The Benefits of AI for Residential Property Management

With the artificial intelligence (AI) market projected to reach $407 billion by 2027, the benefits of AI are far-reaching and only in the beginning stage of discovery. When ChatGPT—a language model-based chatbot—entered the market in 2022, it was full steam ahead for generative AI technology. Developed by OpenAI, ChatGPT is a game changer for the property management industry and society as a whole.

Generative AI can create text, audio, images, and videos in a matter of seconds. Because ChatGPT is a natural language processing tool, it can interact with users in a conversational way. The language model can answer questions and assist in routine tasks such as creating marketing descriptions for properties and units, freeing you to focus on business performance and tenant satisfaction.

The sky’s the limit for this groundbreaking technology. Here are a few ways that AI can help you succeed.

The Benefits of AI for Promoting Your Properties

Effectively marketing properties and units to prospects is a top priority for property managers. Unfortunately, this task can become time-consuming and tedious, especially for those without a marketing background. This is where AI-driven tools can assist.

Creating compelling language and images to market your properties is an easier task with AI technology. From writing social media posts to emails for prospects, projects that previously took hours to complete can now take seconds. There is even virtual staging technology available to design a look and feel to take your asset images to the next level and set you up for success.

While this technology is very sophisticated, keep in mind that anything generated by AI still requires human administration. AI tools are great assistants, but it is still essential for you and your team to develop a review process for accuracy and quality.

Answering Basic Questions

As prospects search for the perfect place to call home, it’s quite common for them to have many questions. When those answers can’t be found on your website and it’s too late to call the office, having a simple way for them to connect with you in real time is ideal. AI tools—such as customizable chatbots—do just that, and more.

Chatbots can take questions about your property and provide personalized responses back to online visitors in an instant. As the chatbot interacts with visitors to your site, it evolves as it learns, making it a valuable extension of your team. Further, this tool provides 24/7 support for your prospects and tenants, and peace of mind for you.

Predicting Maintenance

As a property manager, being able to predict potential issues with equipment—such as HVAC systems—before they happen would be a great superpower to have. With AI-enabled maintenance platforms, you can become Super, too (minus the cape). These predictive maintenance tools analyze data sources to determine where faults may occur. This advance warning gives you the opportunity to schedule maintenance in a timely manner—reducing downtime, extending the lifespan of your essential systems, and saving you money in the long run.

Enhancing the Resident Experience

At the end of the day, everything you do should be for the benefit of your residents. As you and your team determine which AI tools to adopt, the greatest recipients of this technology will likely be your renters. Using AI for routine tasks allows more time for you to focus on and respond to their needs and requests, which can lead to higher satisfaction, better relationships, and greater retention.

Conclusion

While AI will never replace the value and impact of human input and interaction, it can help your operation succeed in many ways. Boosting efficiency, saving time and money, and increasing resident satisfaction are just a few benefits of AI. Many of Rent Manager’s integrated providers use AI to power their solutions—explore the opportunities here.