We Asked A Property Manager How She Used AI. Then We Asked A Bot
In these instances, double down — in your abilities, in your information, on you. Be part of us Aug. 8-10 at Inman Join Las Vegas to lean into the shift and be taught from the perfect. Get your ticket now for the perfect worth.
When Chrissie Rivers was trying to conduct a market survey of inexpensive housing in Phoenix, she turned to synthetic intelligence to do the job.
She began by asking the machine for an evaluation, however it despatched again a story explaining the market. Then she wanted knowledge. AI can try this, too.
“I then requested it to provide me the information that I might enter [into] an excel spreadsheet and that acquired it cooking,” Rivers, a strategic advertising and marketing advisor with Dominium, instructed Inman.
It was simply one in every of some ways Rivers and others say property managers — particularly these working at scale, say, in an condo constructing — can use newly refined but ultra-powerful software of synthetic intelligence to turn out to be extra environment friendly.
“Property administration firms are tasked with managing an enormous array of properties, from business buildings to residential models,” Rivers mentioned. “One space the place these firms can profit from the newest expertise is by using synthetic intelligence (AI) to assist them streamline their operations, save time and carry out analysis extra effectively.”
We requested Rivers for a rundown of how property managers can use AI to avoid wasting money and time. Then we requested ChatGPT. Right here’s what they each mentioned.
Streamline upkeep requests
Upkeep is among the commonest points and vital challenges property administration firms face from everyday, Rivers mentioned.
Tenants make upkeep requests starting from minor repairs to main renovations, and property managers have to trace and handle decision of any given difficulty. It may be a major process.
“With AI, nevertheless, property administration firms can streamline the upkeep request course of and make sure that all requests are handled promptly and effectively,” Rivers mentioned.
“By utilizing AI-powered chatbots, tenants can simply submit their upkeep requests on-line, which may then be robotically sorted and prioritized primarily based on the severity of the difficulty,” she added. “The chatbot may even recommend options to widespread upkeep issues, equivalent to the right way to repair a leaky faucet or unclog a drain, saving the property administration firm time and assets.”
Improve tenant screening
One other process each property supervisor will face is tenant screening. That’s one more supply of paperwork to trace and prioritization to set that may be dealt with by AI, Rivers mentioned.
Credit score reviews, employment verification and rental historical past can all be collected robotically and analyzed, she mentioned.
“For instance, AI can use machine studying algorithms to guage an applicant’s credit score rating, employment historical past, felony document and social media presence,” Rivers mentioned. “This will help property administration firms make extra knowledgeable choices about who they permit to hire their residences.”
Enhance hire assortment
Late or missed hire disrupts a property’s money movement and may complicate the connection between tenants and landlords by authorized disputes.
“By utilizing AI-powered software program, property administration firms can ship automated reminders to tenants about hire funds, observe late funds and even supply incentives for early funds,” Rivers mentioned. “The software program can even robotically generate monetary reviews, decreasing the effort and time required for administrative duties.”
Optimize advertising and marketing and promoting
There are such a lot of methods to market a property to draw tenants that it could truly be overwhelming for property managers, Rivers mentioned.
Why not have AI give up-to-date reviews on shopper conduct and preferences?
“AI will help property administration firms establish the best promoting channels, equivalent to social media platforms or on-line marketplaces,” Rivers mentioned, “and create focused advertising and marketing campaigns primarily based on the pursuits and desires of their target market.”
Predictive analytics for upkeep
That is the place AI performs the lengthy recreation, giving property managers the facility to trace upkeep requests over time to offer predictive analytics for when models needs to be anticipated to wish repairs.
“This enables property administration firms to schedule preventative upkeep earlier than a breakdown happens, decreasing the necessity for emergency repairs and minimizing disruptions for tenants,” Rivers mentioned.
What does ChatGPT say?
We determined to go to the supply to see what it needed to say about property managers utilizing AI to turn out to be extra environment friendly and higher at their jobs. Every little thing beneath was written by ChatGPT.
Automating widespread tenant inquiries: ChatGPT might be programmed to reply widespread tenant inquiries equivalent to hire fee, lease renewal, upkeep requests, and move-in/move-out procedures. This will help property managers save time and scale back the quantity of inquiries that have to be dealt with manually.
Streamlining communication: ChatGPT can be utilized to ship automated reminders to tenants about upcoming hire funds or upkeep appointments. This will help scale back missed funds and missed appointments, resulting in a extra environment friendly operation total.
Offering 24/7 assist: ChatGPT can present tenants with assist 24/7, even outdoors of normal enterprise hours. This will help scale back the workload on property managers and allow them to answer pressing requests extra shortly.
Producing reviews and analytics: ChatGPT can be utilized to generate reviews and analytics on tenant interactions, which will help property managers establish areas the place they will enhance effectivity and supply higher customer support.
Aiding with tenant screening: ChatGPT might be programmed to help with tenant screening by offering details about the appliance course of and necessities, amassing tenant info, and answering widespread questions on tenant screening standards.
Electronic mail Taylor Anderson
Get Inman’s Property Portfolio E-newsletter delivered proper to your inbox. A weekly roundup of stories that actual property buyers want to remain on prime, delivered each Tuesday. Click on right here to subscribe.