate and up-to-date information on property features, availability, and leasing terms. This ensures that prospects receive reliable information instantly.
  • Efficient Lead Management: BetterBot can capture and qualify leads efficiently, ensuring leasing teams prioritize their efforts on prospects with the highest potential for conversion.

How BetterBot Can Help

BetterBot is a prime example of how technology can enhance the leasing process in centralized offices while maintaining a personalized touch. It can streamline menial tasks such as answering frequently asked questions, collecting prospect information, and setting up appointments. Here’s how BetterBot can contribute:

  • Automated Chat Assistance: BetterBot’s chatbot can engage with prospects and residents in real time, answering their inquiries promptly. It can provide information on available units, amenities, and lease terms while maintaining a conversational and personalized tone.
  • Lead Nurturing and Qualification: BetterBot can help centralize lead nurturing by providing automated follow-up and a customized experience. This ensures that leasing teams spend their time on prospects with a higher likelihood of conversion.
  • Appointment Scheduling: The bot can schedule property tours and appointments, allowing leasing agents to focus on providing an exceptional in-person experience.
  • Consistency Across Properties: BetterBot ensures consistency in responses and information across all properties, maintaining professionalism and trust with residents.

Centralized leasing offices are here to stay, offering efficiency and cost-effectiveness in the multifamily industry. However, achieving the right balance between technology and personalization is paramount to success. By embracing technology for routine tasks and prioritizing personalized communication and resident-centric strategies, centralized leasing offices can provide an exceptional experience that sets them apart in today’s competitive market. Remember, technology should enhance the human touch, not replace it.


Exploring Ways to Enhance the Resident Experience

In today’s fast-paced world, residents seek a place to live and an experience that enhances their overall quality of life. Let’s delve into how leveraging technology can streamline operations and, in turn, enhance the resident experience.

Streamlining Move-In/Move-Out Procedures

Moving in and out of an apartment can be a stressful experience for property managers and residents alike. Automating the move-in/move-out procedures can significantly alleviate this stress and make the transition smoother for everyone involved. One thing you can do is offer an efficient checklist that helps save time for both residents and the onsite team.

Ensure your team allows residents to easily track the tasks residents must complete before or after their move. This could include setting up utilities, notifying service providers, or even remembering to return keys. Your automation solution should provide reminders and deadlines, ensuring everything is noticed.

Streamlining these procedures demonstrates your commitment to making the resident’s life easier and more convenient from day one. This positive impression sets the stage for a great overall resident experience.

Automate Maintenance Workflows

Residents expect quick and hassle-free solutions to their maintenance needs. In today’s digital age, they prefer to submit maintenance requests through user-friendly interfaces rather than making phone calls or sending emails. This is where automation shines.

You can simplify the process by allowing residents to submit maintenance requests through your automation solution. Residents can describe the issue and receive instant confirmation that their request has been received. This not only saves time for the resident but also streamlines the workflow for the onsite maintenance team.

Moreover, your tools may provide residents with real-time updates on the status of their requests. This transparency fosters trust and shows that you value their time and comfort.

Be Transparent with Residents by Answering FAQs

Communication is vital in enhancing the resident experience, and one of the best ways to do this is by providing answers to frequently asked questions (FAQs). Residents often have similar inquiries regarding lease terms, rent payments, and community policies. By proactively addressing these FAQs, you can save time for your residents and staff.

Populate this section with commonly asked questions and provide clear, concise answers. This reduces the workload on your onsite team and empowers residents to find the information they need quickly.

Easy Access to Assistance

Residents may need assistance at various points during their journey, whether it’s a maintenance emergency, questions about internet connectivity, or general property management inquiries. Simplify access to this assistance by centralizing essential contact information in one place.

Your tools should provide instant access to emergency maintenance numbers, internet service providers, and property management contacts. This ensures that residents can promptly get the help they need, even outside regular office hours. It’s all about making their lives more convenient and stress-free.

