Artificial intelligence (AI) has taken countless industries by storm, and property management is no exception.
Gone are the days of landlords and property managers manually tracking rent payments, receiving maintenance phone calls, and juggling their accounting and bookkeeping tasks with piles of papers or dozens of spreadsheets.
Now many of these manual tasks can be fully or semi-automated with the power of AI so that you can save time and money and reallocate those resources to other things that matter: growing your business or simply living your life.
If you’re wondering just how exactly property managers have adopted AI in their processes, then DoorLoop has you covered.
We reached out to a plethora of property management experts to learn about their use of this cutting-edge technology, and we’ve compiled some of their best insights and tips here so that you, too, can automate your business and take its efficiency to new heights.
1. AI-driven data analytics and predictive modeling improves rental income and reduces risk - Peter Evering, Business Development Manager at Utopia Property Management
Bio: Peter is the Business Development Manager of Utopia Property Management, one of California’s largest property management companies. He has over two decades of real estate industry experience.
Peter’s company has recently started exploring the use of AI in property portfolio management and has thus far been impressed.
According to Peter, “It has been very helpful in revolutionizing how we approach property management.”
Thanks to AI-driven data analytics and predictive modeling, Peter has enjoyed the following:
- Informed decisions backed by real-time market insights and historical trends
- Rental income optimization
- Competitive rental rates that align with current market dynamics
- Improved understanding of his portfolio’s vulnerabilities
Overall, AI has empowered Peter and the rest of the Utopia Property Management team to implement effective risk mitigation strategies.
2. AI saves time and can write property descriptions - Chris Engelsman, Director of Marketing at All Seasons Resort Lodging
Bio: Chris is the Director of Marketing at All Seasons Resort Lodging, a company that manages vacation rental properties in Park City, Santa Fe, and San Diego.
When you manage a ton of properties, writing property description after property description can be not only time-consuming but also difficult. When units are in the same building, it can be a big challenge to actually make their descriptions sound different and still interesting.
This is where Chris has used AI at All Seasons Resort Lodging.
Currently Chris’s team is undergoing the tedious task of rewriting all their property descriptions.
Thankfully, AI has been there for them throughout this process. Chris comments, “[AI has] helped us tremendously in time saving, and in creativity.”
3. AI takes care of mundane tasks so you can focus on more important ones - Peter Murconi, U.S.-Based Property Manager
Bio: Peter is a U.S.-based property manager. He manages a mid-to-large-sized portfolio and has been using AI for his business for the past three years.
Peter has adopted AI for various aspects of his property management business:
- Rent collection
- Tenant communication
- Fraud detection
- Tenant screening
- Rental rate optimization
Since using AI, Peter has seen a “tremendous improvement in efficiency and accuracy” for his business.
Thanks to the automation AI provides, Peter has been able to offload many day-to-day tasks and instead focus his efforts on more hands-on responsibilities like tenant onboarding and maintenance. He has also been able to maximize his profits and quickly identify tenants who may be a risk.
Looking toward the future, Peter says, “Overall, AI has been a great asset to my property management business and I'm excited to see what other opportunities it can bring.”
4. AI offers 24-hour customer service to keep your tenants satisfied - Leonard Ang, CEO at iPropertyManagement Leasing
Bio: Leonard is the CEO of iPropertyManagement Leasing, an online resource guide for landlords, tenants and real estate investors.
AI has greatly improved the customer service capabilities of Leonard’s business. His company, iPropertyManagement Leasing, has adopted a front-line chat interface and standard email responses to facilitate their customer service and support.
The AI-powered interface has given Leonard’s tenants a 24-hour chat service to send inquiries and requests for various topics:
- Submit noise complaints
- Ask lease-related questions
- Send payments
- Make maintenance requests
Leonard says, “It's done a lot to streamline our turnaround time on maintenance in particular, and tenant satisfaction with our service is way up.”
Being a successful property manager is challenging and requires a lot of juggling. Thankfully, AI automates many of the more mundane and monotonous tasks so that you can focus on more important matters.
These expert insights serve as real-world examples of how actual property managers like you have reaped the benefits of AI to improve their business.
From data analytics and marketing to customer service and more, AI has your back.
And so does DoorLoop.
DoorLoop is designed to help save property managers time and make them more efficient with its own AI-based tools.
Rent collection, property listing syndication, maintenance requests, and more are automated right through the DoorLoop app, which is easy to use and accessible from computers and mobile devices alike.
Schedule a free demo with DoorLoop today to streamline your property management business and make your passive income truly passive.