Artificial Intelligence has been adopted by nearly every industry as its revamping business processes. AI has simplified and improved our lives in many ways and without realizing it, we use AI every day. As technology penetrates into our life more and more, convenience and faster response are first choices for customers and hence real estate has to evolve and rethink its business approach. A huge part of the real estate sector leans on AI. Its ability lies not only in automating the business operations but also improves efficiency, reduces cost, and enables faster decision-making.
AI technology transforms major aspects of the property management sector; the way properties are bought /sold/ marketed and how services are delivered. The biggest value-add of AI to property management professionals is that it saves a lot of time from mundane administrative duties to focus on important or core business functions that increase revenue or boost tenant retention.
Here are 6 ways in which AI is transforming Real Estate/ Property Management right now:
- Automated Property Management:
Property managers have a myriad of tasks to keep track of and the same becomes difficult as the company grows and often customer service takes a backseat. Traditional property management can take days to manage documents, handle a particular maintenance request from a tenant, or respond to a complaint. Things could go wrong at any time and these days waiting for a solution after a few days are a thing of the past as customers want a quick response to every issue. With AI, property managers can breathe a sigh of relief as it automates repetitive tasks and can efficiently respond to customer concerns thereby reducing response time and ensuring higher customer satisfaction. Tenants can easily request for maintenance; all requests will be seamlessly organized in the property manager's system decreasing paperwork and can be effortlessly assigned to the maintenance team.
- Round the clock Assistance:
Having round-the-clock chatbot assistance can enable quick and easy property search. Chatbots facilitate you to establish human-like interaction with your customers 24/7. RealCube has a chatbot that assists tenants in their queries and concerns promptly at any time, guides them to the right place with all the right data at its disposal. They can also use their interaction with customers to understand their needs and optimize future interactions with them.
- Data Analysis:
Data is the biggest asset for any organization now. Companies that use their data for making informed decisions gain a competitive edge over others. With AI, it can efficiently evaluate a slew of customer or property information saving a huge amount of money, time, and resources. AI can predict areas in properties that require maintenance reducing inconvenience and cost for reactive maintenance, can provide predictions on customer priorities. AI also tracks energy usage and assist in preserving energy.
Everyone values their security and with AI, secure living can be reinforced to your tenants. Using facial recognition to grant access or providing access remotely to people in and out of their property or unit elevates their sense of security.
- Online Rent Payments:
Today, every business is geared towards being contactless and paperless. Not having to wait long hours to pay their rent is a big deal for everyone these days. With AI, convenience, security, and safety are elevated as your property rents can be paid online anywhere, anytime from your property portal.
- Offer Recommendations for Sales:
For industries such as Real Estate and Property Management that cater to the evolving needs and requirements of customers, AI can be of significant help. Since AI can effectively handle huge data, it can extract information from customer conversations and use it to suggest the best and apt choice. It can understand the preference of customers and propose relevant suggestions. AI increases efficiency as it reduces a lot of time from the sales staff grappling to find the best fit for their customers.
"No wonder several property management companies are lauding AI. It is an exceptionally powerful tool that is acclaimed to be the future."
One of the primary notions surrounding AI is its ability to outperform humans leading to unemployment. However, the truth is that it does not; AI helps humans by simplifying repetitive and laborious tasks enabling them to deal with more significant tasks in their business. The ever-increasing recognition of AI is growing and disrupting all industries. By adopting AI, property management can better prioritize time and resources thereby enhancing the efficiency of operations, reducing cost, and optimizing the tenant experience.