Ways to Use AI in Property Management

Artificial intelligence (AI) has been one of the hottest topics in recent years, but you may not have realized that AI has made headway in the property management industry. AI in property management has the potential to boost productivity and efficiency, and most AI property management tools are transparent and easy to operate, even if you aren’t a tech wiz.

If you’re interested in taking advantage of AI in property management, or if you’re just curious about the potential to save time and money using AI to manage your properties, below are some top ways you can harness the power of AI to get more done:

Machine Learning for Pattern Recognition

Machine learning sounds like a fancy term for robots that go to school, but machine learning is simply the process of training AI algorithms to recognize patterns. Although AI in real estate applications can seem quite advanced, much of this technology boils down to recognizing patterns within datasets to generate a conclusion based on probability. There isn’t any actual sentience or intelligence involved.

Regardless, machine learning can provide a number of benefits for a property management company. For example, during tenant screening, AI can analyze vast amounts of data potential tenants provide across multiple properties. This data is then analyzed to quickly make decisions and, in some cases, can provide instant responses to applications.

You can also use machine learning to analyze schedules for your team, including holiday schedules and schedule changes based on weather events. This data allows AI to learn behaviors using variables and then make recommendations for more productive scheduling based on current conditions.

Preventative Maintenance and Planning

Another area where AI excels in property management is predictive maintenance. AI-powered tools can monitor the history of maintenance tasks for the properties you manage. Still, it can also factor in things like suggested maintenance schedules provided by manufacturers or installers. With this data, AI property management tools can predict maintenance before it’s needed and base these decisions on changing variables as well.

For example, if you recently had a pool renovation completed, this can change the maintenance schedule for your pool equipment. By inputting this renovation into your property management software, AI can factor this into its predictive maintenance algorithm to alter the maintenance schedule it suggests for your pool area. This can potentially reduce redundant maintenance tasks, saving you time and money.

Routing Maintenance Requests More Efficiently

Among the top market trends for using AI in real estate property management is employing AI to route and process maintenance and service requests. When a tenant submits a maintenance or service request, the traditional way of handling these requests has been to manually process them and dispatch the appropriate professional. Depending on the service and situation, manually processing service requests could take hours or even days.

Smart solutions that use AI can automatically handle processing these requests, dispatching the proper contractors, and following up to ensure everything is completed. AI systems can also record actions taken on service requests so that your company has a paper trail to refer to if a tenant has questions or challenges the assertion that the request was handled. This can potentially increase tenant satisfaction since your team can respond faster. Still, it can also add an extra layer of protection for your company while improving productivity.

Efficient Rent Collection and Tenant Communications

The property management industry thrives on leasing and rent. Getting paid on time is essential for efficient operations, and AI can also help property managers in this area. AI systems paired with your property management invoicing software can automatically send tenants rent reminders, past due notices, and other communications. This can help your company get paid faster so you can continue operations as usual.

AI can also communicate with tenants about changing conditions around your properties. If you’re having work done around a property, AI can notify affected tenants about delays, closures or other special considerations they need to be made aware of until work is completed.

The old way of doing things usually meant putting status updates on your company’s website or social media, which is time-consuming. With AI integration, the system handles updates as a situation evolves, leading to faster, more efficient communication and happier tenants.

Monitoring Security Threats

You can also use AI in property management to monitor areas for security threats. Many security camera systems incorporate AI technology that can recognize suspicious behavior. For instance, if someone drops off an unknown package or bag around one of the properties you manage, AI systems may be able to track the package and notify you if it hasn’t moved in a certain number of hours or days. Likewise, AI security cameras can monitor for activity, record people who shouldn’t be in restricted areas, and possibly even identify them based on how you have your system configured.

AI can also be used to secure entrances and exist around managed properties. Use a keycard system to allow access. AI can add facial recognition to your security protocols to only allow people given access to a property to enter. Additionally, lighting can automatically change based on certain conditions when you use AI. The time of day, changing indoor lighting conditions, weather events, and more can all trigger AI systems to adjust lighting for added security.

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