Artificial intelligence (AI) has the potential to revolutionise how we conduct our work, process data and boost productivity in ways akin to the Industrial Revolution.
For businesses in the property sector, AI is poised to play a pivotal role in the management of our portfolios, enhancing our ability to collect and track property data effectively.
In this week’s blog, we’re exploring the latest technological advancements and examining how AI will transform the daily operations of asset managers.
Understanding AI
AI is an area of computer science which allows computers to learn and make decisions with minimal human intervention, all from experience. The technology has existed since the 1950s, but recent advancements have opened many use cases in various industries.
In relation to property management, AI promises to usher in a new era of data-driven decision-making for buildings and spaces. Its influence extends not only to the management of physical structures but also to the individuals operate within them, by expediting certain aspects of their roles, facilitating data consumption and fostering more informed decision-making.
Streamlining operations
One of the most substantial advantages of AI in property management lies in its ability to automate routine tasks. For instance, AI-driven property management software can handle tasks such as rent collection and reminders, significantly reducing the time and resources expended by asset managers.
AI can also automate maintenance requests and scheduling. Utilising predictive maintenance algorithms, AI-driven property management systems can identify maintenance needs before they escalate into emergencies, mitigating costly repairs and enhancing tenant satisfaction.
AI can also simplify more complex tasks, like conducting tenant background checks and verifying lease documents. With this level of automation, no longer will employees have to spend hours on manually verifying rental applications – resources are therefore freed to focus on other areas of business.
Enhancing data precision
AI can be harnessed to bolster the accuracy of data analysis. Utilising generative models, it can automatically detect and rectify errors within datasets. For example, duplicate entries or missing values can be corrected by these generative models, ensuring that the data used for analysis remains reliable and precise.
Elevated customer service
Chatbots can be used for tenant screening and answering common questions about rental rates or current availability. Chatbots can also guide potential customers through the application process so they know how your company works before reaching a human agent. They can also speak any language. The multilingual capabilities of chatbots further broaden their appeal.
Additionally, the incorporation of AI-driven smart home systems into rental properties gives tenants the ability to control their environment remotely via voice commands or mobile apps. This offers direct advantages in terms of tenant convenience and provides landlords with the means to manage their properties from afar.
Efficiency in processes and energy consumption
The emergence of smart buildings is another trend, leveraging sensors and automation to optimise energy efficiency, cut costs and enhance the tenant experience. These intelligent structures can automatically adjust heating and cooling based on occupancy levels and tenant preferences, contributing to greater efficiency.
Security and fraud prevention
Unfortunately, the property industry is not immune to fraudulent activities. Thankfully, AI equips property managers with advanced fraud detection and prevention systems to safeguard their investments.
AI-powered fraud detection systems employ intricate algorithms to scrutinise patterns, anomalies and deviations in financial transactions and activities. This early detection capability enables timely intervention, protecting investments effectively.
Targetfollow
At Targetfollow Estates Limited, we recognise the importance of embracing this new technological landscape. Those who choose to engage with AI stand to benefit from increased productivity and enhanced operations – conversely, businesses who hesitate to adopt these technologies risk falling behind.
Our industry must adopt a collaborative approach in defining best practices and setting new standards for AI utilisation. A data-led approach to property management is essential, and AI accelerate this technological transition by capturing and managing key insights.
