Yardi's Advanced Solutions Conference (YASC) began with much fanfare at the San Diego Convention Center on September 6. The event attracted thousands of the industry's best talents to learn about Yardi's offerings.
Assetsoft was a proud attendant of YASC 2023 and we had the opportunity to learn about all the new releases Yardi will bring in the coming days.
Top Features of Chat IQ
A significant feature on the line is Chat IQ. Yardi expects it to launch somewhere around the 4th quarter of 2023.
The current chatbots in Yardi solutions are excellent for providing automated answers. They are ideal to answer customer queries and provide information. However, the chatbots had some limitations. They could only provide pre-programmed answers trained by businesses.
- Chat IQ is a complete transformation of Yardi chatbots. It brings the power of artificial intelligence (AI) and Natural Language Processing to the table.
- Chat IQ will be based on GPT. It is the same technology driving the popular application ChatGPT.
What is GPT?
GPT is a class of AI models designed to understand natural language. These models use a transformer architecture, a type of neural network architecture. The technology allows chatbots to understand human language, even if it may be ambiguous. GPT can also perform tasks in natural languages.
The model has been trained thoroughly with a large data set. It is highly scalable and features knowledge transferability to a wide range of applications.
Chat IQ's integration with GPT will allow it to generate human-like text. It can continue a conversation contextually and coherently based on a prompt or text.
The new Chat IQ will open new horizons for Yardi solutions. For example, Voyager can listen to project requirements and perform tasks using a chat box.
Most importantly, Chat IQ will be instrumental in lead generation and engagement. Businesses will be able to automate human-like responses across channels.
For example, Chat IQ can automate responses via chat, email, text, and voice.
Another essential area handled by Chat IQ is lead nurturing. The bot can automatically schedule tours for potential customers to save time and effort.
What Can You Do with Yardi's Chat IQ?
It can also perform advanced tasks like providing floor plans and following up with leads. The whole process optimizes in-person services for more conversions. Chat IQ's natural language processing capabilities make it suitable for all customers. It can understand the intent and refine the conversation accordingly.
Best of all, Chat IQ is not deterred by typos or spelling errors. It can keep the conversation going even if the customer is typing in broken English. Chat IQ shines even in the realm of customer service. Businesses will need to rely less on human agents as the tool can handle complex workflows. For example, Chat IQ can assist residents with payments and work orders. In fact, it can handle the majority of the service tasks with a record response time.
Most importantly, Chat IQ will enable businesses to offer 24/7 customer service. It does not need to eat, sleep, or even take a break. Property managers can also automate communication with Chat IQ. They can use it to set up autoresponders, email triggers, and reminders.
It is also possible to set up follow-up emails to capitalize on every opportunity. Chat IQ is even capable of managing maintenance requests. It can provide a lending hand in prioritization and dispatch of maintenance tasks. There will be no need to prioritize maintenance efforts manually.
Chat IQ For Real Estate Businesses
Chat IQ is a big step in the way of creating a frictionless and contactless tenant experience. Businesses can eliminate manual steps and streamline the process for minimal disruptions.
Businesses can track the performance of Chat IQ and explore various reports in the Chat IQ Admin. The reports are helpful for a range of employees, from upper management to marketing teams.
Chat IQ can make a significant impact on business outcomes. It has the capability to boost lead engagement and increase conversions.
Executives Rob Teel and Akshai Rao from Yardi looked excited about the forthcoming release at YASC. They said they are fully committed to harnessing the power of AI and taking Yardi products to the next level.
They also believe AI-driven tools will result in more business growth and innovation.