The Five Most Key Takeaways of This Blog
- Landlords are finding more uses for A.I. now that generative A.I. in property management has become widely popular.
- In particular, property management companies are integrating more chatbots into the operations.
- There are several uses for gen A.I. chatbots, such as managing maintenance requests.
- Some chatbots can even remind tenants to pay rent on time.
- Yet another use: using chatbots to converse with prospective tenants.
Property Management Gets an A.I. Upgrade
One of the marvels of corporate efficiency is how multifamily property management companies can handle portfolios of, no joke, hundreds of such properties.
The mind-boggling part of those multifamily properties’ operations is that any one of those properties can have, no joke, hundreds of apartments (meaning, individual tenants’ living quarters).
And given the chaos that such a set-up invites, it is no wonder that property management companies rely on a secret key ingredient to get things done.
What is the secret key ingredient?
Delegating to A.I.
Well, delegation of tasks is certainly the key ingredient here.
The obvious human example here is not leaving every on-site property-related task to a given multifamily property’s on-site manager.
Instead, as the classic and by now quite standard solution goes, you hire a dedicated maintenance staff of hopefully more than just one person. And so, the management team is able to delegate the physical property problems to a particular squad.
But now, A.I. in property management provides companies with a very 21st century solution to delegating tasks.
Specifically, using a kind of A.I. that has seen a huge boom in the past five or so years: generative A.I. chatbots.
Gen A.I. Chatbots in Property Management
So, what exactly are the tasks that A.I. can handle?
Well, until we get robotic plumbers, it is best to leave the fixing of clogged pipes and dysfunctional dishwashers to the human maintenance staff.
Instead, the gen A.I. chatbots can help with communications with and to and from tenants. And that can encompass more than just text and emails and other chat channels, and go into voice. Heck, some can even have different accents.
If you read the key takeaways section that began this article, then you have an idea for what this may entail.
That is a heck of a lot of clams. So, how exactly will A.I. make this better?
Below, we go into more detail about one of the areas that chatbots can help with, that being maintenance.
Maintenance Appointments
From making maintenance appointments to intaking requests, A.I. is playing a big role in keeping the properties in tip-top shape.
Chatbots are becoming huge in ensuring that maintenance requests are fulfilled on time.
And pretty much all decent (really, more in the sense of “good at extracting profits from properties) property management companies know that maintenance work is essential to success.
Why that is the case is because a fixed laundry machine does more than just keep the tenant happy. Yes, of course, you want the tenant to stay satisfied with living in the apartment. After all, that means a higher chance of renewing the lease.
So, a chatbot can be readily available at any time of day to take in a maintenance request and get more details from the tenant about the issue. That way, maintenance staff can know as much as digitally possible before even stepping into the physical premises.
But of course, for most property owners in a market where multifamily rental properties are only becoming more and more popular, and rents growing, the more profit-relevant value has to do with the property itself.
A replacement tenant in a very popular apartment complex can easily be found for a tenant who was aggrieved that maintenance took to long to fix the AC or replace the water filter.
But if the sink pipes burst and flood the apartment, and maintenance takes its sweet time getting to the task, then the property may suffer terrible damage. That in turn can lead to much more lost profits in the long run.
If it is an emergency, some systems of A.I. in property management can help escalate the problem to the human staff members.
Yet of course it is really the most seasoned property management companies that try to do both.
As such, a chatbot that stays in communication with the tenant, so that the tenant does not feel ignored or low-priority by maintenance staff, can be of high value. Not only for getting a renewal, but ensuring that the property does not suffer any unnecessary damage.
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