DAYTONA BEACH, Fla.--(BUSINESS WIRE)--Colleen AI, the fully integrated, AI-powered platform solution optimizing collections for top NMHC companies, announced today the debut of Lease AI to streamline and optimize the highly manual, business-critical lease renewal process at scale. As the multifamily industry prepares for leasing season, property managers are tasked with managing hundreds of lease renewals simultaneously, all while ensuring each resident has a simple, quick path to re-upping their lease – Lease AI seamlessly handles both.
Using generative AI and deep learning modules, Lease AI proactively engages residents to renew leases ahead of the standard 90-day lease expiration timeline. Lease AI also captures and incorporates resident feedback and actionable insights, such as maintenance issues, that can be key to keeping residents happy and in their units – well before they consider alternatives. This primes property teams with both the technology and resident input to optimize best-in-class renewal experiences while saving time for onsite teams.
“If you have 10,000 units, you’re renewing anywhere between 800 to 1,000 leases every month,” said Itamar Roth, CEO at Colleen. “That represents not only a significant commitment of property teams’ time but also leaves little room for human error like missed or delayed resident outreach. Lease AI is an always-on extension of your team conversing with thousands of residents at any given time. With advanced analytics and business intelligence, Lease AI is a powerful renewals engine for property managers with the ease and interoperability of a single, integrated piece of software.”
As with Colleen’s industry-leading platform solutions, AI Rent Collection and AI Debt Collection, Lease AI enables property managers to benefit from fully customizable, seamless integrations with leading property management systems. Partnerships with Yardi, RealPage, Entrata, RentManager, ResMan, and MRI Software allow Colleen to automatically sync resident and property data for simple, centralized access to payment forecasting and analytics.
“Renewals are often a ‘make-or-break’ moment to engage residents. Managing outreach and tracking individual touchpoints also make quality interactions challenging at scale,” said Amy Weissberger, a multifamily property innovation leader who has joined Lease AI to head up product market strategy. “With Lease AI, it is as easy to provide that white glove experience to as few as 10 residents or over 10,000. Something that may seem trivial compared to rent prices, such as lowering a water bill, can be a determining factor for renewing a lease. Lease AI captures that feedback so teams can act on it.”
Western Wealth Communities currently utilizes Colleen’s flagship solution, AI Rent Collection, to offload one of the most manual, time-consuming processes across the industry. This has been shown to increase rent collection by 40% and save teams 175 hours in a single month. Now, with Lease AI, property managers can extend these benefits from monthly collections to annual leasing.
“We place just as much value in optimizing each resident experience as we do in ensuring our property teams have the time and energy to focus on building long-term resident relationships,” said Jennifer Staciokas, President at Western Wealth Communities. “We’ve seen how much Colleen has helped us streamline monthly rent collections, and we see Lease AI doing the same for both residents and retention by providing proactive, personalized outreach for renewals.”
Debuting just in time for the 2023 OPTECH Conference & Expo, attendees can get a first look at how Lease AI complements and enhances Colleen’s rapidly expanding AI stack. Earlier this year, Colleen secured $3.5 million in series seed funding led by Wilshire Lane Capital to meet a pipeline demand of over 2.5 million units. Morgan Properties, First Communities, Western Wealth Communities, and Magnolia Capital are among Colleen’s nationwide list of customers.
To learn more about Lease AI, visit lease.ai. For more information on Colleen’s AI Rent Collection, AI Debt Collection, and many more platform solutions, head to colleen.ai.
About Colleen AI
Colleen AI is the multifamily industry’s first and only fully integrated AI-powered platform built to optimize rent and debt collections for property management companies. By offloading the payment collections process and proactively engaging residents using generative AI and automation, Colleen saves property teams time, accelerates operational efficiency, and boosts the bottom line. With Lease AI debuting as Colleen’s newest product partner, the platform scales its solutions into the business-critical leasing process. For more information, visit colleen.ai and lease.ai.
