As we enter a new era of technology, the possibilities that artificial intelligence (AI) brings are virtually endless. Lately, we’ve heard a lot about AI in the media with the widespread adoption of AI tools like ChatGPT, but in reality, we all use it every day and have done so for a long time.
From search engines to smart speakers, banking, job boards, dating apps, social media, customer service helplines, and beyond, AI has made things more personalized and convenient for everybody, whether they realize it or not.
We’ve seen its use in various fields, like the ones mentioned above, and now it’s entering property management.
But how can AI benefit property managers?
Today, we’ll explore the three main types of AI and how they can optimize and simplify property management tasks, saving time, money, and resources.
What is Artificial Intelligence?
AI is a type of software that can learn, make decisions, and perform simple tasks. Among the attributes of an AI are its ability to recognize speech, images, and text and complete workflows based on logic or pre-set parameters. The type of AI will dictate its capabilities.
In a property management use case, the AI might be used to send automated reminders to tenants, process service requests, send messages, and manage smart building functions, such as heating, cooling, and access.
Three Types of Artificial Intelligence: Narrow, General, and Super
- Narrow Artificial Intelligence (NAI) is created to perform one specific task, such as language translation or facial recognition. NAI has recently been incorporated into the property management industry as a communication tool. This AI allows property managers to answer common questions from renters, automate emails and messages, and schedule appointments on their behalf.
- General Artificial Intelligence (GAI) is developed to perform multiple tasks that a human could do, albeit not at the same level of accuracy or efficiency. GAI has yet to become mainstream in property management due to limitations in its development.
- Artificial Super Intelligence (ASI) is a theoretical concept where machines have a cognitive capability similar to that of human beings. Although SAI is out of reach for now, it could someday revolutionize how we approach property management.
What’s important to mention here is that property managers don’t necessarily need SAI to optimize their tasks. In fact, NAI is already vastly helpful when implemented. For instance, as renters often have similar questions, NAI can automatically provide guidance on common topics.
Manage Automated and Smart Building Systems
In the case of smart buildings, AI can help property managers reduce utility bills. Digital systems allow for the monitoring of energy usage and are highly configurable. For example, the AI can turn off the lights in empty apartments or adjust the thermostat in a specific area if no one is present. This approach helps to conserve energy and optimize comfort while reducing unnecessary expenses.
Property Maintenance and Service
AI can also be beneficial for property maintenance. The AI can automate maintenance requests, enabling property managers to organize and classify work orders more efficiently, saving time and easing the workload. Additionally, AI can assist with scheduling appointments when staff is unavailable or ensuring appointment reminders are sent to renters or service providers.
Security and Access
AI security systems play a critical role in keeping tenants and property safe. Advances in facial recognition and chip technology make it possible to manage massive volumes of video data to ensure occupants are secure. AI-powered security enhances live security and reduces the need for additional personnel. When the system detects suspicious activity, it can notify the security desk, where a human can assess it to determine the next steps.
Supervised and Self-Learning AI
When implementing artificial intelligence as part of a property management workflow, there are two approaches: supervised and self-learning AI.
With supervised AI, property managers enlist the service of an AI that is pre-trained by a niche specialist. This means the AI is programmed to solve specific problems rather than the manager having to program the AI for the task at hand. In the property leasing industry, there are several solutions to consider. As with any software or business tool, the decision should be based on the feature set, pricing, and the measurable value it provides.
In the case of self-learning AI, the machine develops its own program and adapts with more time and data input.
With that said, property managers will do well to adopt supervised learning AI. Because it’s pre-programmed and already understands property management tasks, it doesn’t require extensive programming knowledge or involve a steep learning curve. Supervised AI can help property managers streamline their work, making their roles more efficient, thus improving their capacity to respond to more nuanced problems.
Some of the features of supervised AI for property management include:
- Self-guided tours for prospective tenants and contractors
- Lockbox management for contact-free access
- Access management for tenants, guests, and service providers
- Tenant identification to enhance security
- Schedule showings, send reminders, and manage staff calendars
- Accept service requests from tenants and send them to the appropriate contractor
- Answer simple tenant questions
- Automate tenant messaging for emergencies, service announcements, etc.
- Tenant relationship management
- Vendor relationship management
- Reporting on vacancies, collections, productivity, etc.
- Lead capture from website, phone, and social media
- Manage, track, schedule, and bill energy usage for EV charging stations
Though AI won’t likely replace humans in property management, it makes it possible for property managers to do more in less time, reduce costs, and provide prompt, reliable service for their tenants and other stakeholders. Implementing AI may also differentiate one property management company from the next, as efficiency and reliability are always desirable.
Final Thoughts
Implementing AI in property management is an exciting and innovative way to streamline operations, improve efficiencies, and optimize staff time.
Property managers can deploy AI to perform rudimentary tasks and answer predictable questions, freeing time and resources to solve more pressing problems. AI is a burgeoning field, and its potential is vast. Researching what kind of AI is right for your property management needs is vital to a successful implementation. With the right solution, property managers can look forward to having more time in their day, greater efficiency, and saving the environment—one automated light switch at a time.
