Artificial Intelligence (or AI) is a hot topic in business management. Small and large businesses in and outside of tech industries are interested in using AI to increase productivity and automation.
Landlords and property managers are also using AI. From virtual assistants to automated communication and advertising analysis, AI is quickly becoming an indispensable tool for real estate managers.
AI offers many benefits to landlords. AI expands on the automation tools already incorporated in your landlord property management software for maximum efficiency. New AI tools also streamline your day-to-day tasks and give you the freedom to pursue other goals with your valuable time.
You don’t want to fall behind your competitors. By adopting AI-based property management, you can situate your rental business as one of the most advanced and digitally literate in town.
Here are four artificial intelligence trends in property management and how you can leverage them to increase leads and sign leases.
A chatbot is a computer trained to converse with humans via a text interface. Chatbots can’t replace the experience of talking to a live human, but they can often approximate human interaction quite well.
Landlords use chatbots on their company websites, where visitors often have questions about properties or prices. Visitors can ask these questions to the bot, sometimes called a virtual assistant, by typing them in the chat. The bot will then analyze the question and return links to webpages where the user is likely to find an answer.
Chatbots have a variety of other applications in property management, including tenant communication and software account troubleshooting.
If you’re looking to increase the usability of your website, a chatbot is a great way to give renters the feel of talking to a real person while maintaining a hands-off approach.
2. Marketing and Leads
It’s not always clear why your ads and listings aren’t generating new leads. If your analysis of the problem isn’t successful, you might try giving Artificial Intelligence a shot.
AI can save you time and money by pinpointing exactly where you should be focusing your marketing assets. For example, AI tools can monitor website traffic, extrapolate the most interested tenants from your site’s analytics, and send those renters personalized follow-up messages. AI can do all of this independently, without your direct involvement.
AI can also predict how renters will behave in the future, which is helpful data for you to consider as you adjust and enrich your ads to meet new market climates.
3. Tenant Screening
Artificial Intelligence can also be an invaluable part of your screening process.
Details are everything in tenant screening report. If you want the most qualified and safe renters, you need to carefully comb through income, employment credit, criminal, and eviction information. Overlooking even one detail can lead to expensive consequences down the line.
AI can turn your tedious, inefficient screening process into an almost effortless one. Additionally, AI tenant screening is often offered as a feature on property management software platforms you may already use.
For example, AI screening tools use sophisticated algorithms to run background checks and search national databases like the National Sex Offender Registry or Terrorist Watchlist. With an AI-based tool in charge of pre-qualifying applicants, you can be sure you won’t miss any critical details that could disqualify a renter.
4. AI Leasing Assistants
If you’ve decided to accept a tenant, you’ll need to walk them through the leasing process. Let’s say you have a sudden influx of new tenants in the summer. Explaining the leasing process to all of them might mean you are quickly overwhelmed with questions and calls.
To manage this flood of communication duties, try using an AI-based leasing assistant. A virtual leasing assistant can field customer questions, answering simple ones and forwarding the most urgent or involved ones to you to address directly.
Many AI solutions for property managers combine several of the features listed in this article. For instance, PERQ, one AI property management solution, is a combo leasing assistant, chatbot, and lead converter.
Implement AI in Your Property Management
Many landlords worry that relying on AI in their rental businesses will make user experiences robotic and not as meaningful to renters. However, you can still instill a human touch while taking advantage of AI. Personalization and customization are essential for combining automation and direct interaction with renters.
By implementing any of the four AI solutions described here, you can attract more tenants, sign more leases, and ultimately maximize the reach of your rental business.