In these occasions, double down — in your abilities, in your information, on you. Be a part of us Aug. 8-10 at Inman Join Las Vegas to lean into the shift and study from the very best. Get your ticket now for the very best worth.

When Chrissie Rivers was seeking to conduct a market survey of inexpensive housing in Phoenix, she turned to synthetic intelligence to do the job.

She began by asking the machine for an evaluation, but it surely despatched again a story explaining the market. Then she wanted knowledge. AI can do this, too.

“I then requested it to provide me the information that I might enter [into] an excel spreadsheet and that acquired it cooking,” Rivers, a strategic advertising marketing consultant with Dominium, informed Inman.

It was simply considered one of some ways Rivers and others say property managers — particularly these working at scale, say, in an residence constructing — can use newly refined but ultra-powerful software of synthetic intelligence to turn into extra environment friendly.

“Property administration corporations are tasked with managing an enormous array of properties, from business buildings to residential models,” Rivers stated. “One space the place these corporations can profit from the most recent know-how is by using synthetic intelligence (AI) to assist them streamline their operations, save time and carry out analysis extra effectively.”

We requested Rivers for a rundown of how property managers can use AI to save lots of money and time. Then we requested ChatGPT. Right here’s what they each stated.

Streamline upkeep requests

Upkeep is likely one of the commonest points and important challenges property administration corporations face from day after day, Rivers stated.

Tenants make upkeep requests starting from minor repairs to main renovations, and property managers have to trace and handle decision of any given problem. It may be a major job.

“With AI, nonetheless, property administration corporations can streamline the upkeep request course of and be certain that all requests are handled promptly and effectively,” Rivers stated.

“Through the use of AI-powered chatbots, tenants can simply submit their upkeep requests on-line, which may then be robotically sorted and prioritized primarily based on the severity of the problem,” she added. “The chatbot may even counsel options to frequent upkeep issues, corresponding to methods to repair a leaky faucet or unclog a drain, saving the property administration firm time and sources.”

Improve tenant screening

One other job each property supervisor will face is tenant screening. That’s yet one more supply of paperwork to trace and prioritization to set that may be dealt with by AI, Rivers stated.

Credit score reviews, employment verification and rental historical past can all be collected robotically and analyzed, she stated.

“For instance, AI can use machine studying algorithms to judge an applicant’s credit score rating, employment historical past, prison file and social media presence,” Rivers stated. “This may help property administration corporations make extra knowledgeable choices about who they permit to hire their flats.”

Enhance hire assortment

Late or missed hire disrupts a property’s money movement and might complicate the connection between tenants and landlords by way of authorized disputes.

“Through the use of AI-powered software program, property administration corporations can ship automated reminders to tenants about hire funds, monitor late funds and even provide incentives for early funds,” Rivers stated. “The software program can even robotically generate monetary reviews, lowering the effort and time required for administrative duties.”

Optimize advertising and promoting

There are such a lot of methods to market a property to draw tenants that it may possibly truly be overwhelming for property managers, Rivers stated.

Why not have AI give up-to-date reviews on shopper conduct and preferences?

“AI may help property administration corporations establish the best promoting channels, corresponding to social media platforms or on-line marketplaces,” Rivers stated, “and create focused advertising campaigns primarily based on the pursuits and wishes of their target market.”

Predictive analytics for upkeep

That is the place AI performs the lengthy sport, giving property managers the ability to trace upkeep requests over time to offer predictive analytics for when models needs to be anticipated to want repairs.

“This permits property administration corporations to schedule preventative upkeep earlier than a breakdown happens, lowering the necessity for emergency repairs and minimizing disruptions for tenants,” Rivers stated.

What does ChatGPT say?

We determined to go to the supply to see what it needed to say about property managers utilizing AI to turn into extra environment friendly and higher at their jobs. Every thing beneath was written by ChatGPT.

Automating frequent tenant inquiries: ChatGPT might be programmed to reply frequent tenant inquiries corresponding to hire cost, lease renewal, upkeep requests, and move-in/move-out procedures. This may help property managers save time and scale back the quantity of inquiries that must be dealt with manually.

Streamlining communication: ChatGPT can be utilized to ship automated reminders to tenants about upcoming hire funds or upkeep appointments. This may help scale back missed funds and missed appointments, resulting in a extra environment friendly operation total.

Offering 24/7 assist: ChatGPT can present tenants with assist 24/7, even exterior of standard enterprise hours. This may help scale back the workload on property managers and allow them to answer pressing requests extra shortly.

Producing reviews and analytics: ChatGPT can be utilized to generate reviews and analytics on tenant interactions, which may help property managers establish areas the place they’ll enhance effectivity and supply higher customer support.

Helping with tenant screening: ChatGPT might be programmed to help with tenant screening by offering details about the applying course of and necessities, gathering tenant info, and answering frequent questions on tenant screening standards.

Electronic mail Taylor Anderson

Get Inman’s Property Portfolio E-newsletter delivered proper to your inbox. A weekly roundup of reports that actual property buyers want to remain on high, delivered each Tuesday. Click on right here to subscribe.