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3 Ways AI is Affecting the Property Management Industry

Artificial Intelligence has arrived, and it is here to stay. This form of beckoning technology is revolutionizing industries across the globe and our industry

within property management is not exempt.

According to IBIS World, the property management industry has grown to exceed a net worth of $114.9 billion in the last five years. This boom of growth has cultivated expectations from tenants, property owners, and property managers. Technology and efficiency are desired by today’s users, and the rapid adoption of AI provides this. With the steadfast innovation of artificial intelligence and machine learning, property managers are able to implement new processes to streamline day to day activities and gain valuable time back into their work day.

Here are three ways AI is transforming the property management industry:

  1. Automated Tours

With artificial intelligence, properties are able to create digital tours. This allows prospective residents to virtually walk the grounds from anywhere in the world. By having interactive, virtual tours online, property managers are able to execute more showings each day without even leaving their offices. Property managers simply send a link to the inquiring resident and the tour begins at the convenience of the receiver. Gone are the days of property managers walking side by side with a potential resident around the grounds of the property. AI, self-guided, virtual tours have revolutionized the process of showing properties.

  1. Chat Bots

Chat Bots are an extension of a company’s customer service and sales team. Without dedicating multiple paid employees to customer service and lead generation activities, an AI-enabled chat bot can filter through – and in some cases solve – customer problems or questions before creating the need for a customer service representative to step in. This speeds up the rate of communication and brings a resolution to the customer’s problem faster.

In addition, chat bots are a great source for lead generation because they help to identify quality leads, and then to nurture those leads. Your sales team will become more efficient with an AI chat bot filtering qualified leads and beginning the sales nurturing process. Chat bots can increase your sales revenue and create longevity in the life of each sale. Chat bots can also be programed to communicate in any language which can expand a property’s customer base, customer support, and customer satisfaction capabilities.

  1. Security

Artificial Intelligence is an extension of your security team. Whether it be for cyber security or security on your property, AI can be designed to keep your property safe. As facial recognition becomes stronger and more reliable, so does object recognition – for example, vehicles. AI can detect registered vehicles and signal when unauthorized vehicles are on your property. This technology coupled with a parking management software system can easily and efficiently secure your property.

AI’s biggest advantage in the property management industry is the amount of time saved for property managers and their staff. Don’t be slow to adopt technology, or you will get left behind. You can create a better experience for your residents through leveraging advances in technology, and the time to do that is now.

A simple first step in taking your property into the new aged technology era is through a parking permit management system. A system like Reliant Parking is designed with technology that takes all the hassle of parking off a property manager’s plate. Reliant Parking streamlines parking permits through an app-based system that puts the power in the residents’ hands. Self-registering, self-reporting, and with a 24/7 customer service center, this app essentially removes the previously essential day-to-day parking management activity of property managers.

Reliant Parking’s technology is customer focused and is regularly updated with the user experience in mind. Our app is always evolving, creating a better version than the one before. To learn more about Reliant Parking and how our app-based software can help your property, request a demo today.

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