Property management software company Colleen has added voice-based interactive features to its artificial intelligence rent collection solution, five months after it was first launched.
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Property Management Software Company Colleen Five months after it first launched, its AI-powered rent collection solution has added voice-based interactions, according to an April 4 press release.
Considered an industry first, Colleen Voice is a conversational experience derived from property management software that can contact tenants about late fees, fees, specific amounts and other key lease terms. Because AI learns from a property’s leasing and operational data, it can also contact residents about lease renewals, terminations, and even proceed with move-out calls to recover delinquent funds. The idea is to give existing automation the most human experience possible.
“The multifamily industry is inundated with too many chatbots that are limited by transactional bot responses,” Colleen CEO Itamar Roth said in a press release. “These outdated interactions are personalized ized, rather than personalized, making it particularly challenging for owners and managers to effectively use artificial intelligence to conduct sensitive, complex financial conversations.”
Tracking overdue payments, coordinating specific collection amounts, transfer methods and other details has long been a time-consuming and significant problem across the industry. The growing acceptance of artificial intelligence in consumer-facing business experiences should allow Colleen’s voice to reach a wider platform.
The software is a large-scale language model that provides internal operational data to contextualize and personalize every interaction. It uses rental data, payment records, and other characteristics of a person’s financial activity to begin an automated outreach sequence. Artificial intelligence is powered by the interactions of millions of residents.
In a December 2023 press release, Colleen said its artificial intelligence reduced unpaid rent rates by 40%. The latest release states that this number has increased to 50%.
Ross said at the time: “Speed is particularly critical for recovery because every 30 days for a delinquent account, the likelihood of recovery drops by 16%, and recovery rates for larger balances even drop from 40% to just 5%. “
Colleen is also available to discuss payment plans, dates and payment options with residents, the company said.
The company’s software can be implemented across large portfolios or scaled down to help those managing single-family rentals, student housing and commercial real estate.
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