Artificial Intelligence (AI) is an evolving tool within every industry, and property management is no exception. With its ability to automate complex processes and tasks, AI is allowing multifamily property managers to shift their focus away from operational duties and toward enhancing resident satisfaction.
Here, we take a look at the ever changing role of a property manager and how multifamily businesses can benefit from embracing AI.
Automation of Routine Admin Tasks
AI-powered software solutions are now capable of handling a variety of routine tasks that previously consumed a significant portion of time for property managers. These tasks include resident screening, lease management, property tours, check-in and check-out processes and even rent collection.
When finding new residents, AI systems can now analyze prospective applications and identify suitable residents by comparing applicant data against predetermined criteria, reducing the chances of human error and improving occupancy rates.
AI also simplifies lease management by automating the generation, renewal, and termination of leases based on the data fed into the system. It enables automatic rent collection, sending reminders to residents and processing payments, ensuring timely and consistent cash flow. Streamlining the admin processes of property management by automating these processes can save property managers a lot of time and support their business plans.
Enhanced Maintenance Management
AI enhances property maintenance by predicting when maintenance or repairs might be needed before they become urgent issues. Using Internet of Things (IoT) sensors and AI analysis, the condition of appliances can be constantly monitored. For example, PointCentral’s machine learning tools within the HVAC system can compare thousands of data points to identify optimal performance. It can then measure how effectively the HVAC system is delivering the temperatures set by the resident, and if the system detects any abnormalities, will automatically notify the property manager.
Similarly, smart water sensors can be fitted strategically around the property to detect water leaks and faulty pipes. Property managers will be instantly alerted if water is sensed where it shouldn’t be and a signal is sent to automatically shut off the water valves.
Shifting from reactive to preventative maintenance using AI technology allows property managers to schedule maintenance work to suit both parties, detect problems in the hardware, and avoid emergency repair.
Improved Resident Communications
Communication is key to resident satisfaction, and AI is making it more efficient. Chatbots and virtual assistants powered by AI can handle inquiries and requests from residents at any time of the day, providing immediate responses to common questions such as rules regarding property amenities, maintenance request procedures, or rent payment issues. This not only improves the resident experience by providing constant support but also frees up property management teams to handle more complex issues.
Data-Driven Decision Making
AI is a useful tool for analyzing large datasets to provide insights that might not be obvious to property managers. AI can be used to analyze market trends, resident behavior, and financial performance. This information can lead to better-informed decisions regarding property pricing and maintenance, staffing, marketing strategies, and resident retention efforts. For example, property managers can gain insight on the busiest times in the building’s communal areas or the most popular times for self-guided tours, and feed this into their staff scheduling. AI can also help identify patterns in resident feedback, allowing managers to address common concerns and improve the living experience.
With AI handling many operational aspects of property management and providing deeper insights into a building’s functionality, property managers and staff can dedicate more time into what really matters – building relationships with residents, creating a community, and facilitating an excellent experience, all of which contribute to higher levels of satisfaction and retention rates.
Want to find out more on the benefits of automated technology? Read Mike Branam’s article in YieldPro here.
