Much like many other industries, the future of property management will be deeply affected by technology and its advancements. Everything changes, including how companies interact with their clients and what customers expect from their property managers. If you embrace that change, you can increase the security of your management company.
Machine learning and AI are increasingly being used to improve efficiency for property managers and their employees, and that trend is expected to continue. When you have more efficiency, you can manage more doors, keep tenants happier, and get more done in a shorter period of time.
That's highly valuable, especially at a time when the combination of staffing shortages and intense competition are affecting many industries. Here's what you need to know about AI and machine learning so you can use them wisely to accomplish more for your property management business and ensure you're giving property owners and tenants what they need.
How AI and Machine Learning Affect Property Management
Learning about how AI and machine learning affect property management and what applications they have in the industry is the place to start. While there are some areas that technology can't replace, AI property management can handle many aspects that used to require human input.
Not only does that improve the experience and efficiency for tenants and property owners, but it also frees up your employees to do more with their time. Taking them away from repetitive tasks that AI can perform and putting them in charge of other jobs that require a human touch also helps personalize the most valuable areas of your company, and your tenants will appreciate that.
Technologies like these create a revolution in traditional property management practices and change the game for managers, property owners, and tenants. However, tenants and others who interact with you don't want to feel like a number or like they're always talking to a robot. Striking a balance is a big part of using AI effectively.
Too much AI can drive tenants and property owners away because they don't feel like they're getting the human interaction and care they deserve from your company. Not enough AI-based support, though, could mean that your clients and tenants aren't getting the information and support they need promptly. With the right balance, you can see more success.
Using Technology to Enhance Management and Maintenance
One of the benefits of AI-powered tools is how they streamline property management and maintenance tasks. It's easy and convenient when a tenant can use an online form to file a maintenance request and get automated texts when there are updates. It's also faster in many cases, and your employees can focus on other areas as long as the system is working correctly and maintenance is notified.
The biggest goal of using AI in property management is to make everything easier and more efficient so the process flows smoothly and everyone gets the information and support they need. From emergency repair issues to basic maintenance levels, there are quite a few areas where AI and machine learning can take over and streamline the process for everyone involved.
For example, real-time monitoring and predictive maintenance have significant benefits, including catching issues before they become expensive repairs. If you have reminders for things like changing air conditioner filters and checking smoke alarm batteries, those things are more likely to get done on time. Deferred maintenance can turn into costly problems in many different areas.
Personalize Tenant Experiences Through AI
When you want to improve tenant communication and satisfaction, AI is a valuable tool. Because tenants like a more personalized experience, you'll want to use AI property management options that showcase tenant interaction and help them understand that they're valued and appreciated. Most tenants don't need any fanfare. They just want to be respected and treated fairly.
Personalized services and tenant-specific solutions are both ways to use AI to the fullest. These services and solutions can include everything from online support through lease renewals, rent payments, and maintenance requests to text messages and emails about upcoming changes, community events, or important dates.
You don't need to inundate tenants with information because that can get frustrating and feel overwhelming to them. Still, it's a good idea to ensure they understand that you appreciate them and that they can contact your property management company efficiently if they need something from you or have questions.
A more personalized experience, such as setting up programs that will use their name, unit number, and other identifying information, can help them feel more at home in one of the properties you manage. Additionally, AI can be used to wish tenants a happy birthday or thank them on a rental anniversary for their loyalty to your company and the care they take of the property.
Use AI to Drive Pricing and Market Analysis
When your property management company uses AI and machine learning, you can more easily analyze trends in the market and optimize the pricing of the properties you manage. The future of property management involves staying competitive if you want your company to succeed, including pricing your units right and keeping up with changes to the market.
These pricing strategies are generally more successful through the use of data-driven decision-making, and a property management expert can help you analyze how the market is performing. Then, you can use that knowledge as a basis for any changes you make. Remaining competitive matters and price is one of the biggest parts of keeping ahead of other management companies in your area.
Solutions for Safety and Smart Security
Property managers can use AI-powered security systems to keep a better eye on their properties and the common areas for multifamily dwellings. Not only does this reduce tenant-caused damage and help property owners feel more secure, but it also helps tenants feel safer when renting from you for their new home. The peace of mind that comes from good security goes a long way.
Using machine learning to increase risk management and improve property safety can attract more property owners as clients because they'll feel safer leaving their properties in your capable hands. It can also bring in more tenants since they want to live in a place where they feel secure and comfortable. Make sure to let the world know about your innovative security options.
The Value of Efficiency and Automation
Using AI-driven automation to streamline more of your property management operations will become more and more common over time. Some management companies may resist that because it's a lot of change, but working with a property management expert can help you see the value of using AI and enjoying the efficiency and savings that come with it.
There are not only potential cost savings by using AI-based options, but you may also see increased efficiency through the power of automation in many areas throughout your company. Your employees can focus on the tasks that AI simply can't do yet, requiring a human touch. Then, you can use AI to automate other tasks so they still get done and everyone is happy.
Addressing Challenges in Implementing AI for the Future
While AI and machine learning can provide big benefits for property management professionals, you'll also be facing some challenges and barriers to adopting this new technology. For example, not every employee, property owner, or tenant will be on board with your AI use. Some people are fearful of it and don't trust it to handle their personal information or any kind of tasks.
To overcome the hurdles to implementation, property managers will need to move into AI property management in ways that work for the majority of people involved. It's essential that you still focus on having a personal touch to your company, and that clients, tenants, vendors, and others can reach an actual person during regular business hours or in a true emergency.
Consider Ethics When Adopting AI
Using AI in property management comes with some ethical considerations, as well. Not everyone wants their information given to "a robot," and they may not consent to the use of AI-powered interactions such as automated text messages. As an example, if you have a large number of tenants who want to use paper leases, you may need to continue to provide that option, at least for a while.
Transparency and privacy concerns both need to be carefully addressed when you're looking to use AI in decision-making, as well as interactions with property owners, tenants, and vendors such as maintenance professionals. Coming up with a statement regarding all of that and making it readily available can help show that you're committed to taking people's concerns seriously.
Machine Learning and AI are the Future of Property Management
Machine learning and AI aren't going away, and property management companies that choose not to use them may find that they're falling behind the times. By working with a property management expert, you can learn more about the best ways to integrate these options into your management business to increase your chances of current and future success.
Ready to learn more about how this new technology can make your property management business even better? Schedule a free consultation today, and let us help you move into a stronger future through the power of AI technology for property management companies.
We will review your business plan and make sure you are on track.