Ways AI is Changing the Property Management Industry

Whether you have enthusiastically experimented with ChatGPT or have ignored artificial intelligence in favor of silently preparing for the droid apocalypse, you should be aware that AI is coming, and it is coming quickly. The famous statement made by Bill Gates in 1996 regarding the rate at which technology advances is quite pertinent to the topic at hand: “We always overestimate the change that will occur in the next two years and underestimate the change that will occur in the next ten.” Do not allow oneself to be lured into passivity by comforting thoughts.”

The first jobs that artificial intelligence will take over are administrative or easily amenable to automation. When it comes to property management, this is a godsend for investors, as the vast majority of our responsibilities fall into the repetitive category and require extensive follow-up.

Here are four ways that artificial intelligence is already making an impact in property management.

1. Smart Home Automation

This is the first lesson in artificial intelligence, and it’s something you might already be employing in the properties you rent out (and perhaps in your own house). These kinds of simple home automations can save you a ton of money and a ton of effort in a variety of different ways, from thermostats that “learn” your tenants’ schedules and set the temperature appropriately to deadbolts that automatically lock when the door is closed (and which can then be opened by a fingerprint in person or by your app remotely), and everything in between.

2. Chatbots

If you give your tenants access to an AI chatbot that is always available, you can relieve a significant amount of pressure from the shoulders of your live crew (or from your shoulders).

Imagine a renter who has a faucet that constantly drips water. They report it to the chatbot that handles the maintenance. The tenant receives an instant response from the chatbot, which informs them of the precise time they should anticipate a maintenance call and the handyman’s identity. A tenant who is quite calm is about to appear.

Even better, the chatbot, which has a perfect comprehension of the problem, will be able to say something along the lines of “Don’t want to wait? Do you want to make an attempt to address yourself?” and then provide a video that demonstrates how to secure the screws so that the faucet will no longer drip water.

There are probably some repairs that you do not want your renters to attempt, but for those fixes that you do want them to do, this is a fantastic method to cut down on the number of simple maintenance requests.

Imagine another scenario in which you have an urgent situation in one of your rental properties, such as a busted pipe. The chatbot is able to quickly begin whatever procedure you have established for dialing 911, including calling your emergency maintenance line, phoning you, or anything else you may have programmed it to do. Tenants will no longer have to leave messages and wait eagerly for someone to call them back because the solution is already being implemented.

3. Predictive Maintenance

The estimated lifespan and maintenance requirements of the appliances, batteries, smoke detectors, and light bulbs in your rental properties may be simply tracked and managed by AI. This enables you to replace or maintain the unit at the precise moment it is required, rather than after an emergency call or too soon, ensuring that you receive the full value of your investment. You will avoid wasting significant time and money if you have AI flag and create a maintenance call according to that schedule.

4. Tenant Screening and Onboarding

AI services can utilize predictive machine learning to help you identify the ideal tenants by swiftly crunching significant renter data inputs such as credit scores, rental history, employment, criminal histories, and even social media posts. This makes it possible for AI services to assist you in finding the ideal tenants. After you have selected a tenant, you can utilize AI to automatically generate all of the relevant lease agreements and onboarding material. This can include automating the information regarding how to pay rent and providing monthly reminders.

Where to Begin and How to Do It

Find out which aspects of property management you dislike doing the most, which aspects your management business performs the least competently, or which aspects require the most time and effort from human employees, and then look for an artificial intelligence platform or software that can help automate those aspects.