Digital leasing moved all the processes online, but the effort necessary from real estate agents and property managers remains the same. Midnight calls, lengthy lease agreements, never-ending follow-ups and reminders, and property viewing arrangements, so everyone’s schedule aligns, sound exhausting.
Imagine having a trustworthy comrade in this sea of messy documents and endless communications. A leasing assistant can become one.
An AI leasing assistant is an artificial intelligence-powered tool designed to automate various aspects of the property leasing process. An AI leasing agent combines the functionality of a chatbot, CRM, property management systems, and sales tools and can handle tasks such as responding to tenant inquiries, scheduling property viewings, processing applications, and providing 24/7 support, thereby improving the overall leasing experience for both property managers and potential tenants.
AI leasing agents perform a wide range of functions, from answering lease-related questions and sending follow-up emails to analytics and creating lease abstracts. Also, virtual leasing agents serve as intermediaries, handling tasks such as lead follow-up, qualification, and nurturing, ensuring a seamless online experience for renters, property managers, and real estate agents. Many of them seamlessly operate through different communication channels, including emails, phone calls, website chatbots, and even social media and property marketplaces.
AI leasing assistant does not mind working 168 hours per week, handling complex potential tenants’ questions and inquiries, and even picking up calls. About half of calls to leasing offices are missed, and only 13% of prospective tenants will leave a voicemail. A virtual leasing assistant will ensure that you do not miss any opportunities.
According to traffic data, people browse the most in the middle of the night – beyond working hours. They find a dream home, come up with questions, and can’t ask them in a sleeping real estate agent. Most questions relate to the property condition, amenities, local policies and regulations, and upcoming open houses.
For example, a simple inquiry, “What is the pet policy?” is made, and the AI leasing assistant immediately responds or sends a relevant document. AI leasing agent works while you sleep, catching every single opportunity.
Elise AI and Appfolio 24/7 AI Chatbots
Finding a time slot in the fully booked calendar that aligns with the potential tenant’s free time is challenging and time-consuming. Luckily, an AI leasing assistant can be synchronized with Google Calendar or Callendly.
For example, if the client has a force major and can’t come for a property viewing the following day to avoid disturbing the leasing officer, they turn to an AI leasing agent. It will automatically reschedule the meeting to another suitable free slot and notify the real estate agent. Time management has never been easier with the AI leasing assistant.
Tour Scheduling Done by LetHub AI Leasing Assistant
Lead qualification happens during initial contact with the AI leasing assistant while clients uncover their preferences and set goals and limits. According to the received information and existing data about available properties, leasing AI can estimate how promising the prospect is and what steps the agent should take to close the deal.
One way to manage prospects is to stay in touch with them constantly—send reminders and follow-ups, suggest personal recommendations, and simply keep them up to date. A good part is that real estate AI assistants can take over all of those activities.
An AI leasing agent usually handles daily reminders for prospects about upcoming tours and follow-ups after viewings. Notifying current tenants about the visit is also essential, so reminders are often sent to three sides.
Reminder Sent by LetHub AI Leasing Assistant
If potential tenants are still unsure about the accommodation after all the questions, the AI leasing assistant can recommend other options based on set criteria. Some real estate AI assistants have cross-platform AI search and AI recommendation systems integrated.
For example, an AI leasing agent notices that a client repeatedly uses a few criteria throughout the conversation and considers them keywords for finding a proper fit in the database. Another case is when more advanced AI can recognize patterns similar to rejected listings and filter upcoming options accordingly.
Personalized Recommendations Suggested by Elise AI
Some AI leasing assistants like LentHub offer to create custom automated workflows with triggers and following actions. For example, the chatbot gets a question about zoning policy (trigger), so the system sends a file from the official website (action). The tenant complains about the crack in the ceiling (the trigger), so the AI leasing assistant clarifies the scale of the problem through additional questions and photo requests and then routes gathered information to the relevant service provider (action). After the work is done, the invoice is saved in the corresponding folder (outcome).