In conclusion, look for tools where functionalities offer a powerful experience to enhance the resident journey through automation. By streamlining move-in/move-out procedures, automating maintenance workflows, being transparent with FAQs, and providing easy access to assistance, you demonstrate your commitment to resident satisfaction and make their lives easier. In a competitive market, this commitment can make all the difference in attracting and retaining happy, long-term residents. Find out how you can do just this with BetterBot’s unique approach to a standout solution, ResidentSkill

Multifamily Automation

Automation Best Practices in Multifamily

Automation can be used in various ways, especially in the multifamily housing industry. It can enhance the resident experience, increase operational efficiency, and streamline processes. Critical areas for automation in multifamily can include leasing processes, resident services, and communication/engagement. 

Implementing the right kinds of automation can be the difference between 1 and 100 hours of extra work in a month. Investing in automation that works can save your team immensely. To make the most of how your systems are working, there are best practices to put into place from the beginning. 

Automation Best Practices in Multifamily Housing

Implementing a comprehensive automation strategy

First, you’ll want to assess your automation needs by looking at your pain points. What processes are taking the most time for your leasing teams? What areas require human interaction, and what would be easiest to automate? Define your goals and objectives based on the information you find. Then you can prioritize your initiatives based on impact and feasibility. Decide which tools make your life easier, and look for the best options.

Choosing the right automation technologies and vendors

Conduct thorough research and due diligence on all the platforms available. Compare the value you pay for each platform, and decide which makes the most sense for your company. It’s essential to evaluate the scalability of your portfolio and what integrations are available. Do they play nice with other vendors? Seek recommendations and references from other industry experts to understand the success of a tool’s functionality.

Ensuring seamless integration and interoperability

Once you’ve found the right tech stack, establish open communication protocols and standards from the beginning. It’s often practical to complete a 90-day test period on a few properties before rolling out a product to the entire portfolio. This way, you can ensure the compatibility and functionality of the product before involving more parties. You’ll want to take the time to integrate different automation systems and platforms as much as you can to make the most of your automation. 

Providing proper training and support

Once you’ve finished testing your products, you are ready to roll out to the entire team. Training staff on new automation technologies and processes is critical. Ensure the tools you have partnered with offer ongoing support and troubleshooting assistance. Encourage your team to share feedback addressing any concerns so that you can share it with the appropriate groups. 

Case Studies: Successful Automation Implementations in Multifamily Housing

Check out how these companies have implemented automation techniques to save their teams time and money:

  • Paradigm saved over 6K hours by implementing chat and lead nurturing technologies
  • ITEX saved over $115K by implementing automation for their primarily affordable communities
  • Highmark saved their properties over 104 hours a month by automating processes

Automate Away

At the end of the day, implementing the right automation solution can assist in several ways. On average, teams using BetterBot’s automation platform save about 100+ monthly hours per property. That saves their team $2,000+ and helps reach prospects they may not have previously been able to. Implementing these best practices when choosing your automation can help ensure everything goes off without a hitch. Embrace the automation tools available to improve efficiency and satisfaction for both prospects and residents. 

Chatbot vs Live Chat

Differences Between Chatbots and Live Chat

Over the past decade or so, the property management world has undergone quite the digital transformation. From things like VR tours to e-signing, new technologies are continually pushing the envelope of what’s possible in multifamily. Yet, one of the most important innovations driving change in the industry isn’t one of the flashiest or most expensive. In fact, chatbots are one of the simplest and most affordable technologies a property management team can adopt. But can a bot hold its own against more traditional live chat-based customer service? Today we’ll break down the chatbot vs. live chat debate to get to the bottom of which one is really better for converting users into new renters. 

Chatbot vs. live chat: the breakdown

Who will win? While both chatbots and live chat ultimately share the same purpose, there are a variety of important ways that they differ in functionality and overall helpfulness. Let’s see how each holds up to scrutiny. Time for the chatbot vs. live chat showdown. 

Where chatbots go the extra mile

24/7, 365 service

Today’s prospective renters want to be able to get info on properties and have their questions answered anytime, anywhere. The beauty of chatbots is that they allow hands-off customer service whenever it’s needed, even when it’s after business hours or on holidays. Most people tend to do research when they’re off the clock, so having a chatbot available to handle requests can be a big plus for your team. 

