How AI Is Transforming Leasing, Security And Resident Services

From leasing and security to enhanced resident services, artificial intelligence (AI) can help property managers improve their operations along with the tenant experience.

AI systems imitate human intelligence to perform tasks. They improve themselves by repeating those tasks; improvements result from the information they gather.

"AI can help property managers secure and manage multihousing properties while also improving amenities, overall experience and general satisfaction among residents," said Dean Drako, founder and CEO at Eagle Eye Networks, a provider of cloud video surveillance.

While installing a new AI-powered security system can be costly, there are options to add features to existing systems.

"Standard security camera systems can easily be enhanced with cloud AI capabilities to keep an eye on different locations in multiple properties, streamlining property management, minimizing liability and maximizing property values and rental rates," Drako said.

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In addition to stopping loitering, trespassing and theft, AI-powered cloud video surveillance can help property owners understand what amenities residents are using, which can inform future decisions, Drako said. It can also provide residents with services like determining if laundry machines are available or seeing how full the gym is before heading to their workouts.

"AI combined with cloud video surveillance gives property owners and managers detailed, real-time insights into their properties, helping them navigate the day-to-day operations more efficiently," Drako said.

Quick Response Is Key To Leasing

A 2018 Zillow report found that renters who inquire about a rental listing expect to hear back from a property manager within 24 hours, but a response in the first few minutes improves the chances of engaging them and the likelihood they'll sign a lease. Waiting just 30 minutes to respond drops that chance to 10%, according to Zillow.

An AI leasing assistant is available 24/7 to provide immediate responses through texts, chats or email. AI tools also can identify increases in utility bills or find accounting errors.

Despite the many advantages AI assistance provides property managers, the tools also raise concerns, namely about privacy. Tenant data must be protected and secure, according to Property Manager Insider. There also are regulations surrounding AI that property managers must comply with.

It's also expensive to implement AI property management tools. Not only do property managers have to invest in the right technology and install it correctly, they also have to train staff to use it. The software also must be updated regularly.

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