AI is a tool for your property operations team
Practical Applications of AI in Property Management
Overview
AI technology offers the potential to analyze vast amounts of data more quickly and efficiently than the human mind is capable. It can also streamline and optimize business processes. As AI technology continues to evolve exponentially, its current and potential impact is yet to be fully realized or understood.
According to a 2024 study from Statista, data collection is growing exponentially — with approximately 402.74 million terabytes of data generated daily on a global basis. This collection of data has been accelerated in recent years by the prevalence of IoT devices, paired with the existing global adoption of mobile devices. From a data analysis standpoint, AI serves as a much needed additional layer to research and analyze that data.
Property management companies are now faced with the decision of when, where, and how to adopt AI to maintain competitive advantage.
Some practical applications of AI technology in property management:
- Portfolio Management: AI offers the potential for real-time analysis of comps and key data related to ever changing market and submarket conditions. This data can be leveraged to inform underwriting, proformas, budgeting, and operational decisions.
- Property Operations: Virtual chatbots and leasing automation can help property operations teams quickly answer common questions from residents and prospects, and empowers these teams to focus on in-person interaction that converts leads into leases and improves resident retention.
- Marketing: AI can provide guidance to optimize paid media campaigns and automate content creation. Still, hands-on oversight remains critical–especially to monitor cross-platform paid media budgets, determine relevant campaign messaging, and ensure compliance with Fair Housing laws.
- Facilities Management: Predictive maintenance and smarter monitoring systems improve operational efficiency and risk mitigation. Maintenance teams can be alerted for components that have the potential to fail, decreasing downtime costs and lost revenue related to impacts on resident retention.
- IT Security: AI can be leveraged in cyberattacks to automate the discovery of vulnerabilities. Conversely, AI security programs can also be used to detect outliers and threats.
Ultimately, AI is a tool that helps key team members do what they do best. The most successful companies will be the ones who adopt AI purposefully and strategically; in a manner which amplifies the knowledge, experience, and potential of their best employees.
Source: Multifamily Insiders
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