Artificial intelligence has made its way into virtually every industry. So, it should come as little surprise that AI in property management and the real estate industry is rapidly becoming the norm. And, for good reason.

With AI in property management, you can improve everything from inspections to maintenance to overall portfolio management.

But, that's not all.

What is the role of AI in property management?

Whether you're managing one or a dozen buildings, property management tasks can quickly snowball. This makes it easy for things to either slip through the cracks, or eat up too much of your time.

Fortunately, there are a number of AI-powered tools that are quickly establishing AI's role in property management.

Tenant screening and leasing

Screening tenants is time-consuming, but also time well spent. The wrong tenants can be a headache and result in lost revenue. With AI-powered tenant screening and leasing support, you can automatically screen tenant applications.

Many AI solutions will go beyond the usual financial check, running certain risk calculations to determine someone's ability to pay and their history as a tenant. All of this enables you to make the most informed decision possible and have an easier time with rent collection.

Maintenance management

There are a number of AI tools for maintenance management, each with different capabilities. Some functionality includes:

• Smart trackers that monitor device use and alert you to preventive maintenance checks

• The ability to quickly analyze historical maintenance records and flag at-risk equipment

• Improved detection of any anomalies

This isn't including scheduling tools, which can help you automatically determine maintenance coverage for properties, streamline operations and routine tasks, and ensure nobody is left with the lights off.

Financial management

There are a host of AI-powered tools that can help you with finances in both property management and real estate. For instance, some tools can quickly analyze historical pricing data and determine whether you're getting the best ROI for your properties.

You can also use property management AI tools to streamline general accounting, flag at-risk properties, optimize rents based on market trends, and more.

Communication and customer service

Chatbots aren't new, but they've certainly come a long way thanks to AI. With AI-powered chatbots, you can ensure your tenants and customers have a way to communicate issues around the clock with your own virtual assistant.

You can even train advanced chatbots to deliver certain responses that have your personal touch, allowing them to deliver instant responses when you're asleep. For instance, if someone doesn't have an emergency maintenance request but needs to get in touch with you regarding a question about a property, AI-powered chatbots can help.

Security and monitoring

Gone are the days of having to hire costly security details for your properties. While high-risk facilities should still have security personnel present, you can use AI-powered security and monitoring tools for residential or commercial properties.

With these advanced security systems, you can receive automatic alerts anytime unexpected movement is detected on a closed property, if a window or door is broken, and so on.

These security measures can give you and your tenants peace of mind that, if needed, support will be on the way as quickly as possible.

Benefits of AI for property managers

There are numerous benefits of AI for property managers, from improved inspections to more collaborative maintenance. And, these benefits are always growing, as AI rapidly evolves and becomes increasingly capable.

Cost savings from remote inspections

PlanOmatic , property insights and operational solutions company, partnered with Matterport to create digital twins of their spaces. These digital twins contain precise measurements and translate to equally detailed floor plans, all thanks to AI.

With these digital twins and accurate floor plans, PlanOmatic is able to perform remote inspections anywhere in the world, saving them trips to their more than 400,000 properties.

Improve portfolio management

Portfolio management is vital to maximizing your ROI and long-term sustainability. Yet, as your number of properties grows, this becomes increasingly difficult.

ID Plans has spent more than 23 years helping commercial property managers stay on top of ideal building configurations. As their portfolio grew, this task became more and more difficult.

With AI-powered digital twins and virtual tours from Matterport, ID Plans is able to better and more quickly serve their growing customer base. Remote access to these tours allows them to quickly scan and market properties to potential tenants, easily check-in on properties and projects, and ultimately stay on top of their portfolio.

Enhanced tenant due diligence

Slacking on due diligence duties, like routine property checks and maintenance, can quickly turn into a costly mess. Depending on the nature of your tenants, due diligence needs can even come with risks. For instance, a tenant wanting to know if they can renovate a space, which could bring structural integrity risks with it.

This is another space where property management AI tools can help. Take PlanOmatic for example. Using the AI-backed virtual tours and digital twins from Matterport, they're able to easily assess a structure from a distance. From there, they can tell a tenant if a wall is load bearing, if a site is safe, and more.

Collaboration for maintenance

Maintenance becomes increasingly difficult with each property you add to your portfolio. Not only do you have to stay on top of maintenance needs, you also need to coordinate with maintenance specialists or contractors at each site.

Using the right property management software and advanced AI-backed digital twins, you can easily "be" at any of your properties no matter where they are. And with the aforementioned equipment tracking, you can flag any at-risk equipment for maintenance. From there, you can loop local contractors or specialists in and share the digital twin with them, giving you a chance to collaborate on maintenance tasks.

Real-world applications of AI in property management

While AI in property management might sound far-fetched, there are numerous real-world applications you can benefit from today. On top of it all, many of these applications can be found right here with Matterport.

Property management

Matterport can deliver digital twins backed by Property Intelligence. These digital twins contain precise measurements and translate into detailed virtual tours and floor plans. This allows you to show properties off to potential tenants without having to impact tenant satisfaction by interrupting those currently occupying a space.

With automated room measurements, you can quickly answer any questions prospective tenants have, more easily collaborate with designers, and virtually attend any of your properties on a moment's notice.

Securing insurance

Property insurance is a must, especially with rental properties. Securing insurance for numerous properties is no small feat. But, with Matterport's AI, you can easily acquire accurate measurements and specs for any of your properties. This includes utility locations.

All of this makes it easier to document a structure's condition, which is critical to securing property insurance.

Showing properties

When showing properties to potential renters, every bit of information counts. With Matterport AI you can have current, accurate measurements on-hand and ready to go. This allows you to better showcase the property, and helps your tenants with making the most informed decision-making possible.

Supplying "State of Property" documentation

Accurate "State of Property" documentation protects both you and tenants whenever someone is moving in or out of a location. With Matterport AI, you can create up-to-date scans of a space in no time, noting any maintenance needs or damages in the process.

All of this allows you to more easily stay on top of property management, while ensuring you deliver the best resident experience possible. This can help your reputation as a manager, and make for a long-term positive ROI that's even more impressive than AI itself.

Public link

Please use the above public link if you want to share this noodl on another website.