6 Ways to Use AI in Property Management

Artificial intelligence (AI) continues to evolve, and property management professionals are finding the technology to increasingly become an indispensable part of their workflows. While it can be argued that nothing will ever replace the human touch, AI has the potential to revolutionize property management and the real estate industry as a whole and now is the time to investigate whether AI tools will work for you.

The good news is that if you’re a property management professional seeking to save time on tasks like tenant screening and other complex issues, an AI tool is likely available to help simplify your life. Unfortunately, vetting AI-powered tools or even knowing what types of tools to consider can seem daunting if you’re new to AI in property management.

To help you find what you need faster, we’ve compiled a list of six ways to use AI in property management to help you start your search. Below are some of our recommendations based on market trends and advancements in AI software:

1. Chatbots to Help With Tenant Questions

AI-powered chatbots and virtual assistants provide instant responses, and answer frequently asked questions to improve tenant satisfaction. Chatbots can be implemented on your management company’s website, where tenants and prospective tenants can engage with responses that mimic human intelligence. Although chatbots and virtual assistant software can’t replace an actual human for complex queries, they can save time and potentially improve productivity for your office staff.

One of the major advantages of modern chatbots is the ability to train them on your data. In the past, chatbots typically included pre-determined responses that would lead a user down a pre-determined path during a discussion.

Today, large language model (LLM) technology means you can create custom chatbots that have knowledge of your property’s unique features, policies, procedures, and more. This makes the process of interacting with your chatbots more personable for tenants and prospective tenants who are seeking specific information in a conversational setting.

2. Use Property Management Software for Greater Efficiency

Property management software has been around for a while now. Still, with the addition of AI features and the ability to analyze vast amounts of data, today’s software solutions are more powerful than ever. Put simply, property management software featuring AI can improve data-driven decisions about everything from expenditures for remodeling to code compliance for repairs and maintenance.

AI-powered property management software can also be used to communicate more efficiently with your team. When a work order is submitted, whether through your main office or as a request by a tenant, the process of dispatching workers, ordering supplies, and more can all be automated and tracked using AI. Workers can also update systems about their progress on repairs and maintenance, and AI can analyze notifications to adjust other work order priorities in your software. There are many ways to use AI in property management, and improving communication efficiency is just one example.

3. AI-Integrated Security Solutions Add Extra Safety

Security solutions like cameras and access control stations can also benefit from AI. AI-powered cameras can automatically detect and identify objects and people appearing on the camera, and reports can be compiled from this data to keep a log of activity. AI camera solutions can also notify you if a package has been left unattended for too long, and access control stations can incorporate facial recognition and other biometric data that AI analyzes.

AI image technology is also at unprecedented levels these days. Even grainy, low-resolution footage from a security camera can be upscaled using AI to create predictive images that can help you and your team identify potential threats around a property or keep track of what’s going on without investing in expensive high-resolution equipment.

Some security solutions can also integrate AI-powered sensors that measure air quality and moisture. If a fire or flood occurs near one of these sensors, the sensor can notify your office and send messages to your maintenance team while simultaneously alerting authorities. All of this happens automatically and seamlessly through networked software.

4. Use AI Screening Solutions to Vet Tenants and Contractors

Screening potential tenants and hiring the right subcontractors can be a time-consuming part of property management, and it’s easy to miss important details when you’re overwhelmed. AI screening software helps overcome these challenges by automatically vetting tenants and contractors based on criteria that you ingest.

While not perfect, AI vetting software can help you and your team make decisions faster or at least help reduce your workload. The software takes care of many of the procedural steps in the vetting process to remove tenants and contractors who do not meet your property’s criteria from consideration. Once the AI analysis is complete, you’re left with a focused list to analyze personally.

5. AI Provides Virtual Tours for Prospective Tenants

You can also use AI to provide prospective tenants with virtual tours. Although video tours are not new in the property management space, virtual tours take the concept even further. A virtual tour using AI allows for on-screen text and even voice feedback to provide details about the property's features as prospective tenants “walk” through the space on a computer screen or mobile device.

Prospective tenants can also interact with your virtual tour by selecting on-screen items and features to examine them closer. AI can then determine which features interest the prospective tenant the most. This allows you to create sales and marketing funnels that lead prospective tenants toward options that best suit their needs.

6. Cash Flow Management and Accounting

Anyone who works in property management knows that cash flow and accounting are paramount. Everything from rent collection to expense reporting can make or break success in managing properties, especially when dealing with multiple properties, multi-family residential properties, or commercial spaces.

AI technology can reduce paperwork for finance and accounting tasks by automatically analyzing data as the finances of a property change. For example, if you have open units that have gone weeks without renting, AI can analyze your financial data and model what changes need to be made to your cash flow in order to continue meeting goals until these units can get filled. This takes much of the guesswork out of accounting and can save you from making costly errors.

AI is Not the Final Answer

As mentioned above, AI is not yet at a point where it can completely replace humans. In fact, some would argue that it will never reach that point. Regardless, the technology available today is powerful and useful, but it should not substitute for human intelligence.

Instead, consider AI to be another tool in your toolbox. When used alongside human ingenuity and resourcefulness, you’re more likely to find the best ways to use AI in property management that work for your unique needs.

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At WC Decking & Waterproofing, our team provides waterproofing solutions that make your life easier as a property manager. Contact us today to learn how our waterproofing, coating, and deck repair solutions can help you save time and work more efficiently in the property management space.