Instantaneous responses 

We all live busy lives, and the shorter amount of time we can spend waiting on info or assistance, the better. Chatbots are automated, which means they can provide information almost instantaneously. 

Let’s your team focus on other tasks

One of the biggest pros of having a chatbot is that it allows you to give more time back to your property management teams. Instead of employees filling their days responding to an endless amount of customer service queries, they can redirect their focus and energy into other, higher-value tasks like marketing and outreach. 

What are the Limitations of Chatbots?

No human touch?

Chatbots can answer questions quickly and effectively, but when not programmed well, they can come across as cold, artificial, and unpleasant to converse with. That’s why it’s super important to customize and build personality into your bot. That way each conversation users have will be friendly, pleasant, and helpful. In fact, 33% of consumers user conversational marketing tools for scheduling and average satisfaction of a bot-only chat is 87.58% which is higher than the average rate for when prospects engage with a human.

Harder to take care of complex queries

Bots can handle simple requests like no one’s business. But they’re only programmed to understand and offer solutions to a certain set of scenarios. When it comes to more complex customer service issues, they may have trouble providing answers. They can also be tripped up by any spelling errors that occur. If a user submits a query with typos, natural language processing chatbots will have a hard time parsing through and understanding the text, whereas guided conversation can offer suggestions so that the bot never breaks. Guided Conversation bots can actually fix issues that Natural Language Processing bots encounter. Guided Conversation is a clear solution to handling prospect interaction by attending to 100% of the questions 100% of the time. Natural Language processing bots only succeed on average 66% of the time. This is why it’s important to create a seamless chatbot to human handoff when these situations arise.

What is the disadvantage of live chat?

Low volume capacity

Popular properties may have dozens (or even hundreds) of queries sent in each day. If you only have 1 or 2 people taking care of these requests, you’re severely limited in how many requests you’re actually able to complete. And that means people will take their interest elsewhere. 

Longer wait times

Chatbots can answer a request in under a second. If you’re talking with a live agent, you have to sit and wait for each new message to roll in, a process that can take upwards of 30 minutes if you have a lot of questions or a particularly tricky issue that needs resolving. 

Teams have to hire additional help

Like we mentioned earlier, popular properties can have hundreds of queries each day. But many teams don’t have the funds or resources necessary to hire a whole fleet of live agents. 

Chatbot vs. live chat: the ultimate verdict

While each method has its advantages and disadvantages, it’s clear that chatbots are winning when it comes to customer service and renter conversion. Today, 70% of consumers prefer chat over other forms of communication, and bots can provide quick answers with no need to wait for an available live agent. What’s more, we’ve found that if a bot has a successful conversation, it has upwards of a 95% consumer satisfaction score. With properties that use BetterBot specifically, we’ve seen that 10% of all conversations starting on our chatbot convert to a viable prospect or scheduled appointment. Along with converting more prospects into renters, these automated conversations have saved over 1 million hours for leasing teams across the country, allowing them to spend more time on the tasks that matter most.

If you found this guide helpful, we’ve got more where that came from. Explore the latest multifamily news and trends on the BetterBot blog. 


6 Ways to Prepare Your Student Housing Properties for Busy Leasing Season

The beginning of the school year signifies a fresh start. Everyone is excited to get back to campus after an extended break or even begin for the first time. Preparing in advance for the busy season can seem overwhelming. You have a short window to get your property leased up for the season. Here are six ways to prepare in advance for that peak leasing season in your student housing communities. 

Enhance student housing curb appeal 

First impressions matter, so focus on enhancing the property’s curb appeal. Ensure that the landscaping is well-maintained, with trimmed lawns, neat flower beds, and fresh mulch. Paint or touch up the exterior if needed, repair any damaged fences or gates, and consider adding some decorative elements like potted plants or outdoor seating areas.