Workflow Building with Adam and LetHub AI Leasing Assistants
AI leasing assistants can understand and quickly process enormous amounts of information. Using advanced machine learning and natural language processing algorithms, leasing AI can not only be trained on specific databases but also deal with an influx of lease agreements and other business documents.
Rarely can AI deal with complex legal terms and guarantee the accuracy of lease abstracts. That’s why the Ascendix team has created a sturdy framework dedicated to Intelligent Document Processing that includes an AI lease abstraction tool.
Interface of AI Lease Abstraction Tool | AscendixTech
Many real estate leasing assistants added eSigning to the core set of features during the pandemic. Although the pandemic has ended, eSigning is still one of the most popular services due to its convenience and overall transaction facilitation. Everything you need to do is to use your digital signature online. No unnecessary commutes, papers, and spilled pen inks in your pocket.
Self-showing is another miracle for always-busy real estate agents, but it is an optional feature for AI leasing assistants. Interested tenants arrive at the property and can look around the potential accommodation with the leasing officer through video intercom or on their own. Access is granted through IoT technologies like smart locks. Some AI leasing agents have more sophisticated functionality, like ID scanning, checking, and verification through selfies.
Data never sleeps, and AI leasing assistants operate with huge chunks of unstructured data, the amount of which increases with every user interaction. Luckily, real estate AI assistants can collect and analyze this data to uncover insights on market trends, client’s pain points, workflow bottlenecks, etc.
For example, the AI leasing assistant notices that most tenants need help comprehending long lease agreements: they ask many clarification questions and get lost in complicated terms. The dashboard automatically reflects this part of the workflow as a bottleneck and suggests the solution—AI lease abstraction.
Hyro AI Leasing Assistant’s Dashboard
AI leasing assistants leverage AI technologies such as Natural Language Processing, Machine Learning, Optical Character Recognition, Object Detection, Dialogue State Tracking, and others to make the work of property managers and real estate agents easier.
Natural Language Processing (NLP) enables chatbots to understand free-form human language. Meanwhile, Dialogue State Tracking helps AI chatbots identify the user’s intentions from the flow of thoughts.
You might think that chatbots are so 2016 and literally everywhere now, but Natural Language Processing and Dialogue State Tracking distinguish AI leasing assistants from typical chatbots. This way, AI leasing agents can work not only with pre-define prompts but also with any unstructured user inquiries.
Optical Character Recognition is used to identify text from scanned or handwritten documents so that it can be converted into a digital editable document for further analysis and processing.
Machine Learning helps train AI on specific databases to gain general awareness about the industry in which it will be used. The more elaborate the database, the more advanced and precise AI will be. AI leasing assistants can learn on their own by analyzing user interactions and feedback, thereby enhancing their efficiency without further training.
All those technologies make the AI leasing assistant an independent helper, not a troublemaker, after which you need to sort out the mess.
Ascendix has built an AI framework specifically trained to abstract, summarize, and unlock insights from real estate documents.
Since digital leasing is now an everyday practice, the market is filled with real estate AI assistants for different purposes as well as complex solutions. The list below is not a rating and serves solely as a market overview.
Elise AI has presented a virtual leasing assistant with comprehensive functionality and a user-friendly interface. This leasing AI takes over prospect management, tour scheduling, and 24/7 multilingual support, including dealing with requests like rescheduling and providing leasing instructions.
Elise handles omnichannel lead capture and initial contact with potential clients, answers common questions, and even asks for clarifications, imitating real dialogue. Elise AI leasing assistant leverages NLP and ML to the extent that users believe they are talking with a person.
“ “People come to the leasing office and ask for Elise by name. Tenants have texted the chatbot to meet for coffee, told managers that Elise deserved a raise, and even dropped off gift cards for the chatbot.” ”
Also, Elise, an AI leasing agent, provides performance data, including conversion rates and conversion health. If Elise can’t do something, it can integrate with almost everything, from property management systems to phone trees, calendars, and CRMs.
