In our last blog, we explored why first-party data matters more than ever in multifamily. We recently partnered with a consulting team from University of Michigan’s Iota Omega Epsilon for a review of Livsee’s data, giving us a clearer view of the product’s unique value and performance. Within that data lives a strong case for automation as more than a cost-saver, but also as a value-adding service.
For Property Managers, Efficiency is a Luxury
In multifamily, site teams are rarely operating with excess capacity. Between resident inquiries, leasing calls, walk-ins, and administrative work, they can quickly become spread too thin. A survey by the National Apartment Association found mental health and the ability to switch off after hours (16.3%), maintaining proper staffing levels (14.3%), and managing the workload (13.2%) among the biggest challenges for working in property management, only behind dealing with abusive residents. Needless to say, site teams don’t have time to spare.
It’s intuitive that property teams struggle to switch off after hours when most apartment searching happens after the workday. From an analysis of 830 conversations that rental prospects had with Livsee, engagement levels were highest in the late afternoon and evening, suggesting that the majority of leasing inquiries hit the inbox at the end of the day. This incongruity presents a hurdle for leasing teams that can be fixed with a layer of automation.
Interest Forms Don’t Necessarily Signal Intent
Beyond the influx of after-hours inquiries, our data shows that not all prospects demonstrated serious leasing intent. In fact, nearly 30% of prospective renters that engaged with Livsee were low-intent leads. For leasing teams, this means that 3 of every 10 outbound calls could be a dead end. Unfortunately, there’s no way of knowing which prospects are not looking to lease. With automated lead nurturing, prospects can self-screen for intent by talking to the chatbot.
The Livsee data also shows a strong correlation between a conversation’s length and a prospect’s intent, with high-intent leads having the longest conversations. This correlation presents us with two distinct insights:
High-intent leads have more inquiries. If leasing agents are out of office or too overloaded to field these questions, these prospective renters can slip through the cracks. AI chatbots can offer instant answers, improving the renter experience and freeing leasing teams to focus on tours and applications.
Longer conversations can create intent. Each renter has their own unique dealbreakers and dealmakers. With instant and accessible answers to their questions, prospects can quickly and effortlessly become high-intent leads. Agentic-AI is purpose driven, meaning it can capture renter preferences and tailor its responses to renters’ individual needs, all with the purpose of closing more leases.
Cost Savings Measure Impact
Based on a model by the Iota consultants, 830 conversations with Livsee saved teams approximately $7.3k in labor costs.
For owner-operators, these savings represent more than an expense reduction. They are an indicator of the multifaceted value that Livsee adds for leasing teams. Reducing the labor cost tied to repetitive tasks enables teams to reallocate time to more productive, value-adding work. They are an opportunity to increase the ROI of your labor force.
The Livsee Blog was created by Livsee’s team of experts to help multifamily owner-operators lease smarter. For insights covering proptech, AI, and innovation in multifamily, make sure to subscribe and follow Livsee on social media.
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