As the hype around AI intensifies, you may be wondering how the technology applies to you as a landlord. Can AI really help you to manage your property? The answer is a very definite yes. When it comes to property management, AI has a valuable role to play in helping you improve efficiency and to help manage your time in everything from tenant screening to improving customer service.
Harnessing AI To Help You
There seems to be almost no end to the potential uses of AI – we humans just need to be creative about how we harness it. For example, you can use AI to sell the property to tenants in the first place, by prompting it to generate compelling text for your property adverts. You can then offer them Virtual Reality (VR) tours, so distant tenants can look around without actually having to travel. What about using AI to make a property ‘smart’ so it’s cheaper to run? There are so many energy-saving opportunities out there. For example, smart thermostats control the hot water and heating so there’s no wasted energy when the house is empty.
Improving The Tenant Screening Process
Finding a new tenant isn’t just about someone saying yes to your property. As a landlord, you want to be confident that they are the right tenant for you – not just the first to be interested. Using AI tools in tenant screening can help you to analyse their credit scores and rental history to understand if they really will suit you. What’s more, AI can also help to speed up the process, allowing you to onboard a new tenant faster.
Easy Communication
Communication is a key function of effective property management, but it can be a challenge for busy landlords, especially when you find yourself having to answer the same questions again and again. Using an AI chatbot can automate responses to standard tenant queries and so save yourself time. Your tenants also benefit because they can ask a question and get instant answers 24/7. This type of immediate response can have a positive impact on customer satisfaction as well as reducing your administration time.
Provide Maintenance Reminders
The to-do list of a landlord can be extensive and a juggling act in itself. Being able to automate routine tasks and set reminders will help you better organise and manage your time and costs. AI can monitor and predict when maintenance needs to be carried out. As well as allowing you to keep on top of things, it may even be able to advise you on the best course of action – such as the most cost-effective way to fix that leaky tap.
Managing Your Finances
Tracking rental income, generating financial reports and generally just managing your finances can be another challenge that AI can help you tackle. Automation will not only save you time but could also save you cash, enabling you to better understand your financial situation and manage your pennies. It can even help you to set the best rents for your property to maximise its appeal and your profits.
Remember The Value Of The Human Touch
As you can see, there’s no doubt there are many ways that AI can help landlords to improve efficiency. However, nothing beats traditional values and human relationships. Some tenants will be happy talking to a chatbot, while others will prefer the human touch. A wise landlord will therefore offer both options. And of course, any new technology brings its own challenges. For example, AI has data protection implications. For more information, check out what the ICO says about AI and data protection. Things change fast. AI is relatively new to the mainstream, and it will be interesting to see how it evolves over time.
For more information on how we can assist you on your letting journey, please contact one of our branches in Essex, London or Hertfordshire today. We also offer a free and instant online valuation to give you an idea of how much your home could be worth on the current market.
