AI has been a hot topic lately. New advances have been covered broadly in the news and its potential for use across most, if not all industries has been well documented.
With so many legislative changes in the past few months, property professionals could be forgiven for feeling less than inspired to delve into another round of changes to their processes and systems… but embracing AI technology will be key for the sector- this year and well beyond.
Learning about the possibilities that AI presents for the sector could be truly game-changing. Streamlining time-consuming elements of the job, improving the collection and use of data for better decision making, and transforming the customer experience are just some of the potential applications.
What is AI?
With all the discussion about the benefits and risks of AI technology, many articles fail to give the reader a clear, concise definition- so here’s ours.
AI stands for Artificial Intelligence, an area of computer science that’s been in progress since the 1950s. It allows computers to ‘learn’ from experience and use that ‘knowledge’ to make automatic decisions.
Recently, technology has advanced and made headlines with its potential world-wide, cross-industry applications, including:
- Process automation and efficiency
- Accurate data collection and analysis
- Customer service improvement
- Translation
- Security and fraud prevention
An Efficiency Boost
One of the most obvious applications of AI for the property management industry if in automation and efficiency. This is great news for tenants, leaseholders, property managers and company owners alike.
For residents, smoothly automated processes result in fewer errors and speedier results. For property professionals, many time-consuming, mundane tasks can be handed over to AI-driven software. Examples include:
- Notices and reminders
- Payment collections
- Maintenance requests
- Maintenance planning
- Tenant screening
- Verifying documents
- Producing listing descriptions
The use of AI in maintenance planning could have far-reaching effects including increased resident satisfaction and the avoidance of emergencies as routine tasks are completed in a timely fashion.
For company owners, the result could be a healthier bottom line as employees can focus on business development and other areas of their roles currently consumed by manual tasks.
Data Handling and Fraud Detection
AI can be applied to existing data sets to automatically detect and remove duplicate or out of date records. It can also fill in the blanks for missing records. This leads to accurate databases that can be used for reliably insightful analysis.
AI can also be utilised for fraud detection and prevention- algorithms can study financial transactions and activities, highlighting any worrying anomalies. This early warning system can help protect investments for companies and their clients alike.
Energy Efficiency
As many buildings are brought up to date with modern energy efficiency, AI can play a role in optimising property managers’ efforts. ‘Smart buildings’ use sensors and automation to optimise efficiency, reduce costs and improve resident satisfaction. AI plays its part by automatically adjusting lighting and heating to suit.
Customer Service Applications
Possibly the most far-reaching possibilities for AI in the property industry are its applications in the customer service space.
Property management is fraught with opportunities for customer dissatisfaction. Residents are heavily invested in the upkeep of their properties (both literally and emotionally), and it’s easy for property managers to miss the mark among their myriad of duties.
AI can provide residents with 24/7 availability via intelligent chatbots that can speak in any language. They can answer many questions without the need for human interaction- something residents will likely appreciate as much as the property managers themselves.
AI applications for maintenance planning, automating service charge demands and payment collections, and customer service improvement shouldn’t be underestimated. For property managers, the new tools available on the market could streamline their day-to-day work and maximise their time for better profitability and a happier working life. For residents, the possibility for human error and slow response times are minimised.
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