Three weeks ago, I had the pleasure of attending the annual NARPM (National Association of Residential Property Managers) Broker/Owner conference in beautiful Colorado Springs. The conference centered around two main themes relevant to our industry.
The first topic focused on understanding the rental real estate market in the post-COVID and current economic climate. The good news is that rent prices are expected to remain stable, with only modest, more normalized increases anticipated. However, housing affordability is set to become a significant issue both locally and nationally, prompting politicians to propose legislation that may not be favorable to landlords. For instance, we’ve already seen developments in Georgia with the introduction of laws limiting security deposits. One presenter at the conference suggested that the role of property managers needs to evolve from merely being “rent collectors” to becoming advocates for landlords. He suggested that it is crucial for property managers to educate tenants and the broader community that most landlords are “mom-and-pop” investors, not the large institutional entities often portrayed in the media. We have an interesting few years ahead of us.
The second, and perhaps more exciting, topic was artificial intelligence (AI). Unlike previous discussions, AI products are now actively being implemented and provide substantial functionality. At DK, we’ve been utilizing generative AI for some time to enhance our marketing descriptions for rental listings. I was particularly intrigued by the concept of “Agential AI,” which refers to AI systems capable of autonomous action within their environments. These systems can make decisions, learn from experiences, and adapt to changing circumstances without human intervention.
Currently, there are numerous AI agents available in various readiness stages. The most common include leasing agents, maintenance agents, and rent collection agents. As we approach the busy leasing season, the Aptly Leasing Agent caught my attention. This AI Agent can handle inquiries about rental properties via email, text, or phone call, and it’s remarkable to hear it converse with potential renters—though it can be a bit eerie! The agent supports 29 languages and automatically switches to the caller’s language. While it boasts multiple accents, a deep-south Southern drawl is unfortunately not yet an option!
One feature I particularly appreciate is the agent’s follow-up capability. It can make outbound calls, send emails, and text interested parties about rental properties. When will this Leasing AI Agent be operational at DK? We’ve already initiated the project and hope to introduce our new team member next month. Expect to hear more about this soon!
Note: this newsletter was edited by ChatGPT!
