Leveraging GenAI to Transform Your Property’s Lead-to-Lease Journey

In the competitive world of multifamily rentals, every lead counts. Imagine losing nearly 40% of your leads because you weren’t able to respond to them after business hours. This isn't a hypothetical scenario; for many, it's the current state of lead management.

Renters now browse apartments during lunch breaks, late-night scrolling sessions, and moments of spontaneous inspiration. The old model of 9-to-5 leasing operations simply cannot keep pace with these modern, always-on consumer behaviors. Property managers are caught in a challenging landscape where potential residents expect instant gratification, personalized communication, and seamless digital experiences.

Cody Dietz, Account Executive at Apartment List, has keen insight into how leasing teams are leveraging Generative AI (GenAI) to transform the lead-to-lease journey and in this blog we’ll explore his perspective on that subject.

Before we dive in, here’s a quick TL;DR of the blog’s key points:

• The current state of lead management is inefficient, with many leads going unworked due to after-hours inquiries and the inability to respond promptly.
• Real-time engagement is crucial for capturing the moment of inspiration and preventing potential residents from losing interest.
• GenAI-powered sales assistants can bridge this gap by automating tour booking, proactively engaging with leads 24/7, and freeing up leasing teams to focus on high-value tasks.

The Lead Management Challenge: By the Numbers

Cody provided a nuanced look at the current state of lead management in a recent conversation, and the numbers were quite staggering. He revealed a critical problem related to lead conversion:

• 53% of leads arrive after standard business hours.
• 39% of leads go completely unworked.
• Conversion typically requires 6-8 touchpoints to generate a high-intent action like booking a tour.

These data points paint a picture of missed opportunity. The modern rental market operates in a state of constant flux, with potential residents seeking information and tours at times that often are not aligned with traditional business operations.

Cody offered further perspective on this complex challenge, "Not every leasing agent is built for sales, but many are fantastic at closing deals once the prospect is on the tour. However, getting them there can often be the toughest part," he explains. This reveals a critical gap for many leasing teams in their current lead management approach, a disconnect between initial lead generation and successful tour conversion.

How GenAI Bridges the Lead Management Gap

Enter GenAI, which is revolutionizing how property management teams engage with potential renters. GenAI, specifically GenAI-powered sales assistants (like Lea Pro) offer several key advantages:

1. Automated Tour Booking

In an era where instant gratification is the norm, automated tour booking becomes a critical competitive advantage. GenAI can handle tour scheduling when your leasing team is busy, ensuring no lead falls through the cracks. It doesn't just passively wait for interactions, it proactively creates opportunities.

Cody shared a compelling real-world example that highlights the potential: "A partner recently activated Lea Pro, and in just one week, it worked 22 leads and booked 7 tours – all with zero effort from the leasing team!" This isn't just about efficiency; it's about transforming potential missed connections into concrete opportunities. By automatically scheduling tours and reaching out to leads at optimal times, GenAI ensures that every inquiry has the potential to become a signed lease.

2. Proactive Lead Engagement

Real-time responses are no longer a nice-to-have, they're a must-have. With 64% of consumers expecting instant communication, the pressure on property management teams has never been greater. GenAI steps in as a 24/7 communication powerhouse, capable of meeting and exceeding modern renter expectations.

The capabilities of GenAI-driven engagement are comprehensive, the technology can:

• Automatically call leads to schedule tours.
• Provide instant website chat support.
• Conduct consistent follow-up via email.

By maintaining persistent, personalized communication, GenAI ensures that no lead goes cold. Each interaction is an opportunity to nurture potential residents, guiding them smoothly from initial inquiry to tour booking.

3. Complementing Leasing Team Strengths

The goal isn’t to use GenAI to replace your leasing agents, it's about empowering them to focus on what they do best. Not every team member is naturally suited to cold calling or initial lead outreach, and that's perfectly okay. Some agents excel at in-person interactions, building rapport during tours, and closing deals.

As Cody explains, "Making cold calls can feel like 'pulling teeth' for some leasing agents. Not every agent is built for sales, but many are fantastic at closing deals once the prospect is on the tour." GenAI bridges this gap by handling the initial, often challenging stages of lead engagement. By automating preliminary interactions, the technology frees up leasing agents to concentrate on high-value, personal interactions that truly convert leads into residents.

The Competitive Edge of Real-Time Engagement

Delayed responses can cost you leads. Cody highlights a critical point: "If your competitors have tools that allow prospects to book tours in real-time, you risk losing leads while they wait until the next morning, or even afternoon to hear back from you."

The consequences of slow response times extend far beyond a single missed opportunity. Potential residents have virtually limitless options at their fingertips. A delay of even a few hours can mean the difference between securing a new tenant or watching them book a tour with a competing property.

Capturing the Moment of Inspiration

Imagine a potential renter browsing apartments at 3 a.m. With GenAI-powered tools, they can book a tour instantly, capturing that moment of inspiration before it fades. It's critical to meet potential residents exactly where they are, when they're most engaged.

The psychology of real-time engagement is powerful. When a prospect can immediately take action on their housing search, their excitement and motivation are at their peak. GenAI sales assistants can transform fleeting moments of inspiration into concrete next steps, preventing the natural cooling of interest that occurs when potential renters are forced to wait to schedule a tour.

Proven Results: The ROI of Lea Pro

The numbers speak for themselves. Cody indicated that property teams implementing Lea Pro are seeing significant improvements. He mentioned that one of Apartment List’s partners, TLR Group, experienced a 54% increase in tour bookings after leveraging the technology. This is due to the technology enabling leads to be worked more extensively and marketing dollars being utilized more efficiently.

Cody further elaborated on the potential economic impact: "We see [some] properties spending two to $3,000 a month on marketing and not getting returns. Often, it's simply because they're not working leads extensively enough to turn an initial inquiry into a tour, and ultimately, a lease."

By implementing GenAI sales assistants like Lea Pro, property teams are fundamentally reimagining how they approach potential residents. The traditional model of waiting for leads to come to you during business hours is being replaced by a proactive, always-on approach.

Ready to Transform Your Lead-to-Lease Journey? Strike While the Iron is Hot with Lea Pro

The message is clear in today's fast-paced rental market, real-time engagement is critical for success. GenAI enables teams to capture leads 24/7, provide instant communication, and free up leasing agents to do what they do best: close deals

This approach represents more than just a technological upgrade, it's a strategic overhaul of the traditional lead-to-lease journey. By leveraging GenAI, properties can create a more responsive and efficient approach to connecting with potential residents.

Ready to transform your own lead-to-lease journey? Contact Apartment List today to explore how Lea Pro can save you 42 hours per property per week and convert more leads into leases.