AppFolio Launches New AI Property Management Tool

Property management software company AppFolio has launched a new artificial intelligence tool for property managers. The new AppFolio Property Manager Plus tool includes an AI leasing assistant. Lisa, the name of the tool, will automate the leasing process, including responding to requests by email or text in real time and tracking leasing performance. The result is aimed to help drive better occupancy in residential properties.

“Building on acquisitions of both Dynasty and WeGoWise, we’re now offering both an AI leasing assistant as well as a utility management service,” Elliott Burris, VP at property management software company AppFolio,” tells GlobeSt.com. “With any new product offering, we believe in innovating on behalf of our customers to continue to build value and empower them with the technology they need to work more efficiently, gain insights into their business and provide an exceptional experience to their customers and teams.”

The tool is part of growing AI integration in the commercial real estate industry. The leasing assistant is a fully conversation tool that aids leasing agents. “It streamlines leasing workflows, answering prospects’ queries in a more timely and concise manner,’ says Burris. “The leasing process is one of the very first steps in the property management cycle, and it’s something that is constantly in flux as vacant units come online or as occupancy decreases. Leasing practices and workflows can truly make or break a property management business.”

The tool has the potential to make a big a big impact for leasing agents. Research from Zillow shows that 40% of rent leads go unanswered, and 71% renters expect a response within a day of their inquiry. “When a leasing agent can’t keep pace with prospects’ queries it is like leaving money on the table,” says Burris. “On the flip side, not meeting prospects expectations, from the initial introduction, doesn’t paint a positive picture for the prospect considering signing a lease for a vacant unit. Artificial intelligence is changing the game, completely taking control over the first-stage query process, and enabling 100% lead response.”

The AI tool is part of AppFolio’s property management tool, which also automates bill processing and resident billing. “The addition of the utility management offering to AppFolio property manager, meanwhile, is a huge value add to property managers, providing comprehensive utility analytics,” says Burris. “This service empowers AppFolio Property Manager and AppFolio Property Manager Plus customers to better manage operating and capital expenditures relating to utilities by eliminating late fees with on-time billing and replacing the significant burden of a manual invoicing process with one that minimizes errors and maximizes NOI.”