Lethub AI Leasing Assistant is a complex solution that offers a reasonable price and a pleasant user interface. Lethub has developed a great deal of features that go beyond typical real estate AI assistant functionality:
The virtual leasing assistant by Lethub is the one-stand solution for a streamlined leasing process.
Quext Digital Human is an AI-driven virtual leasing agent designed to provide quality customer service through “face-to-face” video chat in real-time in English or Spanish languages. The Quext AI leasing assistant is radically different from others on the market. Customers can literally see and talk with a digital human, which can read, understand, and analyze users’ emotions and facial expressions and respond to them accordingly. A customizable CGI model is a beautiful picture that hides powerful, trained AI behind it.
Quext Digital Human does all the necessary work required from a typical AI leasing agent, from lead management and handling users’ requests to elaborate analytics built not only on blunt numbers but also on clients’ emotional responses. For further property management, you can also use Quext IoT solutions.
Quext Digital Human Interfaces
Lisa is an AI-powered leasing assistant developed by Appfolio, a leading cloud-based property management software provider, and integrates with all Appfolio products.
Appfolio’s virtual leasing assistant engages with prospects and residents, answering questions and providing information about properties and amenities. Prospects can ask questions, schedule tours, and even apply for leases through Lisa.
Lisa is one of the AI leasing assistants that can handle paperwork during the leasing process by generating and signing lease agreements electronically. In addition to typical functionality, Lisa offers online payments, tenant screening, and parsing inquiries from Internet Listing Services (ILS).
Lisa’s Interface | Appfolio
Nevertheless, you have to pay an additional pretty penny for Lisa – from 45 USD per month for ten units with 500 contacts to 1.500 USD every month for unlimited units and contacts.
PERQ AI leasing assistant is only a part of a complex marketing automation platform sharpened for businesses in the multifamily industry, which PERQ is. The virtual leasing assistant does not have a name but supports different communication channels, including emails, phone calls, and website chatbots. It can send automatic follow-ups and reminders, schedule tours, and provide multi-user role-based access.
Unfortunately, unlike many other analogs, the PERQ AI leasing assistant does not include handling maintenance requests or tenant communication, but it still can be seamlessly integrated with other property management software like Yardi and Entrata.
Lea looks like a typical AI leasing assistant, but there are some features that make it stand out a bit from our list:
Lea Pro Responses | ApertnettList
The forte of Hyro AI leasing assistants is data and analytics dashboards. It gathers customer data, including unstructured data from conversations, and transforms complex info into simple terms for easy understanding. Hyro performs regular data scraping and maintenance processes to keep information relevant.
Hyro also leverages data analytics for lead qualification by asking clarification questions about budget, desired move-in date, and other key factors to identify high-value prospects.
Adam is a very young virtual leasing assistant designed for property managers, leasing teams, and multifamily housing operators. In addition to the basics, such as responding to queries and scheduling tours, Adam can generate and execute leases electronically. It’s one of the few AI leasing assistants that helps with paperwork.
Of course, Adam supports multiple languages, brand voice customizations, and various communication channels (websites, social media, messaging platforms, and more). When it comes to analytics, Adam can present weekly video reports that are easier to comprehend. The only noticeable disadvantage is the dull user interface.
Chat IQ is a conversational AI leasing assistant integrated into the RentCafe platform. Chat IQ covers basic for AI leasing agent tasks such as:
Yardi’s AI leasing assistant is a basic solution, but sometimes, those functions are more than enough.
ResMate AI leasing assistant is similar to Adam by Travtus:
Hire Ascendix experts. Leverage our experience in real estate to create user-friendly AI tools for your business.
The ACE AI leasing assistant created by LeaseHawk has basic functionality and serves as a convenient add-on to their RM rather than an autonomous tool. ACE cannot schedule meetings or self-guided tours. The interface can be considered outdated and still a bit buggy.
