Written by CEO & Co-Founder — Zlatko Bogoevski
Over the last few years, we have seen a massive change in how people look for new homes. Year over year, we’re seeing an increase in the number of renters that choose AI assistants as their preferred method to get answers to questions ranging from pricing and availability to neighborhood, amenities, and reviews. Over the last four years, BetterBot has served over 1.4 million multifamily units. At our scale, we have gathered some valuable insights along the way. Here are four lessons we’ve learned from serving over 1.4 multifamily units and automating over 4,000 leasing operations.
Value Proposition Matters
The value proposition for automation is stronger than ever. Property managers are forced to operate with skeleton on-site teams due to labor shortages. Post pandemic potential on-site employees prefer jobs that are remote and offer flexible hours. Investing in a good AI automation platform can bring 10x to 20x in savings for every dollar invested.
Human Interaction Can’t Be Replaced
Humans are still very important and will be an essential part of operations for quite some time. During Covid, many properties had to close their offices and experiment with tech that took leasing staff entirely out of the picture through reliance on automated tours and call centers. Now that things are back to normal, we know that people prefer visiting a property before making a choice on a place to live. They still want a guided tour by an experienced agent that can solve potential application problems and answer nuanced property-related questions.
Automation Has Become Mainstream
AI automation has moved into the mainstream in the multifamily industry. For the last three years, AI automation was for innovators and early adopters, while many PMCs waited for proof on the sidelines. There has been a fast shift in thinking to where property managers are no longer considering whether to implement an automation solution but rather which one.
It’s All About Experience
There is no replacement for a good product experience. Many AI automation products demo well but in practice, are confusing, error-prone, and don’t deliver results. Renters want fast and accurate answers to their questions in a 24/7/365 fashion from their mobile devices. Property managers prefer easy-to-deploy and manage products and can scale across a portfolio of different unit types like conventional, student, and affordable.
Over the last four years, it’s been essential for us to reflect and make sure we are learning along the way. Since BetterBot was formed in January 2019, we have been striving to deliver a low-friction experience that provides fast and correct answers with every interaction. We’ve been incorporating these lessons along the way and will continue to learn along the way. Learn more about what we’ve been able to accomplish over the past year, and stay tuned to see what we have up our sleeves.