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. 

Chatbots are not new to the internet. 67% of consumers worldwide had an interaction with chatbots last year. Whether improving customer experience or collecting information, chatbots have made their way into every industry. In real estate, they are used to interact with prospects and convert more clients. They are quick, smart, and user-friendly--making them the fastest-growing communication channels.  

As the CRE industry highly depends on lead conversions, consistent lead interactions are important. Chatbots can handle many real estate processes. Let’s look at the top reasons why you need to use chatbot technology to improve property management.   

Chatbots have made rental applications easier and quicker. Instead of filling long complicated forms for every property listing, they can simply upload all their information through the chatbot. This lets AI display relevant listings for you and also send digital rental applications. Prospects who are interested in a specific listing can choose to leave their contact information or fill in their digital forms, all at the comfort of their home. They can also keep track of the applications submitted by them.     

Not every lead generated through your website suits your business. Filtering hundreds of applications to identify good leads can be tedious. You might also miss out on some good tenants by overlooking certain applications. Chatbots can carry out a conversation to collect predetermined information. It can further filter leads based on this information to identify good leads. For example, if you do not allow pets, you can collect this information during pre-screening through a chatbot. This way, only those leads who do not keep pets are filtered out for further action.  

Generating leads is not as difficult as nurturing and retaining them. According to IRC Sales, 44% of salespeople stop following up after a single failed attempt. But 98% of sales happen only after more than one follow-ups. Chatbots can eliminate this problem by automating lead follow-ups. You can send scheduled personalized messages to your leads through emails and texts. Chatbots can also collect any additional information and redirect important emails and texts to the relevant staff. This helps you to nurture your leads through AI and also handle it manually when required.  

Prospects looking at your property listing can send in an inquiry anytime they want. During office hours, your staff can handle such queries. But after office hours, replies to lead inquiries get delayed. According to Vendasta, 78% of customers buy from a company that responds to them first. You can either hire many people to keep up with customer queries or implement a chatbot. With chatbots, you can instantly reply to any prospects to collect relevant information, no matter what time it is. They can also handle multiple prospects at a single time. This increases the chances of conversion as leads develop a positive feeling about your listing.