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Boost Team Efficiency and Improve Decision-Making Ability with AI

October 25, 2019 | Elliott Burris Vice President AppFolio

Artificial Intelligence is changing the way work is done in every industry, including real estate.

A recent study conducted by AppFolio and John Burns Real Estate Consulting showed that 78% of property managers consider their company open to adopting new technologies such as artificial intelligence, or AI.

What is Artificial Intelligence?

By analyzing millions of real-world situations, computers can assess the rules to follow when handling similar situations, and solve problems on their own. Computers can be trained to understand photo and video content, interpret and reply to human speech, and even make routine decisions without human input.

With these skills, AI can be deployed in the form of new “digital employees” that work alongside your human employees to run your business, allowing you and your team to focus on other work of strategic importance and provide excellent customer service.

Leverage AI to Boost Team Efficiency

AI technology can take care of routine tasks and free your team up to focus on higher-level activities that require a human touch. Leasing is a great example.

According to Zillow, 71% of renters expect a response to their rental inquiries in a day or less.

However, 42% of property management companies face challenges with quick turn-around responding to leads, according to AppFolio’s recent research with John Burns Real Estate consulting.

An AI leasing assistant can solve this problem by answering prospective renters’ questions quickly and accurately around the clock, scheduling showings, and automatically collecting and entering data.

This solution allows your team to focus on building relationships with renters, rather than answering repetitive questions, scheduling and rescheduling showings, or manually entering lead data into your system.

Improve Your Decision-Making Ability with Accurate Data

You need good data to make good decisions. But according to research from Experian, 29% of customer and prospect data is suspected to be inaccurate in some way.

AI can also make a difference in this area of your business. When AI seamlessly collects and enters data into your system, you end up with machine-quality data. This data is available in real time, and will be completely accurate and trustworthy in the decision-making process.

By boosting the capabilities of your team, freeing up time to provide personal service, and gathering the accurate data needed for high-level strategy, AI technology is already unlocking the potential of customer-centric property management businesses.

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