We Asked A Property Manager How She Used AI. Then We Asked A Bot
In these occasions, double down — in your expertise, in your information, on you. Be a part of us Aug. 8-10 at Inman Join Las Vegas to lean into the shift and study from one of the best. Get your ticket now for one of the best value.
When Chrissie Rivers was trying to conduct a market survey of reasonably priced housing in Phoenix, she turned to synthetic intelligence to do the job.
She began by asking the machine for an evaluation, but it surely despatched again a story explaining the market. Then she wanted knowledge. AI can do this, too.
“I then requested it to present me the info that I’d enter [into] an excel spreadsheet and that received it cooking,” Rivers, a strategic advertising and marketing guide with Dominium, advised Inman.
It was simply one among 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 instrument of synthetic intelligence to grow to be extra environment friendly.
“Property administration corporations are tasked with managing an unlimited array of properties, from industrial buildings to residential items,” Rivers stated. “One space the place these corporations can profit from the newest know-how 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 stated.
Streamline upkeep requests
Upkeep is without doubt one of the commonest points and vital challenges property administration corporations face from daily, Rivers stated.
Tenants make upkeep requests starting from minor repairs to main renovations, and property managers have to trace and handle decision of any given problem. It may be a big activity.
“With AI, nevertheless, property administration corporations can streamline the upkeep request course of and be certain that all requests are handled promptly and effectively,” Rivers stated.
“By utilizing AI-powered chatbots, tenants can simply submit their upkeep requests on-line, which might then be mechanically sorted and prioritized based mostly on the severity of the problem,” she added. “The chatbot may even recommend options to frequent upkeep issues, equivalent to find out how to repair a leaky faucet or unclog a drain, saving the property administration firm time and sources.”
Improve tenant screening
One other activity each property supervisor will face is tenant screening. That’s yet one more supply of paperwork to trace and prioritization to set that may be dealt with by AI, Rivers stated.
Credit score experiences, employment verification and rental historical past can all be collected mechanically and analyzed, she stated.
“For instance, AI can use machine studying algorithms to judge an applicant’s credit score rating, employment historical past, legal file and social media presence,” Rivers stated. “This might help property administration corporations make extra knowledgeable selections about who they permit to hire their residences.”
Enhance hire assortment
Late or missed hire disrupts a property’s money movement and might complicate the connection between tenants and landlords via authorized disputes.
“By utilizing AI-powered software program, property administration corporations can ship automated reminders to tenants about hire funds, monitor late funds and even provide incentives for early funds,” Rivers stated. “The software program may also mechanically generate monetary experiences, lowering 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 possibly truly be overwhelming for property managers, Rivers stated.
Why not have AI give up-to-date experiences on client conduct and preferences?
“AI might help property administration corporations establish the best promoting channels, equivalent to social media platforms or on-line marketplaces,” Rivers stated, “and create focused advertising and marketing campaigns based mostly on the pursuits and wishes of their audience.”
Predictive analytics for upkeep
That is the place AI performs the lengthy sport, giving property managers the facility to trace upkeep requests over time to offer predictive analytics for when items must be anticipated to want repairs.
“This enables property administration corporations to schedule preventative upkeep earlier than a breakdown happens, lowering the necessity for emergency repairs and minimizing disruptions for tenants,” Rivers stated.
What does ChatGPT say?
We determined to go to the supply to see what it needed to say about property managers utilizing AI to grow to be extra environment friendly and higher at their jobs. Every little thing under was written by ChatGPT.
Automating frequent tenant inquiries: ChatGPT will be programmed to reply frequent tenant inquiries equivalent to hire cost, lease renewal, upkeep requests, and move-in/move-out procedures. This might help property managers save time and cut back the amount of inquiries that must be dealt with manually.
Streamlining communication: ChatGPT can be utilized to ship automated reminders to tenants about upcoming hire funds or upkeep appointments. This might help cut back missed funds and missed appointments, resulting in a extra environment friendly operation general.
Offering 24/7 help: ChatGPT can present tenants with help 24/7, even outdoors of standard enterprise hours. This might help cut back the workload on property managers and allow them to answer pressing requests extra rapidly.
Producing experiences and analytics: ChatGPT can be utilized to generate experiences and analytics on tenant interactions, which might help property managers establish areas the place they’ll enhance effectivity and supply higher customer support.
Helping with tenant screening: ChatGPT will be programmed to help with tenant screening by offering details about the applying course of and necessities, gathering tenant data, and answering frequent questions on tenant screening standards.
Electronic mail Taylor Anderson
Get Inman’s Property Portfolio Publication delivered proper to your inbox. A weekly roundup of stories that actual property traders want to remain on prime, delivered each Tuesday. Click on right here to subscribe.