If you follow tech news, you know AI tools are one of the decade’s most significant trends. Artificial intelligence can be helpful in an industry such as property management.
AI applications such as ChatGPT and Google Gemini are transforming many tasks and industries. People use them for writing, graphics, videos, coding, and more. It turns out that advanced AI tools can solve many of the major challenges faced by property managers.
Analyze Data
It’s always in your interest to use technology that helps you perform daily tasks faster and more accurately. AI also helps you track trends that influence your business. You need all kinds of data to make the best decisions for your business. It’s difficult to manually collect every bit of news and data that you need, such as:
- Local and national turnover rates.
- Demographics of renters.
- Where people are searching for available properties.
- Where people are leaving and where they are moving.
Automation and Streamlining Tasks
Time management is a perennial challenge for property managers. You have many tasks and deadlines to juggle. One of the best things about AI is that it can quickly accomplish what can take even the fastest human hours. For example, tenant screening is a severe issue for property managers. Analyzing credit scores, employment and renting history, and other data for tenant verification is time-consuming when you have a steady supply of applicants. With AI, you can automate this process.
Improve Customer Service
Customer satisfaction is a priority for every business. When you have multiple properties and thousands of tenants, keeping track of everything is difficult. AI tools can help in this area. For example, a chatbot can handle many inquiries from existing and prospective tenants. This frees up you and your staff while providing faster service. You can program a chatbot to handle many frequently asked questions. Of course, serious and complicated issues must still be addressed personally.
You may already have one or more assistants who help with filing, data entry, customer service, research, or other tasks. There can be advantages to having a virtual assistant for property management. With AI, you can take the “virtual” part of the equation to another level, reducing costs. You may still need live help, but AI can cut down on your workload and that of any human VAs you employ.
Make Your Properties More Energy Efficient
Today’s property managers must pay attention to energy efficiency and sustainability issues. You may need to meet local or federal guidelines. It saves you and your tenants money by reducing costs. Smart systems and devices can help with everything from lighting to sprinkler systems.
Aside from making everything more convenient for your tenant, AI can boost energy efficiency. For example, temperature and motion sensors can automatically adjust temperatures based on need and usage. Leak detectors ensure leaks are quickly identified so you aren’t wasting water.
Improve Security
Tenants are more concerned about security than ever. People want to be assured that a place is safe before they move in. If they don’t feel safe, they are likely to move. Property owners and managers may also face legal issues if tenants sue them after incidents such as break-ins or car theft.
AI security systems can make all your properties and tenants safer. Modern security systems go way beyond alarms and cameras. They can monitor video feeds and instantly inform you, law enforcement, or security personnel of issues. Facial recognition technology can ensure that only tenants and authorized guests can enter an area.
AI is especially useful when managing multiple properties. All your surveillance systems can be integrated across properties to ensure security threats are identified quickly.
Drawbacks to Using AI in Property Management
AI provides many benefits to your business.
On the other hand, you should be aware of the potential disadvantages of using this technology.
Setup Costs
As with any new technology, there are upfront costs. While these tools can save you money in the long run, there can be a substantial initial investment.
You Face a Learning Curve and Ongoing Maintenance
There’s always a learning curve with new technology. Even if you have experts install it, you’ll still need to learn how everything works. There may also be the occasional glitch. However, this is no different than any other type of technology. Many AI services include education, updates, and maintenance services.
Can Be Viewed as Impersonal
While AI enhances efficiency and security, it’s also impersonal. Tenants don’t want to feel like they only deal with bots and computers.
Tips For Property Managers to Get the Most Out of AI
To get the best results from artificial intelligence, keep these guidelines in mind.
Identify Your Needs and Pain Points
You may not need every new technology on the market. Focus on what will add the most value to your business. For example, are you spending many hours every week on research? Do your properties need help with energy efficiency or security? Find tools that address your specific areas of concern.
Compare Tools and Services
Don’t invest in the first AI solution you see in an ad. Shop around, compare plans and features, read customer reviews, and ask colleagues in your industry for recommendations.
Balance Automation With the Human Touch
Today’s customers are demanding in that they want everything to be fast and smooth but they also want to feel like they’re interacting with actual humans. For example, chatbots are great for answering basic questions. However, you also need live help available for more serious and urgent issues.
Let AI Transform Your Property Management Business
AI can save you time, improve customer experience, and upgrade your properties in many ways. Choosing the right tools and knowing when to offer personalized service will help you get the most out of this technology. If you take the time to research your options, you can find AI solutions that make your business more efficient and profitable.