The property management industry has experienced many opportunities for advancement with the introduction of new technologies in automation and artificial intelligence (AI).
AI has evolved as a key tool in property management, allowing property managers to better control their portfolios, optimize asset performance, and respond effectively to tenant needs, by automating redundant tasks and using machine learning to continually improve how the processes perform.
According to a 2021 study by Clockify, workers in the property management industry spend 219 hours per year on repetitive services and tasks that could easily be automated – so it makes sense that leveraging AI in property management can greatly improve efficiency and productivity.
Furthermore, a new generation of tenants, particularly millennials and Gen Zers, who place a premium on up-to-date technology in their residences, has further highlighted the need for property management automation. This not only simplifies the tasks of property management but also caters to the demands of tech-savvy renters, thereby ensuring their satisfaction.
What is Artificial Intelligence?
In a nutshell, artificial intelligence is a technology that uses sophisticated algorithms and data analysis to draw educated conclusions. AI is capable of providing informed predictions of future events through its analytical capabilities. It also provides analysis that is used to trigger precise and accurate actions based on its findings.
The Importance of AI in Property Management
Through the collection and analysis of data from diverse sources, property managers can gain valuable insights into tenant behavior, industry trends, pricing, marketing strategies, and other essential metrics. Armed with this information, property managers can make informed decisions to manage their properties efficiently and effectively.
These insights can also be used to maximize market potential and reduce operational costs. As historical and real-time data continue to accumulate, this data is poised to provide increasingly accurate information, pricing, and risk assessment to property managers.
A great example of how AI is beneficial in this circumstance is the ability to display real-time data and market analytics showcasing local rent prices. This is an advantage for property managers seeking to adapt their pricing strategies to changing market conditions while maintaining a competitive edge. Detailed pricing trends over time, property occupancy rates, and performance analytics are also crucial metrics displayed by this feature.
Property Management Automation with AI
As a property manager, you bear the responsibility of undertaking various tasks such as responding to inquiries, processing payments, and overseeing maintenance requests. Being the primary interface for staff, residents, leasing agents, and contractors can be overwhelming, given the incessant nature of the workload. To effectively manage the workload, it is imperative to prioritize efficiency in order to optimize your time.
Adopting automation doesn't mean you must automate everything or replace your staff with technology, rather it means making time-consuming tasks less complicated while optimizing your management techniques.
For example, AI leasing assistants are becoming increasingly popular in property management. These assistants complement human leasing agents by being available 24/7 when staff members aren't working. Rather than letting a human agent handle all inquiries from prospects, an AI assistant automatically responds via text or email to prospects, which saves time and effort.
Some other common examples of artificial intelligence in property management include:
There has never been a better time to invest in AI for your business, particularly if you're a property manager looking to effectively address the needs of your properties, tenants, and employees. By adopting property management software platforms such as Fortress, you can streamline your operations and automate your tasks, freeing up time for you to focus on other important aspects of your business.
Fortress provides owners and managers with a user-friendly platform for monitoring and optimizing performance, while also enabling on-site teams to efficiently track and manage tasks. Property managers can easily access valuable information on their property's performance without the need to sift through unnecessary reports. The platform simplifies rent collection through a straightforward, one-step process that accurately records deposits, transactions, and resident ledgers, resulting in worry-free bank reconciliations. And with Fortress, leasing professionals can utilize the platform's simple email and texting features to connect and follow up with prospective residents.
With the increased efficiency and productivity brought about by automation and artificial intelligence, you can confidently watch your business thrive and succeed.
Start Automating Property Management for Your On-Site Teams
The property management landscape has advanced significantly with the advent of automation technology. And, the reality is that automating numerous property management functions can save you a considerable amount of time and alleviate potential stressors. To optimize your properties and maintain peace of mind, embracing property management automation tools is key.
Fortress is a solution designed to simplify the pesky and redundant property management tasks, allowing you to focus on building and fostering real estate relationships. With Fortress, property management can be transformed from a task-oriented business to a more relationship-focused one. Learn more about Fortress from the articles below:
- How Property Managers Save an Hour or More Each Day With Fortress
- Which Property Management Tasks can you REALLY Automate?
- Property Managers Discuss Why They Love Fortress
- GlobeSt.com Names Kerri Davis a Women of Influence
- How Can Fortress Help Manage Your Affordable Housing Units?
Or schedule a demo with our team below and see Fortress in action: