1. Maintenance Request Handling
The Problem
Even today, property managers still spend considerable time manually sorting through tenant maintenance requests. It’s easy to see how this can quickly become a problem, whether working as part of a small team or large multi-branch company.
Triaging issues and managing contractors takes time and focus that could otherwise be invested elsewhere.
The AI Solution
AI-powered maintenance assistants are able to categorise and prioritise maintenance requests through natural language processing (NLP). They can then automate issue resolution and work order management.
Needless to say, this greatly improves how standard maintenance requests are handled. But on top of that, because these AI assistants operate 24/7, they’re also a major advantage when it comes to handling out-of-hours emergency issues.
Use Case
Tenants can submit maintenance requests, either over the phone or online – e.g. a leak. The AI assistant then determines the nature and severity of the issue, schedules a contractor for the following day and provides a full report for the property manager.
2. Document Data Extraction
The Problem
Property management companies are constantly processing documents – leases, tenant applications and financial reports to name just a few. And then there’s pages and pages of old documents that often need to be sifted through and read line by line in search of one specific item of information.
Categorising and filing these documents is tiresome and time-consuming. And that’s not even counting the hours spent manually inputting data into spreadsheets and other systems.
The AI Solution
The advancement of AI has unlocked much better ways of extracting key info and data from property sector documentation. Stacks of documents which previously would have taken hours to process can now be worked through in a matter of minutes.
This AI document data extraction software recognises documents across multiple formats, identifying specific information such as keywords or payment data. It can even process hand-written documents.
Use Case
Block managers searching for specific info within old lease agreements (which can be over 30 pages long) can use a data extraction platform’s ‘query’ function to scan all pages and instantly find the exact details they’re looking for.
3. Predictive Maintenance
The Problem
There’s a time and a place for reactive maintenance, no question. Sometimes it’s simply unavoidable. However, property managers who always rely on reactive methods typically spend more in the long-term and find it much harder to keep costs under control.
There are other factors to consider as well, like the stress of dealing with emergency repairs. Not to mention the negative impact on tenant relationships.
The AI Solution
Predictive AI tools are able to analyse equipment usage and historical data to anticipate failures before they happen. This allows property managers to schedule proactive maintenance, reducing emergency repairs and lowering long-term costs.
The impact of AI on proactive maintenance has already been significant and could become the norm in the not-too-distant future. In fact, the market has an estimated compound annual growth rate (CAGR) of 17% until 2028.
Use Case
AI sensors in lifts and water pump systems can detect subtle vibration changes which indicate faults or deterioration, enabling maintenance to be scheduled proactively before a breakdown occurs.
4. Tenant Communications
The Problem
Relationships with tenants often become problematic when queries aren’t acknowledged in a timely manner. This is especially true when concerning property maintenance.
It’s estimated the average UK letting agency handles over 100 tenant enquiries every month, and that’s not counting the numbers from block managers and build-to-rent (BTR) properties. This often leads to long hours and an unhealthy work-life balance (and that’s not counting the negative reviews from tenants who fall through the cracks).
The AI Solution
AI property management assistants can handle immediate communication, provide status updates, and answer FAQs, helping to make tenants feel heard and taken care of. On top of that, property managers can be far more productive and focus on high-priority issues.
Use Case
Tenants can submit commonly asked questions, day or night, e.g. “Can I get a replacement fob for the main entrance?” The AI assistant then gives instant responses based on its custom-built knowledge of the specific property.
In short, what can AI provide for property managers?
- Automated workflows = Faster response times
- Document processing = Reduced manual work
- Predictive analytics = Lower maintenance costs
- Instant communication = Improved tenant relationships
If you want to see some live examples of how AI is transforming property management, check out our recent webinar – AI: A Quick Guide for Property Managers.
