In these times, double down — on your skills, on your knowledge, on you. Join us Aug. 8-10 at Inman Connect Las Vegas to lean into the shift and learn from the best. Get your ticket now for the best price.
When Chrissie Rivers was looking to conduct a market survey of affordable housing in Phoenix, she turned to artificial intelligence to do the job.
She started by asking the machine for an analysis, but it sent back a narrative explaining the market. Then she needed data. AI can do that, too.
“I then asked it to give me the data that I would input [into] an excel spreadsheet and that got it cooking,” Rivers, a strategic marketing consultant with Dominium, told Inman.
It was just one of many ways Rivers and others say property managers — especially those working at scale, say, in an apartment building — can use newly refined yet ultra-powerful tool of artificial intelligence to become more efficient.
Chrissie Rivers | Dominium
“Property management companies are tasked with managing a vast array of properties, from commercial buildings to residential units,” Rivers said. “One area where these companies can benefit from the latest technology is by utilizing artificial intelligence (AI) to help them streamline their operations, save time and perform research more efficiently.”
We asked Rivers for a rundown of how property managers can use AI to save time and money. Then we asked ChatGPT. Here’s what they both said.
Streamline maintenance requests
Maintenance is one of the most common issues and significant challenges property management companies face from day to day, Rivers said.
Tenants make maintenance requests ranging from minor repairs to major renovations, and property managers have to track and manage resolution of any given issue. It can be a significant task.
“With AI, however, property management companies can streamline the maintenance request process and ensure that all requests are dealt with promptly and efficiently,” Rivers said.
“By using AI-powered chatbots, tenants can easily submit their maintenance requests online, which can then be automatically sorted and prioritized based on the severity of the issue,” she added. “The chatbot can even suggest solutions to common maintenance problems, such as how to fix a leaky faucet or unclog a drain, saving the property management company time and resources.”
Enhance tenant screening
Another task every property manager will face is tenant screening. That’s yet another source of paperwork to track and prioritization to set that can be handled by AI, Rivers said.
Credit reports, employment verification and rental history can all be collected automatically and analyzed, she said.
“For example, AI can use machine learning algorithms to evaluate an applicant’s credit score, employment history, criminal record and social media presence,” Rivers said. “This can help property management companies make more informed decisions about who they allow to rent their apartments.”
Improve rent collection
Late or missed rent disrupts a property’s cash flow and can complicate the relationship between tenants and landlords through legal disputes.
“By using AI-powered software, property management companies can send automated reminders to tenants about rent payments, track late payments and even offer incentives for early payments,” Rivers said. “The software can also automatically generate financial reports, reducing the time and effort required for administrative tasks.”
Optimize marketing and advertising
There are so many ways to market a property to attract tenants that it can actually be overwhelming for property managers, Rivers said.
Why not have AI give up-to-date reports on consumer behavior and preferences?
“AI can help property management companies identify the most effective advertising channels, such as social media platforms or online marketplaces,” Rivers said, “and create targeted marketing campaigns based on the interests and needs of their target audience.”
Predictive analytics for maintenance
This is where AI plays the long game, giving property managers the power to track maintenance requests over time to provide predictive analytics for when units should be expected to need repairs.
“This allows property management companies to schedule preventative maintenance before a breakdown occurs, reducing the need for emergency repairs and minimizing disruptions for tenants,” Rivers said.
What does ChatGPT say?
We decided to go to the source to see what it had to say about property managers using AI to become more efficient and better at their jobs. Everything below was written by ChatGPT.
Automating common tenant inquiries: ChatGPT can be programmed to answer common tenant inquiries such as rent payment, lease renewal, maintenance requests, and move-in/move-out procedures. This can help property managers save time and reduce the volume of inquiries that need to be handled manually.
Streamlining communication: ChatGPT can be used to send automated reminders to tenants about upcoming rent payments or maintenance appointments. This can help reduce missed payments and missed appointments, leading to a more efficient operation overall.
Providing 24/7 support: ChatGPT can provide tenants with support 24/7, even outside of regular business hours. This can help reduce the workload on property managers and enable them to respond to urgent requests more quickly.
Generating reports and analytics: ChatGPT can be used to generate reports and analytics on tenant interactions, which can help property managers identify areas where they can improve efficiency and provide better customer service.
Assisting with tenant screening: ChatGPT can be programmed to assist with tenant screening by providing information about the application process and requirements, collecting tenant information, and answering common questions about tenant screening criteria.
Get Inman’s Property Portfolio Newsletter delivered right to your inbox. A weekly roundup of news that real estate investors need to stay on top, delivered every Tuesday. Click here to subscribe.
