Are CRE Owners Adopting AI Tools?

Artificial intelligence is here. While the technology has plenty of runway to grow and adapt, tools utilizing AI technology are already available in the market. This ranges from investment tools, where AI can analyze data to make investment decisions, to AI assistants that can help with leasing. While the technology is new, companies are already seeing strong adoption because AI has the ability to significantly help with workflow and handle basic needs.

AppFolio, for example, recently launched a leasing assistant, and is seeing strong interest from property owners for the technology. “Apart from handling all incoming prospect queries, business owners using Lisa rely on her for other important aspects of the leasing process,” Elliott Burris, VP at property management software company AppFolio, tells GlobeSt.com. “As mentioned, Lisa does help initially vet prospects so that leasing agents aren’t walking into showings and having to turn prospects down who don’t meet the leasing requirements.”

One of the reasons that AI has been quickly adopted—particularly compared to other new technologies—is because AI essentially acts as another employee, doing basic-entry level tasks. This is true at every level for AI tools, whether analyzing data or using AI in an assistant capacity. “Lisa is like a leasing agent, in that she can cross-sell units within a property management business to inquiring prospects,” says Burris. “For example, say a prospect had a pet and was interested in a building that did not allow pets—not only would Lisa uncover that the prospect had a pet and was not a good fit for the unit, but Lisa then suggests units for which the prospect is a fit.”

The ability to utilize AI tools as additional talent is a major benefit for owners and investors. Talent has become the most valuable resource for businesses today. “AI maximizes the potential of each query, helping businesses promote a number of properties to prospects and giving people more options,” says Burris. “Businesses can also use AI for lead tracking because the technology tracks and records all leads consistently and properly. That’s one less administrative responsibility businesses need to get bogged down with.”

AI is also reliable, generating accurate and reliable data. It is another major benefit, encouraging owners to adopt AI tools. “That the AI operates on and creates clean, accurate data, which gives property managers robust lead to lease insights, ultimately enhancing, optimizing and automating the entire leasing flow,” adds Burris.