As the property management industry continues to evolve, technology is playing a crucial role in streamlining processes, enhancing efficiency, and improving the overall tenant experience. In this article, we will explore the top 3 ways technology is transforming property management in 2024.
A few of the many ways OpenAi and other more specialized tools are getting used in day to day property management include:
• Automated Tenant Screening
• Predictive Maintenance
• AI in Fraud Detection
• Chatbots for Tenant Communication
What are a few specific companies that are using AI for property management?
• AppFolio has a new tool called Lisa that incorporates machine learning to provide insights on market trends and rental demand, enabling property managers to optimize pricing strategies and occupancy rates.
• LeaseHawk has developed an AI assistant named ACE (Answering Calls Efficiently), which handles leasing calls, books appointments, and follows up with leads, ensuring no opportunity is missed.
• Last year, in 2023 Restb.ai won the IMN AI award for the most advanced newcomer.They use AI to extract property images uploaded every day and use data about the photos to analyze homes, do property valuations, improve marketing descriptions and more. Do you know of a company that's using AI for the single family home market particularly well? Submit a nomination to IMN here.
Internet of Things (IoT) technologies are transforming the way property managers monitor and manage homes. IoT devices can track energy consumption in real-time, providing valuable insights into usage patterns and helping property managers identify areas for improvement. This data can be used to optimize energy usage, reduce waste, and lower utility bills. Further, the iOT devices are being used for wifi, smart locks and other amenities tenants might want in the home.
Considering which device to purchase?
Some of the devices property managers are most excited about use ZWave, a bluetooth like technology that enabled the devices to talk to a central hub. There's a lot of merit in getting homeowners to purchase leak detection, smoke detection or even noise detection devices for homes, to monitor maintenance.
• Smart Rent is a company in the space, focused on apartment IOT technology.
• Rently on the other hand is focused more on the SFR market.
• Here's a list of some of the most popular IoT devices in 2024.
When to implement the iOT devices?
The vacancy period of the home is one of the times that things can go wrong because no one is living at the property to say something's wrong. When the property turns over can be a great way to implement the devices.
Utility management platforms like Utility Profit are revolutionizing the way property managers handle utility setups. These platforms provide a centralized portal where tenants can view their utility options, set up services, and even provide confirmations to property managers. This tech-driven approach minimizes confusion and ensures that tenants have all their utilities ready by move-in day. Additionally, these platforms offer property managers a chance to earn from the setups, introducing a new revenue stream.
Utility Profit is a comprehensive utility management solution that is revolutionizing the way property managers handle utility setup and bill payment. With Utility Profit, property managers can:
See how Utility Profit works in 1 minute
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