2024 Fall Issue of Urban Land - 99

AI in the
Multifamily
Sector
Three areas of operations
that benefit from machine
learning technologies
LILI DUNN
The opporTuniTies presented by artificial
intelligence (AI) today seem unlimited.
During the early innings of this exciting
new technology, the phrases generative
AI and machine learning are often being
used interchangeably. In the multifamily
industry, practical applications of AI are
primarily based on machine learning, a
subset of AI that uses algorithms to learn
automatically from big data to identify
patterns and make intelligent predictions.
A multifamily leasing office becoming
a screen with a virtual assistant that can
mimic and go beyond human capabilities
is not yet a reality in most communities.
Nonetheless, our industry is identifying
areas where true generative AI solutions
can improve the resident experience and
streamline operations. There is significant
investment being made in developing AI
solutions that are seamlessly incorporated
into property management and accounting
systems.
Multifamily owners and operators,
drawn by the possibilities of finding efficiencies
from adopting new technology,
are testing various machine learning solutions
that may eventually lead to true
decision-making without human interference.
At Bell Partners, we maintain a
disciplined approach to applying machine
learning solutions to our operating platform,
and we find success in some areas
while understanding that applications in
other areas of our vertically integrated
platform still need more time to develop.
What follows are three areas of our
operations where we see real benefits
from machine learning applications and
opportunities for AI solutions in the future.
1. Leasing
Our entry into the world of AI began in
early 2020 with testing of machine learning
applications in our leasing operations.
After a pilot program, we deployed a virtual
leasing assistant technology focused
on the prospective resident. This assistant
guides a prospect through the leasing
journey in a seamless process, from
answering initial questions, such as lease
rates and availability, through directing the
individual in scheduling an on-site tour,
to choosing a move-in date. We're now
using this virtual leasing assistant across
our entire portfolio of 85,000 apartment
homes.
During the pilot process in early 2020,
we were naturally concerned about potential
negative reaction from prospects,
from our leasing teams, or from both in
interactions with a virtual assistant. That
concern proved to be short-lived. Because
the people involved receive complete,
accurate, and timely information from the
virtual assistant; and because all interactions
are in written form, with text that is
naturalistic and easy to understand, we
find that some of our prospective customers
ask for the virtual character by name
to speak directly with it.
For our leasing teams, our leasing
assistant technology enhances customers'
experience by giving them more time
to provide personal-touch service. Initial
adoption was challenging but, over time,
our teams appreciated working in tandem
with the technology as a companion. For
example, in cases when the virtual assistant
is unable to fulfill a request, it seamlessly
notifies a site associate in the local
leasing office who can help. This protocol
creates a flag in our system for our onsite
teams to see the transfer and preserves
the opportunity to maintain the prospect
journey with us. The convenience provided
to our onsite teams and prospective
residents is invaluable, as it gives them an
entity that can answer basic queries and
provide quality assistance without regard
to time of day, home time zone, or the
leasing team's availability.
The efficiencies being achieved from
adoption of this virtual leasing program
provide owners true peace of mind, and
the program is generating real results
overall. More than 72 percent of all Bell
Partners' prospect resident leads in 2024
The Bell Presidio complex in Fort Worth, Texas. Efficiencies from a virtual leasing
assistant help drive prospect traffic and free time for the onsite team.
FALL 202 4
URBAN LAND
99
INDUSTRY VOICES
BELL PARTNERS
2024 Fall Issue of Urban Land

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