How to Ensure Your Property’s AI is Fast, Accurate, and Ready to Close Deals?

Fast and accurate AI doesn’t just make interactions smoother—it helps build trust and streamline the leasing process. When evaluating AI for your property, speed and accuracy are critical factors.

First, What Do Speed and Accuracy Mean in AI?

• Speed refers to how quickly the AI system processes a request and delivers a response.
• Accuracy refers to how correct and relevant the AI’s response is.

The ideal AI should strike a balance between the two. If your AI is lightning-fast but inaccurate, it risks misleading prospects and damaging trust. On the other hand, if your AI is painstakingly accurate but slow, prospects may lose interest. The balance is critical.

What Happens When AI Gets It Wrong?

Imagine a prospect named Alex exploring your property’s website. He engages with your AI chatbot for multiple, detailed requests:

💬 Alex: "Hi, I’m looking for a two-bedroom apartment that allows large dogs. I also want to know if any units have a washer/dryer, and I’m curious about short-term lease options."

1. Accurate but Slow Response

💬 AI Chatbot: "Hi Alex! Please hold while I gather the information about available two-bedroom units, pet policies, washer/dryers, and lease options. This might take a moment."

While the AI provides accurate information, the long wait time (over 10 seconds) causes Alex to disengage, leading to frustration and potentially abandoning the inquiry.

Fact: 59% of customers expect a chatbot to respond within 5 seconds. Research also shows that after just 3 seconds, 57% of users will leave a website if they’re kept waiting, underscoring the need for fast responses to keep prospects engaged.

2. Fast but Inaccurate Response

💬 AI Chatbot: "Hi, Alex! We have two available two-bedroom units. Would you like more details?"

While the response is fast, the AI fails to address Alex’s specific questions about pet policies, washer/dryer availability, and lease options. This forces Alex to ask follow-up questions, making the conversation feel drawn out and inefficient.

Fact: Accuracy can drop by 30-50% if the data used is poor, highlighting the importance of using clean, well-structured datasets to keep AI responses reliable.

Here’s Why Speed and Accuracy Matter for Multifamily

• Keeps Prospects Engaged: Fast, accurate responses hold attention and build trust.
• Boosts Conversions: Quick, precise info helps prospects make faster decisions.
• Increases Efficiency: Reduces the need for manual follow-ups and corrections.
• Prevents Frustration: Delays or errors drive prospects to other properties.

How to Measure the Speed and Accuracy of AI Before Investing?

Evaluating AI for speed and accuracy goes beyond intuition—it requires understanding key metrics and asking the right questions:

1. Response Time

Ask the Vendor: How fast does the AI respond, particularly during high-traffic periods?

Why it matters: Speed under pressure shows the AI’s ability to handle real-world leasing environments. Look for sub-5-second responses for optimal engagement.

2. Accuracy of Responses

Ask the Vendor: Are the AI’s answers accurate, especially for complex questions like pet policies or lease terms?

Why it matters: Incorrect information drives prospects away. Research shows that AI should consistently deliver 90%+ accuracy on prospect queries to ensure engagement.

3. Handling Multi-Step Queries

Ask the Vendor: Can the AI handle multiple inquiries in one conversation without getting confused or slow?

Why it matters: Multifamily prospects often have several questions at once. The AI should efficiently manage and respond to all queries without sacrificing speed or accuracy.

4. Integration with Real-Time Data

Ask the Vendor: Does the AI access live data from your property management systems for availability and pricing?

Why it matters: AI pulling from outdated or static data risks providing inaccurate information. Real-time integration ensures the AI remains reliable and relevant.

5. Ongoing Testing and Optimization

Ask the Vendor: Is the AI regularly tested for performance, and are there updates to improve speed and accuracy?

Why it matters: AI systems require continuous monitoring and improvement to meet evolving prospect demands and to maintain optimal performance.

By asking these questions and focusing on balancing both speed and accuracy, you can ensure that your AI not only meets your leasing goals but also enhances the user experience, driving higher conversions and satisfaction.

What challenges have you faced in evaluating AI for speed and accuracy at your property? Share your thoughts in the comments—we’re here to help!