5 Ways Property Managers Can Use Artificial Intelligence & New Tech To Make Their Lives Easier
Take a minute to think about all the ways you rely on new technology to make your day-to-day routine a bit easier.
From the traffic updates that help you speed up your morning commute to the algorithms that help you pick out a favorite movie to watch, there’s a bit of groundbreaking technology involved in most of the things you do.
So, why shouldn’t you apply that same level of efficiency to your property management duties? The reality is that you can.
Artificial intelligence (AI) and other cutting-edge tech has swept into the property management industry to create a host of incredibly powerful tools to make your days go a lot smoother. Here are just a few of the companies and services making waves.
Credit reports and professional references are a good start to determining whether a new tenant can afford a unit, but what about their willingness to pay?
RealPage’s AI screening uses data from more than 30 million lease agreements and other financial data to determine a more complete picture of a tenant’s financial reliability. The result is an average savings of $31 per unit per year.
With AI, you can turn the most qualified and most reliable applicants into your new set of hassle-free tenants.
Accounting and Operations
There are many great accounting tools out there, but few of them are designed to handle the complexity that comes with managing properties.
Apartment managers have to deal with rent payments, security deposits, maintenance invoices, property taxes, and a host of other financial responsibilities. In many cases, the accounting software you use for one area doesn’t work for another. This wastes time and likely costs you a good deal of money.
Buildium makes property management accounting easier. Their suite of tools helps you communicate with tenants and associations more seamlessly and keeps you up to date on trends and investment opportunities. But most importantly, it combines all your accounting needs into one, easy-to-use portal.
With Buildium, you save time and money with better accounting organization, automated payments, and clear insight into your financial trends and records.
Property managers have to juggle a hundred different tasks at once. From showing off units to coordinating maintenance requests and interacting with tenants, it doesn’t seem like there’s ever enough time to do everything on your list. Enter Diffe.rent.
Diffe.rent is like an AI-powered personal assistant that takes care of all the menial tasks that tend to chip away at your day. Their software offers tools to automatically answer emails, texts, and phone calls from tenants, schedule maintenance to work within your calendar. They can even set up self-guided showings for prospective tenants, so you can focus on bigger projects.
Imagine going into an apartment after a tenant has moved out to find multiple things damaged, including countertops, appliances, carpets, and walls. To get everything repaired, you have to take pictures, communicate with the old tenant, coordinate maintenance, order the items, and have them installed.
HappyCo streamlines the inspection process by making it simple to add notes directly to photos, rate the condition of items, and coordinate repairs. Plus, their inspection tool helps you catalog past repairs and keep up to date on annual maintenance schedules, so it’s easy to keep your property in great shape.
Video Analytics (Surveillance)
Surveillance cameras may seem like a single-use tool, designed to capture footage of problem incidents. But, today’s cameras offer much more.
With integrated analytics, the latest cameras can create virtual perimeters and utilize AI to recognize faces and license plates. Plus, when they’re paired with remote guards, they’re the most effective way to detect crime, intervene, and prevent it from happening on your property.
Remote guards work in tandem with high-tech cameras that send out an alert whenever they detect an intrusion. When a remote guard receives an alert, they patch into the camera’s live feed to verify the threat. Once the threat is verified, guards use two-way audio to talk directly to the criminal and convince them to cease their activity immediately.
Remote guarding is the most affordable and effective solution to make properties and their tenants safe. Plus, it can reduce operating costs associated with property damage, illegal dumping, burglaries, and other crimes.
Is your property utilizing the latest AI tools and productivity tech? Find out how you can get started by upgrading your security. Download our free resource: The Ultimate Guide To Remote Guarding Services.