Update and upgrade amenities 

Evaluate the amenities offered by the student housing property and consider updating or upgrading them to attract more tenants. This could include providing high-speed internet access, installing modern appliances, refreshing communal areas with new furniture, or adding recreational features like game rooms, study areas, or fitness facilities.

Review and update leasing materials

Update all marketing materials, including brochures, websites, and online listings, with accurate and appealing information about the property. Highlight the unique features, amenities, and benefits of living in the student housing community. Include professional photographs that showcase the property’s best aspects.

Develop a marketing strategy

Implement a targeted marketing strategy to reach potential student tenants. Utilize online platforms, social media channels, and student-oriented websites to promote the property. Collaborate with local colleges and universities to spread the word among students. Consider hosting open houses or virtual tours to showcase the property’s features.

Streamline the leasing process 

Simplify the leasing process to make it more efficient and convenient for potential tenants. Provide online application forms, virtual tours, and digital lease signing options. Ensure that all necessary information, such as lease terms, rental rates, and move-in procedures, is readily available and communicated clearly. Implement automation wherever possible in order to ensure all prospective renters are tended to. 

Train and prepare staff

Equip your leasing and property management staff with the necessary knowledge and skills to handle inquiries, conduct property tours, and assist with lease signings. Ensure they are familiar with the property’s features, amenities, and policies, and provide them with updated information and scripts to communicate with prospective tenants effectively.

As mentioned, the busy season may seem overwhelming, but it doesn’t have to be. With proper preparation, your communities can take advantage of the traffic coming into your offices and lease up the property in no time. Learn more about how automation can help your teams efficiently streamline processes to make your most high-traffic seasons a breeze. 

Affordable Automation

3 Reasons You Need Automation at Your Affordable Community

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. 


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.

Gen Z Apartment Search Habits

Gen Z Apartment Search Habits

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. 

The top 5 apartment amenities for Gen Z include: 

  • High-speed internet
  • Outdoor amenities
  • Coworking spaces
  • Property technology
  • Package room

Online Reviews For Search

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. 


Using QR Codes Effectively in Multifamily

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. 


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


3 Ways Bot Technology Can Help Short-Staffed Leasing Teams

Staffing has been one of the biggest struggles for leasing teams over the past couple of years. With more and more millennials and gen Zers desiring a work-from-home atmosphere, leasing offices have been sparse. However, there are many ways digital leasing agent (bot) technology can interject and assist when leasing teams are shorthanded, including:

  • Information Sharing
  • Pre-qualifying
  • Lead Nurturing

Information Sharing for Short-Staffed Leasing Teams

Sure, all your property information is located on your website; however, renters want to find what they need as quickly as possible. Bot technology can help them get the answer they’re looking for. Not to mention, 62% of traffic happens after office hours. Therefore, having a solution that can manage traffic during those times is critical. When sharing information, you want to ensure that prospects are as engaged as possible with the platform. For instance, you wouldn’t want a prospective renter leaving your site because the chances that they will come back start to decline. You want a digital leasing solution that has everything in one place so that their experience is seamless.


Pre-qualifying is vital for all property types and for different reasons. For instance, active adult communities may need to prequalify age constraints. Affordable and conventional communities may need to prequalify for income restrictions. Many properties experience an influx in unqualified traffic, which is why it’s so important to put the proper guidelines in place ahead of time. Having a digital leasing solution saves teams valuable time that could be used for more complex tasks.

Lead Nurturing

Follow-up is something that leasing teams often dread. It can be very time-consuming, especially when it comes to nurturing leads that may not be serious. Short-staffed teams should look for a bot/automation solution that offers lead nurturing capabilities to take some of the burdens of the site team. By utilizing lead nurturing and bot technology simultaneously, properties typically see an average time savings of 100 hours per property each month.

At the end of the day, there are endless lists of things that on-site teams have to tend to. That’s why it’s important to help prioritize what’s most important. Taking menial tasks away from the leasing teams allows them to focus on what’s most important — being human. Bots were never meant to replace humans but to help them. That’s why leveraging technology where it matters most can change how your communities do business.


What Multifamily Can Learn from the 2023 Stanford AI Index Review

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.

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