#104 AIM Conference: What Property Managers and Apartment Marketers Need to Know
While I was hoping to do LIVE coverage of the AIM Conference, it was just too jam-packed! I went about trying to take in and bring back what onsite teams could really use. In this year's conference, two major themes emerged: AI and centralization. The use of artificial intelligence is becoming more prevalent in the property management industry, with potential benefits including increased efficiency and improved communication. Meanwhile, centralization efforts are being made to streamline processes and utilize resources more effectively. It is crucial for property managers and leasing professionals to stay curious about AI technology and its potential impact on the industry in order to stay competitive and improve the resident experience. Listen in for what I learned that will have the most value for you!
1) What were the two major themes of this year's conference?
Answer: AI and centralization.
2) What is the benefit of launching and piloting communities as self-serve for efficiency and lower costs?
Answer: It can lead to increased efficiency and lower costs for property managers.
3) What is the LTD program and what does it emphasize?
Answer: LTD is a tech-centric apartment program launched by Graystar, emphasizing self-service and minimizing property expenses.
4) How will rent increases be set in the future for greystar ltd?
Answer: Rent increases will be set according to the Consumer Price Index or capped at a 5% increase, and renters will know ahead of time approximately what their rent increase will be.
5) What were some of the initiatives discussed to make a community ESG-friendly?
Answer: Initiatives included using LED bulbs, low-flow water, native plants, using cleaning materials with fewer chemicals, rideshares, public transportation, bike shares, charging stations for electric cars, community garage sales, community swaps, community garden, events on food and sustainability, etc.
6) What IS the potential impact of using AI for leasing?
Answer: In a pilot AI-model leasing program, Using AI resulted in 100% of prospects receiving an immediate response, with 26% of tours being scheduled by AI and a 50% increase in tour to lease conversion.
7) How can property managers improve their communication using ChatGPT technology?
Answer: They can improve email templates and automate routine tasks, allowing for more brainpower to be used in personalizing communication for a better human experience.
8) What is Barbara’s view on the use of AI in the industry?
Answer: I believe it will replace some jobs, but also open up opportunities for new types of jobs.
9) What is the meaning of centralization in the industry?
Answer: It really is such a mixed bag. Companies are centralizing marketing efforts and roles such as assistant managers and maintenance teams, creating centralized teams that can deploy and use resources across portfolios. Others are simply centralizing processes.
10) What is the importance of being curious about ai technology for property managers and leasing professionals?
Answer: It is important to keep up with advancements in technology to improve efficiency and elevate the human experience for residents. Using tools like ChatGPT can help property managers learn how to incorporate AI technology into their work, increase efficiency, and reduce costs.
SUSTAINABILITY RESOURCES
Jump ahead: Timestamps
[00:01:39] Conference focused on marketing and operations for tech companies, with a theme of AI and centralization. Not many sessions on social media.
[00:05:18] Small team hires friends and family, finds success, and feels fulfilled by connections made over the years.
[00:08:28] The use of AI in the real estate industry through tools like chat GPT is transforming the industry and changing the way people do things, but it remains unclear whether it will replace jobs or not. Professionals in property management, leasing, and marketing are encouraged to familiarize themselves with chat GPT and explore its potential to enhance their work.
[00:09:51] Advancements in AI are happening rapidly, leading to faster changes and impacts on companies. Centralization's definition varies, with some referencing centralizing teams or processes.
[00:11:08] Experts are still figuring out nuances and buzzwords in the property management industry, but on-site team members should explore new technology and ideas. They can seek advice on how to use AI and chatbots to increase resident engagement and overcome pricing objections.
[00:14:55] AI leasing increased tour-to-lease conversion by 50%, scheduled 72% of tours after hours, and required 10% less leads. GraySTAR is launching a tech-centric apartment program for self-service renters.
[00:16:25] Efficient, self-serve rental communities with capped rent increases and predictable renewal rates. Ltd. brand emphasizes a new way of renting.
[00:19:24] In a recession, winners find opportunities while others coasting on past success suffer. It's important to keep developing skills during good times. Technology and centralization will create a major shift in the future.
[00:25:46] Promote environmental initiatives like community swaps, low-flow water, LED lights, native plants, ride shares, and charging stations to market an eco-friendly community without increasing costs for residents.
[00:30:06] Automate routine tasks to focus on personalizing human experiences.
