Do you know that Artificial Intelligence in property management can increase your team's productivity by 40%? Continue reading to discover how AI-powered property management tools can automate your operations and save time.
With emerging technological advancements around the globe, property managers have also started expanding their resources. As per a report by Entrepreneur Magazine, 75% of the brands using automation see ROI within 12 months.
Few of you might already have adapted property management tools for automation, while others are still wondering how to get rid of mundane tasks.
Property Management is the slowest industry to adopt automation, yet exploring its full potential can open up various growth opportunities for your business. Who knows your company is the next one that sets the industry benchmark?
But how can you achieve that?
Simply by switching to AI-based property management tools, that can automate workflows, and perform your day-to-day tasks without human intervention. Artificial Intelligence in property management is much more than automation.....
While your competitors are busy managing operations conventionally, we want you to take over the industry!
AI in Real Estate – So what's the hype all about?
Artificial Intelligence (AI) is not just a buzzword, but an upgrade that’s worth all the hype! According to Statista, 84% of global companies agree that AI can help them win over their competitors. In short, it gives you that competitive edge.
AI-powered tools for property management can:
- Analyze your marketing strategies,
- Improve your customer service, and
- Enhance the effectiveness of your selling processes.
One of the latest addition to the existing property management tools, was recently introduced by IBM (International Business Machines). They introduced an AI TRIRIGA Assistant for property management companies that struggle with workspace issues.
The TRIRIGA Assistant detects your employee’s workspace needs and suggests an effective office layout that suits everyone. TRIRIGA collects the data through Wi-Fi, its AI algorithm scans the data gathered, and generates a smart solution which optimizes your office space.
Whether your portfolio comprises of 20 units or 10,000 units, you can make the most out of these AI property management tools.
5 AI-Powered Property Management Tools to Automate Operations
There are tons of operations you’re managing as a property manager, and dealing with monotonous tasks can get tiring by the end of the day. That’s why we recommend switching to AI-powered property management tools that can increase 40% of your productivity for some ‘me-time.’
For your convenience, we have shortlisted the five best and most effective AI-powered property management tools:
1. AI for Leasing & Showings
Property management software, for automating operations, have been evolving continuously. Previously it was only capable of doing pre-defined tasks, but now, with AI, it can recognize and learn new things on its own. AI for property management also reduces your OPEX by 15%.
Once you start advertising your properties through the right channels, you must stay alert. The generated leads expect an immediate answer. For that, you need to have an AI-powered leasing software that can respond to each query within seconds.
Do you know that tenants actually love responsiveness? In fact, 69% of the leads choose chatbots over human interaction, because of the quick responses.
AI chatbots like River, powered by LetHub, fits as a perfect example for automating renter communication. It automatically responds to leads, saving up to 75% of your leasing staff time, which is spent on replying to monotonous tenant inquiries.
River lets you add pre-qualification questions based on your requirements. For instance, you’re looking for a small family, with or without pets, and you don’t want any smoker. If a tenant qualifies your pre-set requirement criteria, only then River moves forward with the booking process.
River can also sync dates with your calendar and schedule tours minimizing the chances of any clashes. After all who wants to invest all their time in conducting tours for the unfit tenants?!
Don’t want to give up on the leads? We understand, and so does River. It further takes care of the cross-selling part. When a tenant does not qualify for one property, River strategically suggests them other properties, based on their qualifications.
2. AI for Marketing and Lead Generation
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When it comes down to generating prospect leads, you can easily attract many potential tenants. However, not all of these leads will convert into paying leases.
Ever wonder why? Because you’re marketing the properties where you shouldn’t! Automated property management tools here save you a lot of time and effort.
By adopting an AI-powered tool, you can easily filter the incoming website traffic and find yourself ideal tenants. You can also engage with interested tenants by sending them a personalized marketing message for your properties.
As per artificial intelligence statistics, 51% of the North American marketers use AI for data analysis. The insights obtained from this data analysis predict future behavior of your consumers, helping companies like yours, devise effective marketing strategies.
For instance, ResidentSpark is a multifamily marketing automation tool. It manages your social media accounts, creates content, sends emails, and advertises for you.
Basically, this AI property management software ensures a seamless move-in experience for your tenants, without having you to do anything.
3. AI for Screening
The pool of pre-qualified and interested tenants needs further evaluation. Not to forget, tenants’ screening is another big responsibility that lies on your shoulder. You cannot just ask them a couple of questions and determine the best fit based on that information. Overlooking any small detail can result in delayed payments, property damage, legal consequences, or in the worst case, an eviction.
