4 Ways AI is being leveraged by multifamily owners and operators to optimize their marketing efforts from leasing to maintenance.
By Vickie Rodgers
Artificial intelligence (AI) is rewriting how the entire real estate industry operates, including improving the way multifamily properties market and advertise their residences. In fact, McKinsey predicts generative AI alone can create at least $110 billion to $180 billion in value for the entire real estate industry.
Property managers failing to invest in and adopt AI risk falling behind those in the industry that leverage the tool in their marketing and advertising efforts.
Although AI is not new technology, it has gone through a renaissance since ChatGPT popularized it in 2022. AI is not only here to stay, it is set to take root, grow and mature in the multifamily market because of the many tangible benefits it provides, including increasing marketing efficiency and improving resident satisfaction.
Here are four ways AI is being leveraged by multifamily owners and operators to optimize their marketing efforts.
No. 1 – Streamline the leasing and application processes
AI can help those on both sides of the leasing and application process – leasing office and prospective residents.
For leasing office team members, AI can be used to craft engaging apartment listings, which frees them from this manual task so they can focus on other efforts, such as spending one-on-one time with tenants or prospects. AI can even be used to create an image replacing an outgoing tenant’s dated furniture with AI-generated furnishings that make the space more appealing.
On the prospective resident side, a chatbot can answer questions 24/7 so the individual doesn’t need to wait for business hours to get an answer. Chatbots can also be used to schedule viewings or lead potential tenants through the application process, among other things.
No. 2 – Support stronger marketing activities
AI sets the competitive multifamily resident bar higher. For instance, if one property manager advertises a dimly lit, unappealing snapshot of an available unit and another provides a well-lit, AI-enhanced photo showing the property in a more engaging way, the second property is going to attract more prospects.
To reach the most relevant audiences, AI algorithms can also use targeted advertising to analyze certain demographics to optimize ad placements. The technology can also evaluate and prioritize leads based on conversion likelihood so leasing teams can focus their efforts on the prospective residents with the greatest leasing potential.
No. 3 – Analyze amenities and provide recommendations for upgrades
No two properties are the same, nor are their amenities. Consider swimming pools since many apartment complexes have them. AI can analyze and then point out that a property has invested in a high-end Infiniti pool that’s much more desirable than a competitor with a swimming pool installed in the 1980s.
AI can even recognize patterns in data to determine which amenities, like weight rooms, pools, greenspaces or smart home features, have the most appeal with tenants. If tenants lean toward reliable Wi-Fi throughout an entire property or would love an on-site dog park, AI can recommend these upgrades to property management.
No. 4 – Strengthen preventative maintenance operations through real-time monitoring
AI algorithms analyze data from sensors and historical maintenance records to predict when equipment might fail. This allows organizations to schedule maintenance before problems arise to decrease equipment downtime and increase tenant satisfaction.
AI can identify atypical patterns in real-time data, signaling potential issues before they escalate. For example, if water usage throughout a property doubles over two months, proactively looking into the issue can help address the problem, like detecting a water tank trickle or swimming pool leak, early. Similarly, if the refrigerator in a unit is acting up, AI can schedule maintenance before the appliance fails and the tenant is forced to throw out a refrigerator and freezer full of food.
AI set to unlock even greater potential
Although AI still has some growing pains, using the technology to enhance marketing and advertising efforts can help multifamily operators take advantage of greater efficiency, insight and innovation. As the technology grows and matures, it will be interesting to see the ways in which AI continues to redefine the possibilities in the growing multifamily market.
 About the author:
Vickie Rodgers, Senior Vice President of Cox Communities
