The Future of Leasing Technologies

The pandemic disrupted activities and operations in every industry and niche last year. The home and apartment leasing landscape wasn’t spared from the effects of the pandemic either. Even before the announcement of shelter-in-place lockdowns, many real estate leasing companies had embraced the digital ways. Virtual tours, real-time online guidance, and self-guided property tours would become quite common in the following months.

Leasing technologies have been around for years and many resourceful real estate leasing businesses and teams have fiddled with them. However, the pandemic has allowed them to fully test the potential of various technologies on the backdrop of leasing operations. 

Fortunately, things are getting back to normal here in the US. Property owners and leasing companies have started in-person meetings and tours (while following the pandemic SOPs). Customers are now less apprehensive of in-person interactions as compared to the last year. However, the full-time demonstration of technology-based leasing resources will not and should not be rolled back.

We believe that the use of leasing technologies will remain around, coexisting with the conventional operations and witnessing a gradual growth in its share.

Here, we will shed light on what’s in store for some of the leasing technologies post-pandemic.

Artificial Intelligence—Creating a Win-Win Situation for Leasers and Renters

Artificial Intelligence (AI) has started showing its potential across the commercial landscape including the leasing business. AI can be a gamechanger for the real estate leasing industry in the next few years. By using the available data from both the consumer and business end, it can create a win-win situation for both sides of the table. On one hand, it can improve lead conversions for the leasing companies and teams. On the other hand, it can improve the customer experience.

AI-powered tools and applications can predict renters’ behaviors and tendencies.  Those ingenious predictive insights will help leasing companies in generating top-quality leads that have the optimum potential of conversion.

From the consumer’s perspective, AI-powered tools will make sure they don’t have to exhaust themselves in finding the best deals. By connecting the data points and scanning through the breadcrumb trail left by their relevant search history, AI-enabled leasing portals will intuitively bring tailor-made options for consumers.

We can already see how leasing platforms have started leveraging AI to streamline their operations. Zumper is one of the biggest rental platforms in the US and Canada. It has introduced an AI tool that can predict the chances of a tenant signing a particular apartment lease after running the behavioral analysis.

Intuitive Bots—the Second Point of Contact

Chatbots have been around for a while now. However, they can become more influential and truly emerge as the second point of contact for renters. An intuitive bot on the leasing company’s website or any other platform will walk a potential renter through all the information they need. The omnipresent nature of bots will take the edge off of the workload of leasing agents. In the light of bot-customer interaction (chat transcripts, etc.), a leasing agent can prepare well before reaching out to a prospective client.

Self-Service and Contactless Service Delivery

The pandemic-driven measures have shown us that it is possible to seal deals based on self-guided and virtual tours. With the prevalence of smartphones, video equipment, and fast-speed internet, devising virtual tours of properties is not difficult for any big or small leasing venture anymore. Similarly, leasing companies can easily manage self-guided tours for their potential renters. All they will need a good scheduling portal to deliver it. Custom web development or third-party integrations can easily enable a tour company to extend the service of self-guided tours.

Final Thoughts

Despite all the technological advancements in the property leasing sector, property managers will continue to be an integral part of its operations.  At the end of the day, it is property managers who will make sure the renters acquired by leveraging technology remain satisfied and property owners keep making good profits.

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