An inefficient screening process can increase your tenant turnover rate in the future. High turnover rates haunt the property managers, if you have ever experienced it, you know the pain!
Here property management tools help you by taking over. Property management software like Certn. is known for its revolutionary AI screening process. Their algorithm runs background checks by tracing databases of 200,000+ records of 200+ countries. Want to conduct tenants’ credit check, employment check, criminal check? You name it, they do it.
This screening software finds perfect tenants for you by analyzing their behaviors and reviewing their track records. Long-term quality tenants and the reduced turnover rate isn’t that what you dream of as a property manager?
4. AI for Less Maintenance Cost
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AI-Powered property management tools can now predict, be it property’s value, right tenants, or maintenance issues beforehand.
Property maintenance can be expensive, especially if you or your tenants ignore the issues. They can even lead to serious consequences.
Imagine if your tenant leaves home without turning off the boiler. As a property manager, you too will be panicked, right?
But Artificial Intelligence for property management knows what works best for your property, there are intelligent thermostats built to save your future maintenance costs. Nest, for instance, can recognize the thermostatic patterns and act accordingly. You just have to set a temperature for a room and that’s all.
It not just gives you emergency alarms but automatically turns off the boilers or any other thing disturbing the temperature. As per Nest, it saves around 10-12% on heating bills. Amazing, No?!
AI-Powered property management tools which can automate your operations are the go-to necessities these days. At the end of the day, we all want to live in a care-free environment.
5. AI for Accounting
AI-powered property management tools are all about benefits, and accounting is one of them. We know how exhausting bookkeeping can be, but Artificial Intelligence (AI) can turn this hectic task into a piece of cake.
You don’t have to worry about your corporate expenses, rent deposits, depreciation expenses, or any other finances.
You can work with Proper.ai, an automated property management software, having excellence in accounting. It manages your day-to-day bookkeeping tasks with high security. The AI can maintain all your transactions, the payables, receivables, reconciliations, and ensure accurate tax payments. Even out of date books are not an issue. Proper does a far more reliable accounting job for your properties than a human would.
How AI Revolutionizes Property Management
In an era characterized by technological transformation, AI offers a promising solution to streamline operations, elevate tenant satisfaction, and grant property managers the coveted commodity of free time. By automating routine tasks, predicting potential issues, and optimizing workflows, AI presents an opportunity for property managers to gain a competitive edge in the industry.
AI tools make machines smart by teaching them to learn from information, recognize patterns, make choices, and get better at tasks over time without human help. While this might seem complex and overwhelming, many AI property management tools are designed to be easy to use. This means anyone can benefit from them, even if they're not tech experts, by automating tasks and making processes smoother.
AI is not merely a trendy concept; it's a pivotal tool that effectively addresses the primary challenges faced by property managers.
The advantages of utilizing AI in various applications include:
- Upgrading property management software usability
- Customizing interfaces and streamlining navigation for better access
- Anticipating user requirements
- Automating everyday tasks
- Foreseeing expensive problems before they occur
- Reducing expenses
- Saving time
- Lowering overhead costs
- Enhancing tenant satisfaction
- Providing prompt and smart support
- Safeguarding all parties against data breaches and scams
- Adapting to business growth without significant system modifications
- Facilitating mobile operations through applications
AI in property management transforms usual difficulties into tactical gains, offering a cost-efficient approach to a wide array of opportunities.
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Striking a Balance: Human Touch in a Tech-Driven Industry
While AI offers tremendous benefits, it's crucial to maintain a balance between automation and personalized service. The human touch remains indispensable in building strong landlord-tenant relationships, resolving complex issues, and providing empathy and understanding during times of crisis. Property managers should leverage AI to streamline operations and enhance efficiency, while also focusing on delivering personalized service and fostering tenant satisfaction.
Embracing AI's Potential while Preserving Personal Touch
In an increasingly automated industry, property managers play a pivotal role in leveraging AI's potential to enhance operational efficiency while preserving the human touch that makes property management rewarding. By striking a balance between technology and personalized service, property managers can navigate the evolving landscape effectively and ensure the success of their business.
AI in real estate is advancing continuously. With the AI industry expected to reach $190.61 billion by 2025, now is the best time than ever to invest in AI for your business. As a property manager, you need to address the needs of your properties, tenants, and employees. To manage all your tasks efficiently, you need to adapt AI for property management that can automate your operations. So, you can sit back, relax, and see your business thrive.
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