A.I. “proptech” for property managers is becoming increasingly popular. This blog goes over some key uses of A.I. in property management, specifically for multifamily properties like apartment complexes.
The Five Most-Key Takeaways from This Blog Post
- Using conversational A.I. can relieve the burden of communications for a lot of property staff. For example, having a chatbot on your property’s website to answer common questions for prospective tenants.
- A.I. that integrates with property-management software has many uses. For instance, fielding maintenance requests to create work orders in the property-management platform.
- Another use is multilingual translation for residents across language barriers. Being able to automate translation of mass communications for certain residents is one of the attractive applications of A.I.
- Attracting potential tenants is another area that A.I. can excel in, from generative A.I. to chatbots to A.I.-ified virtual tours.
- Overall, property managers can use A.I. to enhance the value and profitability of their assets by resident retention and assistance of property staff (including maintenance teams) in their workflows.
The Significance for Business Owners
With so many renters on the market, it makes sense that the real-estate market would be getting competitive.
As such, implementing A.I. is becoming increasingly common among property managers looking to attract and retain tenants and keep property operations efficient.
Resident retention is a major goal for all property owners, as it relieves the burden of having to spend as much time and money on marketing the property.
That’s why things like the aforementioned maintenance A.I. are great for resident retention, as it can get maintenance requests resolved quicker, increasing tenant satisfaction.
Plus, the personalization of multilingual machine translation can personalize the tenant experience, helping retain residents across a language barrier who may feel incentivized to stay in an apartment complex that communicates to them in their preferred language.
Leasing and Resident Acquisition: 24/7 Availability Drives Results
Leasing processes with conversational A.I. offer rapid responses and all-day (and -night) availability.
Conversational artificial intelligence can do the following, and more:
- Take on initial inquiries
- Schedule tours
- Connect tenants and prospects to certain staff members or departments
- Answer questions about the property
- Guide prospective tenants through pre-qualification
Property management companies can custom-tailor conversational A.I. so that responses can be specific to the property and general area. Training A.I. on documents like lease forms and brochures can ensure that A.I. can accurately discuss topics like tenants’ rights and amenities.
Virtual Tours
An emerging use is virtual tours integrated with conversational A.I. that talks to prospects who can receive real-time answers to their questions. This hybrid approach personalizes online apartment hunting for prospects while relieving leasing teams of having to give as many tours.
You can expect this particular application to grow enormously in the next few years, as progress is being made at the ability to generate virtual worlds that users can immerse themselves in.
Combine that with smart glasses that essentially screen over eyesight with screens, and Total Immersion will make it possible to custom-generate models of apartments that prospective tenants will be able to virtually tour without even having to step foot on the property.
Plus, users could be able to get virtual assistance from A.I. avatars that will perform the role of a leasing agent guiding the tour. Giving this avatar data like leasing contracts and brochures will make it possible to make the tour specific to the property.
The Last (But Not Least) Key Takeaway from This Blog Post
A.I. in property management has implications for resident retention as well as areas like efficiency in fulfilling maintenance requests.
Property managers interested in artificial intelligence should identify areas that their own property staff are struggling in, and identifying how A.I. can be integrated to resolve those issues.
Other Great GO AI Blog Posts
GO AI the blog offers a combination of information about, analysis of, and editorializing on A.I. technologies of interest to business owners, with especial focus on the impact this tech will have on commerce as a whole.
On a usual week, there are multiple GO AI blog posts going out. Here are some notable recent articles:
- For Businesses and Other Organizations, What Makes a Successful Chatbot?
- IBM Watson vs. ChatGPT vs. Gemini: How Will Each Affect Search Engines?
- Using A.I. to Find Resources for Business Owners
- How Would Restricting Open-Source A.I. Affect Business Owners?
- The EU’s A.I. Act Has Become Law: The Implications for Business Owners (Especially American)
In addition to our GO AI blog, we also have a blog that offers important updates in the world of search engine optimization (SEO), with blog posts like “Google Ends Its Plan to End Third-Party Cookies”.
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