Artificial intelligence (AI) has come a long way these last few years. It can generate new music, create digital art, and even talk to you when you feel lonely. And that's just the tip of the robot-generated iceberg. It turns out AI is also an incredible tool that can help you streamline your property management. Here are a few ways you can get started.
First, why use AI to automate your rentals? Well, you may not have to wait long to see the payoff, for starters. According to research at Marketo, 76% of those who automate their business see a return on investment within the first year. And while this is a broad statistic, the reality is, there’s much to gain when it comes to using AI.
Now, let's explore how to use AI to make being a landlord easier.
Using AI Applications for Property Management
With popular AI applications (apps) such as ChatGPT and Google Bard becoming more mainstream, you’ve got endless ways to start automating. Everything from speeding up response times to using AI-powered smart home systems can save time and money while providing a positive experience for tenants. As a property manager, you get to decide what exactly you want to start automating and how. Whatever you need, chances are there’s an app to help you out.
Talk to Your Tenant Faster
According to Zillow, 71% of potential renters asking about a listing expect to hear back from a property manager within 24 hours. But if you’re busy or have several properties to manage, a response this quick may be complicated.
Well, thanks to AI chatbots such as EnlightenXO or Ada, you can set up instant responses via text or email. Suppose you need help talking to renters or responding to current tenants. In that case, chatbots can respond using proven algorithms, so potential tenants receive accurate and friendly responses around the clock.
Speed Up the Lease Agreement Process
Gone are the days of signing and mailing printed paperwork. Now that e-signatures are common, you can automate your lease writing and signing process. The tool we most recommend for setting up leases and rental agreements is in our dashboard.
With your TenantCloud account, within minutes you can set up new leases, input property and tenant details, define rental terms, and use pre-made templates, saving time and hassle. (How’s that for tooting our own horn?)
Get ahead of Maintenance and Repairs
When your tenant discovers a leak under their sink, it has often already left enough damage to require expensive repairs. But specific smart home devices can now monitor and detect leaks and other issues in real-time. A simple smart leak detector installed under a faucet or home appliance with Wi-Fi capabilities can help you detect issues faster, saving you money.
For in-depth details on how maintenance prediction can benefit, go here. Or if casually browsing scientific data isn’t your thing, we’ve highlighted a few takeaways:
- HVAC Efficiency Monitoring: Using sensors to monitor HVAC system performance, AI can predict maintenance needs to help prevent unexpected repairs.
- Roof Maintenance: Specific roof sensors can let you know if it detects a leak before it has a chance to create further damage.
- Home Appliance Monitoring: Newer appliances like washing machines and refrigerators often have built-in sensors to monitor the machine’s vibrations while it runs. AI algorithms analyze this data in real time, detecting patterns that might indicate the need for repair.
By combining predictive and automated maintenance requests, property managers will be better equipped to provide consistent maintenance needs both inside and out.
Streamline Your Accounting
Managing finances as a property manager can be time-consuming: collecting rent, keeping track of expenses, researching rental rates, and paying service professionals. If you haven’t already, now is a great time to consider property management software to automate your accounting needs.
Property management tools can help in a few ways:
- Property Valuation: Set the ideal rent amount to balance revenue and tenant turnover, instead of relying on guesswork. AI applications and Rentability Reports offer valuable market insights so property managers can make data-informed decisions.
- Manage your financial Reports. A good property management software will have plenty of financial reporting tools to help you track rental income, maintenance expenses, and overall cash flow. These reports help property managers make informed financial decisions and make tax preparation easier.
- Automate the payment process. Make sure your tenants have everything they need to pay you on time, every time. Rely on property management software to receive payments, remind tenants of rental fees, and issue rental credits.
Top 5 AI-Powered Apps for Property Managers
TenantCloud
While AI apps are helpful in many ways, few compare to an end-to-end property management system. TenantCloud is designed to help you automate your rental-related tasks quickly and efficiently.
Features: Online rent collection, easy-to-use accounting features, 1099-Tax Forms, built-in tenant screening and income insights, and more. Easily automate recurring maintenance requests and keep a file of service professionals local to your properties.
Benefits: All-in-one property management platform that can be accessed via smartphone or computer, anytime, anywhere.
Vivint
Vivint Home Automation empowers homeowners and property managers with smarter home solutions. With their equipment installed, you can monitor your rentals and keep track of maintenance needs, all from their user-friendly app.
Features: Security cameras, electronic door locks, garage door sensors, glass break sensors, leak sensors, and more.
Benefits: A robust smart home solution for securing and monitoring properties.
Integrated chatbots
With their natural language processing capabilities, AI chatbots such as Ada and Enlighten XO ensure that property management communication is quick, efficient, and friendly.
Features: AI chatbots provide 24/7 availability for tenant and team assistance. They offer quick responses, understand requests, and can generate human-like responses. Instant access to property information enhances communication and overall efficiency.
Benefits: Chatbots enhance efficiency, improve tenant experiences, reduce workloads, save costs, and ensure consistent, low-risk communication.
Zillow 3D Home® Tours
Did you know that Zillow provides virtual home tours? Potential renters can thoroughly examine a property without an in-person visit, helping to drive more interest. As a bonus, TenantCloud users can market their properties on Zillow inside TenantCloud’s dashboard.
Features: Virtual tours and easy exploration.
Benefits: Increased tenant interest, reduced in-person property visits, enhanced engagement.
ChatGPT
Think of all the tasks on your to-do list that need writing: property listings, emails, lease agreements, etc. If the idea of having to write something makes you want to run for the hills, consider using an AI tool, such as ChatGPT.
Features: AI bots can generate listing ads, write emails, proofread documents, maintain an FAQ log on your listing or website, and more.
Benefits: Free and premium versions are available via app and website. Quick response time, intuitive and user-friendly app.
In Summary
With some experimentation, you can use AI to streamline your property management, giving you more flexibility and organization. Reminder: you don’t need to try everything all at once. Implement tools a little bit at a time to see what works best.
Questions? Let us know or visit our FAQs.
Sources:
- 15+ Real Marketing Automation Statistics - https://www.woopra.com/blog/marketing-automation-statistics
- Why a Fast Response Matters When Renters Reach Out - https://www.zillow.com/rental-manager/resources/why-a-fast-response-matters-when-renters-reach-out/
- Predictive Maintenance Using Machine Learning - https://aws.amazon.com/solutions/implementations/predictive-maintenance-using-machine-learning/
- Dataset for identifying maintenance needs of home appliances using artificial intelligence - https://www.sciencedirect.com/science/article/pii/S2352340923001865
