How Much Time/Money is a Bot Really Saving?

During the course of a typical conversation around bot technology, a question that often comes up is, “How much time and money is a bot really saving me?”  It’s a difficult question to answer because there’s really not one answer. 

There are three answers.  Let’s start with answer #1:

The Work

Let’s look at what a typical bot does in a given month for an average property when deployed on a property website and additional channels in the digital marketplace. Additional channels could include  Facebook Messenger/Marketplace, Google Ads/MyBusiness, Yelp, Instagram, YouTube, etc.

The average Multifamily bot  greets around 3,000 prospective renters, has about 400 conversations, answers around 450 questions, hands off around 13 high-interest/high-intent conversations to the leasing staff, and schedules an average of 12 appointments a month. In the chart below we calculate the savings based on the estimated amount of time a human leasing agent paid an average hourly rate plus benefits would take to accomplish specific tasks.

What can we glean from this?

  1. Well, the bot handles the same volume of tasks at nearly 1/6th of the time for less than 1/10th of the cost.
  2. The bot saved the leasing staff almost 80 hours of work and more than $1,300 if in fact the leasing staff were to actually do all of these tasks.
  3. If the property were to pay the bot the same hourly rate as a human ($18/hour), the bot is being grossly underpaid ($99/month), even when recognizing the bot is working 6x faster. The bot should actually be paid $273 for the 15 hours it put in.

The Bump

When property marketers deploy a bot solution to their property website and in the digital marketplace they see an immediate lead, conversation and appointment bump of 20%+.  Why? Today’s consumer, especially the renter demographic, is less and less inclined to make phone calls and really doesn’t like filling out webforms.  Often they’ll just pass through your social outreach, ads and website without engaging. But they’ll engage with conversational technology, especially a bot that’s quick and provides what they’re looking for in less than a minute. This is tantamount to putting a fuel additive in your marketing gas tank to drive more efficiencies in your consumer outreach.

The easiest way to quantify the value of “The Bump” is simply figure out how much it would cost to drive 20% more leads, conversations and appointments to your respective properties. Then apply that to answer #1.

And all the Other Stuff…

What’s not being factored into the above calculations is: A bot works 24/7/365, doesn’t get snowed in, take sick days or require benefits. Can handle 3, 5, 20…an unlimited number of conversations covering a dozen topics all at the same time. Can be deployed on virtually every digital channel to instantly meet and greet prospective renters anywhere, any time. Look up and coordinate complex calendaring and appointment scheduling in seconds, see and convey unit availability and pricing in under a second, show virtual tours and videos at the click of a button, and so much more.

In close, let’s be very clear about one thing: Bots will never replace humans. They simply create efficiencies of marketing scale while reducing repetitious tasks that humans either don’t do, don’t like to do, or don’t do very well.  Humans will always be needed to handle interactions that require thought, empathy and complexity. So let’s let humans be humans and bots do the rest.

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