ACE has a lead qualification function, but the scoring often does not match reality. For example, you can review each call ACE has had with your potential clients and see that all necessary questions were asked, but the wording could have been more on point, so the AI leasing assistant scored this lead lower than it actually is.
This does not mean that the ACE AI leasing assistant by LeaseHawk only has downsides. This virtual leasing assistant can provide analytics about team performance, different tracking emails and numbers by marketing source to drill down to where interested renters are coming from, as well as the excellent visibility of a leasing funnel and all the lease flow in general.
ACE’s Intrafaces | LeaseHawk
Zuma built an AI leasing assistant called Kelsey. It is not a typical chatbot and is actually not a chatbot at all since it does not integrate with the website. Kelsey uses natural language processing and machine learning for advanced human-like communication via emails, SMS, and phone calls. This virtual leasing assistant also follows up with the leads and reminds potential tenants about upcoming tours. Kelsey learns fast and adjusts the tone according to the user for a better experience.
Kelsey’s Interface | Zuma
BetterBot has also put its foot into this market with an AI leasing assistant called BeeBee. Let’s start with the good. BeeBee is fully customizable and multilingual. Also, it has an embedded gallery, videos, and virtual tour features. BeeBee can be integrated with literally anything you want, from Google My Business, Facebook, and Yelp to Zillow, Vimeo, Helix, and YouTube.
Unfortunately, BetterBot is a very young company, and many valuable features are not yet available. Automated text is one example. Users should utilize prompts instead of actual live-like communication. Also, BeeBee can’t handle calls.
BetterBot Interface
Consider BeeBee not a fully-fledged AI leasing assistant but rather a helpful basic AI chatbot that can handle initial consulting, schedule tours, and send all necessary follow-ups. When there is no need for more extensive functionality, BetterBot is your solution.
As you may have noticed, the majority of AI leasing assistants lack an extremely helpful feature – AI lease abstraction. Real estate is flooded with various documents, and commercial lease agreements are among the longest ones. Wouldn’t it be nice to have an AI leasing assistant that can summarize all the wordy lease agreements into concise abstracts?
AI leasing assistant saves time, money, and effort. However, the market is filled with chatbots pretending to be AI leasing agents or complex but costly solutions.
This is where Ascendix comes into play. We have been in the real estate market for more than 16 years and have served the needs of the most prominent industry players, such as JLL, Colliers, Savills, and others.
Ascendix has not only extended expertise and experience in the real estate industry but also a team of talented individuals who can help you with anything proptech-related:
Digital leasing (aka virtual leasing) is a complete and legitimate leasing process moved online. Virtual leasing typically includes property search and research, lease agreement negotiations, signing, and further interaction between tenant and property manager.
AI leasing assistant is a tool based on AI technologies that streamlines leasing processes such as initial consulting, prospect management, tour scheduling, lease abstraction, and document management to enhance the experience of tenants, property managers, and real estate agents.
AI leasing assistant features include answering lease-related questions in real-time 24/7, prospect management, AI lease abstraction, eSigning, data analytics, tour scheduling, and other related tasks. It can combine features of CRM, sales tools, marketing automation tools, and property management systems and integrate with them.
AI leasing assistant works with the help of Natural Language Processing, Machine Learning, Optical Character Recognition, Object Detection, Dialogue State Tracking, and other latest AI technologies. Leasing AI covers the processes necessary for successful finalization, from initial contact to further tenant-owner communication.
The difference between an AI leasing assistant and a chatbot lies in the advanced technologies used for leasing AI compared to typical chatbots. This way, real estate AI assistants can handle more complex tasks, give more precise and human-like replies, abstract leases, conduct elaborate analytics, and more. Meanwhile, chatbots can only return prepared answers for pre-defined prompts.
Kateryna is passionate about exploring proptech technology trends and innovative solutions for real estate. In her articles, she dives into the world of proptech to share industry news and insights to help modernize real estate workflows.
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