How Apartment List Leverages GenAI to Transform the Leasing Experience

Renting an apartment can be complex, but technology is making it easier. It's no surprise that the rental industry is embracing AI to improve the leasing experience. However, many property managers are unsure about this new technology - why it matters, how it works, and if it's relevant to their work.

Apartment List is a leader in tech innovation for real estate. Our newest product, Lea Pro, uses the power of Generative AI (GenAI) to transform leasing for both property managers and renters. This blog post aims to clear up any confusion and show examples of how GenAI, specifically Lea Pro, can be a powerful tool for property management companies (PMCs) to unlock opportunities and stay ahead in a fiercely competitive market.

In this blog, we'll cover:

What Is Generative AI?

GenAI is a type of AI that can create new content like images, text, or music. It learns by studying many examples and recognizing patterns and qualities. It then uses this knowledge to generate original content mimicking the style it learned from.

Rather than just doing specific tasks, GenAI gets creative - producing new images, stories, music and more, in the same style as its training data. It has potential to revolutionize industries like entertainment, design, healthcare, and now real estate, by automatically creating tailored content and solutions.

Here are some key characteristics of GenAI systems:

• Creating New Content: GenAI can now create very realistic and creative forms of content like articles, stories, translations to other languages, and even lifelike images and art.
• Finding Patterns: GenAI systems study huge amounts of data to find patterns in how the content is structured and written. It then uses those patterns to produce brand new content that looks and feels authentic.
• Flexibility: GenAI can adjust and change the content it creates based on specific instructions or requirements given by the user.

GenAI vs. Traditional AI: What’s the Difference?

There are two main types of AI: traditional and generative (GenAI). Traditional AI follows specific human-made rules, like in chess or spam filters. It's rigid and predefined.

GenAI is more creative and flexible. It learns patterns from lots of data (text, images, music) and uses those patterns to create new content resembling what it studied. For example, GenAI could study dog images and generate its own unique dog picture.

In simple terms:

• Traditional AI follows rigid rules
• GenAI flexibly creates new content by learning from data

GenAI allows AI to be imaginative and produce novel outputs rather than just carrying out instructions.

How Does Apartment List’s Lea Pro Leverage GenAI to Support PMCs?

Lea Pro, Apartment List's GenAI-powered leasing agent, revolutionizes the leasing process by enhancing efficiency and user experience for property managers and renters. It asks and answers insightful questions, provides tailored recommendations, and overcomes objections to build trust, drive conversions, and create a positive rental experience. Let's explore how Lea Pro supports PMCs and renters throughout the leasing journey:

1. Lead Engagement

Lea Pro enhances lead engagement in the leasing process by using GenAI to provide personalized interactions with potential renters. By analyzing user behavior and preferences, Lea Pro tailors responses to individual inquiries via email, text, voice, and web chat. This proactive, intelligent approach improves the user experience, saves time for both property managers and renters, and increases the likelihood of converting leads into tenants, resulting in a more seamless leasing experience.

2. Lead Nurturing

Once a renter shows interest, Lea Pro uses GenAI to nurture them throughout their leasing journey. It automates personalized follow-ups like emails, texts, and virtual tours to keep them engaged and informed. This builds trust and makes things simpler for renters.

For example, Lea Pro can:

• Send reminders about upcoming tours
• Give extra details on available units
• Offer virtual tours to fit busy schedules
• Nurture and qualify leads while overcoming objections

Renters get regular updates on properties they like without having to chase down property managers. This proactive approach keeps renters interested while making leasing more convenient and accessible.

3. Tour Scheduling

Lea Pro simplifies the challenge of scheduling property tours by using GenAI to efficiently book appointments. It analyzes the availability and preferences of both on-site teams and renters to automatically schedule tours at optimal times, minimizing conflicts. Lea Pro suggests suitable time slots and sends automated confirmations and reminders. This not only saves time and effort for property managers but also ensures a smooth and convenient experience for renters, ultimately increasing the likelihood of successful lease conversions.

4. Post Tour Follow-Up

After property tours, it's crucial to follow up with leads to address any remaining questions or objections and encourage lease signings. Lea Pro excels in post-tour follow-up by using GenAI to automate personalized communication with potential renters. It sends customized emails or text messages thanking them for their interest, provides additional information about available units, and addresses specific concerns raised during the tour. This ensures renters feel valued and informed about the next steps in the leasing process, ultimately encouraging lease signings.

Apartment List Leads GenAI Innovation with Lea Pro

Apartment List is revolutionizing rental leasing by combining GenAI with performance-based pricing. Lea Pro streamlines the leasing process, boosts lead engagement, and increases conversion rates, ultimately enhancing the rental experience for all.

The numbers speak for themselves: Lea Pro drives a 68% increase in lead-to-tour conversions, works 53% of leads after hours, and saves property managers an impressive 42 hours per week per property. These stats highlight the transformative power of GenAI in the multifamily industry.

As the rental landscape evolves, embracing innovative technologies like GenAI is crucial for staying competitive and meeting the changing needs of today's renters.

Ready to experience the power of Lea Pro for yourself? Click here to schedule a demo and take the first step towards a smarter, more efficient leasing future.