RealPage Introduces Generative AI Across Its Real Estate Software Platforms

RealPage, a provider of AI-enabled software for the real estate industry, has announced the integration of generative AI (GenAI) into its major platform solutions. The company unveiled these new capabilities, powered by its Lumina™ AI Platform, at RealWorld 2024, its flagship conference attended by nearly 1,500 professionals from the multifamily housing sector.

The introduction of GenAI comes at a time when the rental housing industry faces multiple challenges, including rising expenses, high staff turnover, record levels of new apartment supply, and increased competition for renters. RealPage’s Lumina AI engine aims to address these issues by leveraging data to enhance product engagement, automation, and insights across the company’s property technology portfolio.

Dana Jones, RealPage CEO and President, expressed confidence in the new technology; “RealPage’s momentum with Lumina has been incredible, and I’m confident that incorporating Gen AI across our major platforms will drive significant value for our customers. We’ve unlocked the disruptive power of GenAI that will ultimately help remove costs and complexity for property management teams so they can better serve their residents.”

The GenAI enhancements span several areas of RealPage’s offerings. For prospective renters, an omnichannel virtual agent powered by Lumina now answers leasing questions 24/7. Early adopters have reported significant improvements in call answering rates, prospect contact records, and tour scheduling. In the affordable housing sector, AI-enabled language assistance is now available for prospective renters with limited English proficiency, currently offering translations in Spanish, Vietnamese, and Farsi.

Property management teams also benefit from these advancements. A GenAI “copilot” functions as a virtual assistant, providing personalized product guidance and faster access to information for property management teams. This aims to improve efficiency and decision-making processes.

Lance French, RealPage Chief Information Officer, highlighted the seamless integration of Lumina; “Lumina works seamlessly behind the scenes across our technologies, helping to make our solutions more engaging, automated and insightful for our customers and their residents. RealPage is also cementing a solid foundation for ongoing innovation with its AI platform while offering a strong governance framework for protecting sensitive data.”

The new GenAI capabilities have been implemented across RealPage’s major platforms, including Front Office, OneSite® Conventional, OneSite® Affordable, Utility Management, and Spend Management. As the real estate industry continues to evolve, the integration of advanced AI technologies like those introduced by RealPage may play an increasingly significant role in addressing the complex challenges faced by property management companies and their residents. However, the long-term impact of these innovations on the rental housing market remains to be seen.