It might just be the talk of the century: artificial intelligence. No matter your industry or interests, it’s almost inevitable you’ve heard the fears that it’s coming for our jobs, if not total world-domination. While we don’t think it’s that serious, we do think its power is undeniable. But instead of letting it induce panic attacks around sci-fi scenarios, we invite property managers to consider how it could just be your new best friend. So what exactly is artificial intelligence, and how can you leverage AI to enhance property management?
What is Artificial Intelligence?
Artificial intelligence, commonly referred to as AI, is a computer simulation of human intelligence used to perform various tasks. Think, for example, chatbots mimicking human responses to resolve customer service inquiries on popular e-commerce sites. This is often executed through a machine’s analysis of data and ability to recognize patterns, resulting in the power to make informed decisions that imitate human decision making. So how can this technology be used to advance property management?
5 Ways to Harness AI in Property Management
Artificial intelligence in property management is just getting started, and the use cases are only going to expand exponentially. But if you’re just warming up to this new advancement in technology, here are five easy ways to make the most of it.
Transform Customer Service
Questions can occur at any hour, so why not give residents the convenience of 24/7 customer service? Useful for both current residents and prospective renters, set up a chatbot on your website or resident portals to provide users with answers to frequent questions about your property. Not only does this AI addition reduce workload for your staff, it also provides unparalleled customer service – building a sense of trust and reliability in your community.
Streamline Marketing Initiatives
Maybe you’re familiar with using chatbots for customer service initiatives, but have you considered using them to write marketing materials? Arguably the most exciting development in the last year is ChatGPT, a chatbot employing mass amounts of data to create meaningful responses to user directions. From writing rental listings to advertising copy and marketing emails, the possibilities are vast for property managers looking to streamline marketing operations.
Leverage Software Automation
Reduce human error by…taking the humans out of it! Now we definitely don’t mean to ditch your staff – you still need them. But certain automation tools can help both staff and residents at your property. On the resident side, utilizing modern property management software with built-in automation can help you secure rent on-time, more often. For example, ManageGo’s payment platform sends automatic rent reminders to residents, and offers automatic payments – taking forgetfulness out of the equation. On the staff side, set automatic lease renewal reminders with ManageGo’s leasing solution to increase resident retention and ultimately, NOI.
Incorporate Smart Tech in Your Buildings
IoT smart building technology can leverage AI to save money and increase efficiency around your property. From light sensors that reduce energy consumption based on usage to temperature tracking that optimizes HVAC use, artificial intelligence can make a huge difference in a building’s efficiency and overall sustainability.
Analyze Market Trends
Artificial intelligence exists thanks to treasure troves of data – making it the perfect tool to analyze market trends and use them to your advantage. Employing AI tools to analyze trends and make predictions in leasing, rent prices, and resident preferences can give you valuable insights that will give you an edge against competitors.
No matter your business goals, ManageGo has your back. Request a demo today to discover how our software solutions can benefit you and your unique property management needs. Or, connect directly with one of our experts and get started on your journey to better property management. Plus, subscribe to our monthly newsletter to explore the industry, get the latest company news, and be the first to know about special announcements!
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