Should Property Managers Consider Using AI
It seems like artificial intelligence (AI) is creeping its way into practically every industry. This powerful new set of tools has the potential to automate a wide range of tasks, simplify complex responsibilities, and even help us to better understand the world around us.
However, that doesn’t mean AI tools are a good fit for every application, or that everyone needs AI tools in their lives.
Is AI a good investment for property managers?
Property Managers Need Help
One thing is certain: busy property managers need help. Managing rental properties means collecting rent, facilitating communication, responding to repair requests, issuing maintenance, keeping track of documents for tax purposes and liability purposes, and countless other responsibilities. Depending on the number of properties you have, it may be completely infeasible to plan on doing all this work yourself.
AI, of course, is just one solution for property managers. With the help of an AI tool, you might be able to automate or simplify many of these tasks. In combination with another, broader property management platform, your life could get much easier.
However, AI and other software platforms can’t do everything for you. That’s why many property managers also choose to hire property management companies to help them with day-to-day responsibilities.
How AI Can Help You
These are just some of the ways that AI could help property managers.
· Research. Some AI platforms function like upgraded search engines, allowing you to summon vast swaths of information on any subject practically instantaneously. AI could make quick work of any research you need to do, from evaluating properties in a new area to better understanding property laws in your area.
· Document drafting. AI can also help you with document drafting, whether you’re creating new lease agreements or are writing a formal notice to one of your tenants. Even if you want to remain an active part of the writing process, initial AI drafting can save you a lot of time.
· Customer service chat and intake. Customer service chatbots have been around for many years, but recently, their capabilities have practically exploded. Some AI tools enable you to serve your customers directly without needing human bodies to do the work.
· Marketing and advertising. Many property management AI tools also offer features for marketing and advertising, allowing you to automate and streamline all your marketing efforts.
· General task automation. And of course, AI can help you automate and simplify almost any tedious, predictable task in your wheelhouse. With the right setup, it could help you save hours of time every week.
The Limitations of AI
However, it’s important to recognize that there are some strict limitations on the effectiveness and efficiency of using AI in your operations.
· AI hallucinations and more. In the AI world, hallucinations are total fabrications of content by AI. AI isn’t perfectly trustworthy, and it’s been known to create false information out of thin air. On top of that, biases and concerns from creators artificially limit what AI can do.
· Customer experience. Many of your tenants would prefer reaching out to you directly, rather than talking to an AI chatbot. AI interactions are often perceived as limiting, inauthentic, or even annoying. So far, there’s really no substitute for human interaction.
· Costs. AI tools can save you time and money, but they’ll also cost you money in most cases. You’ll need to crunch the numbers carefully to determine whether a given tool is truly worth your investment.
The Right Strategy
These strategies can help you utilize AI responsibly in your property management efforts.
· Automate what you can. Arguably the best benefit of AI is automation of time-consuming tasks, so try to utilize AI for this purpose as much as possible. However, it’s also imperative that you recognize the limitations of AI and don’t try to automate something that can’t be effectively automated. It may take some time for you to recognize the differences here.
· Do your due diligence. Before adding any AI tool to your arsenal, do your due diligence. You need to know exactly what each tool does, how effective it is, how much it costs, and how it’s going to impact your life.
· Test. Don’t just assume that your AI tools are working properly or saving you time. You need to test them in a real environment to determine their efficacy – and discard them if they can’t do what you expect.
AI and other software platforms designed to help property managers can make your life easier. However, that doesn’t mean that they’re all worth using or that the right combination of software platforms will instantly make property management easy.
Think and plan carefully, use your AI tools responsibly, and consider making your property management practice stabler and easier to manage by hiring a property management company to help you with day-to-day responsibilities.
