Are you looking for ways to take your business digital? Do you wonder how Artificial Intelligence fits into your landlord journey? This post reveals some helpful insight into how AI is a powerful tool for property management.
Adapting to a modern world is essential to keep tenants happy and increase profits. Even the most trusted property management team leverages the benefits of advanced technology to satisfy their customers. Thus, landlords must learn to use the latest tools to their advantage. This article highlights how AI can make your job easier, beneficial software solutions, and tips for striking a balance. Let’s get started.
Top Ways AI is Making Landlords Jobs Easier
Many industries now employ the help of Artificial Intelligence. IT-related businesses are quickly grossing millions thanks to their innovative advancements in making our lives easier. Of course, real estate isn’t left out of the equation. There are many reasons landlords, owners, and investors rely on AI to assist with specific tasks.
Here are some of the ways it can make your job easier:
- Generating Leads
One of the ways Artificial Intelligence is helpful to property owners is by helping with lead generation. Thanks to advanced algorithms, clients in the market for your property can find you with more ease. By answering simple questions, prospective tenants can spend less time house searching, and you can fill your vacancies faster.
- Evaluating Property
Estimating the property value is essential before making any purchase. The last thing any investor wants to do is overpay and spend years paying off an unprofitable investment. Since artificial intelligence is better at predicting market changes and prices, it boosts landlords. Now, you can make more informed decisions that guarantee a positive cash flow.
- Getting Loans
Most homeowners need to take out a loan to buy a house, and that process can be tedious. From credit checks to income verification, there are a lot of bulky requirements that are time and energy-consuming. However, AI streamlines most of these processes by making it easier to retrieve such information quicker. Many lenders now use AI technology as the first checker before passing eligible applications to their human counterparts.
- Customer Service
Another benefit of AI is that it facilitates the conversation between tenants and landlords. For instance, many software solutions support a portal through which both parties can communicate swiftly. This makes it easier for tenants to lodge complaints and get a reply even when the property owner is unavailable. Conversational AI also assists the owners in maintaining conversations with the tenants without them necessarily having to be around. These could be achieved through the help of automated responses. That comes in handy when building relationships or providing better services.
Rental Management Software Solutions
Rental management software solutions are applications that can assist landlords in attracting, managing, and maintaining their tenants and property. Here are the top solutions on the market:
- Buildium: Buildium is a popular tool amongst property managers because it facilitates several management tasks. It has features like automated rent collection, mobile compatibility, and several training materials that can boost efficiency.
- TurboTenant: Another excellent software is Turbotenant. It’s a good choice for landlords with a stricter budget but would still like the basic functionality of a top-rated application. You can use it to manage multiple units, screen tenants, and advertise your vacancies on top rental listing sites.
- Appfolio: Appfolio deserves an honorable mention because it has several features that can help your rental business. It has advanced services like tracking insurance, utility management, and debt collection.
- Propertyware: If you own an SFU, then Propertyware is undoubtedly one of the best solutions. It’s perfect for managing large portfolios and supports online rent collection, bookkeeping, and tenant screening. At its premium level, you can even add a portal for contractors.
Tips for Maintaining Human Interaction While Using AI
Although Artificial Intelligence can convincingly mimic a human’s reaction, there’s still a need for genuine empathy when programmed. Thus, while AI can enhance and enrich interactions between landlords and their tenants, it cannot replace a person. Here are some tips to help maintain human interaction:
- Understand Some Things Require Human Interaction
There are many tasks a digital assistant can help you with, but it’s essential to remember there are limits. Responses to specific issues require the intervention of a human rather than a computer. For instance, it would be best to be physically present if there’s been a recent accident on the property or a tenant is explaining why they’re late on rent. AI cannot offer the understanding and support that breed a healthy landlord-tenant relationship.
- Play to Your Human and AI Strengths
Human interaction and AI have their unique strengths and weaknesses. If you want to get the most out of using both, you need to identify these attributes and use them. For instance, AI can quickly sort through tenant complaints or information. However, it might not be able to correctly decipher and make decisions based on the results it generates. Thus, you can program it to pass it on to a human agent that can choose the best approach.
That’s a wrap! We hope we’ve been able to expound on how AI is a powerful tool for property management. Artificial Intelligence will be here for a long time, changing lives and making specific tasks more manageable. Landlords and property owners that can leverage these innovative software solutions are more likely to see an increase in tenant retention and revenue. Although, you must learn to strike a balance between using AI and human interaction. If you need help transitioning to more tech-savvy management, don’t hesitate to hire a professional property manager to assist.