According to a recent study, 85% of property management decision-makers and generalists believed they had a basic understanding of artificial intelligence (AI). However, only 32% indicated that they’ve ever used or interacted with AI before.
But what is AI, and how can it be used to streamline your rental property management?
IBM defines AI as “artificial intelligence leverages computers and machines to mimic the problem-solving and decision-making capabilities of the human mind” – which is a long way of saying that AI uses machine learning to make sense of data, then executes actions accordingly.
With this in mind, let’s examine three ways you can leverage AI to improve your rental property management processes.
Dozens of Listing Sites Mean Dozens of Renter Leads
Three Ways to Leverage AI as a Landlord
If new technology makes you nervous, don’t fret. We’ve picked the three most accessible, easy-to-use AI tools so that everyone can benefit from machine learning.
1) AI-Generated Listing Description
Finding the best way to describe your property is hard enough – then add in needing to follow the Fair Housing Act to a tee (or risk a massive fine), plus potentially missing out on details tenants need to imagine your unit is their home, and it’s a downright headache. Not everyone has the desire nor the skill to whip out a concise-but-evocative description – and that’s okay!
Thanks to the latest technology from TurboTenant and internationally renowned software Open Source, landlords can leverage built-in AI to make better listings even faster. Simply provide a few basic details of the property, and the algorithm will handle the rest. It pulls in additional facts, including local amenities and pertinent details that will have your leads interested to come by for a tour.
This feature has learned the parameters of the Fair Housing Act, meaning you can feel confident in the descriptions it creates. While this exercise in machine learning will streamline your listing creation process, remember to do a final readthrough before you hit post.
Oh, and best of all? TurboTenant’s AI-generated listing description generator is free for all landlords.
2) AI-Powered Virtual Tours
When tenants are looking for their next home, they need to be able to imagine themselves living in your rental. That’s why virtual tours have become the latest way to inspire confidence in online listings; they give potential tenants the opportunity to familiarize themselves with your property without changing out of their pajamas.
By hosting your virtual tour online, you’ll attract more applicants, regardless of their busy schedules, which translates into better application conversions.
Marrying AI with virtual tours leads to beautifully replicated imagery, enhanced content, and personalized recommendations for the viewer. Additionally, AI-powered virtual tours make it easier for renters with disabilities to enjoy your listing. As LinkedIn explains, “AI can be used to generate audio descriptions of tours for people who are blind or visually impaired.”
Matterport is the best-known company offering AI-powered virtual tours, though there is a hefty price tag attached.
3) AI Leasing Assistant
A speedy response to a listing inquiry can mean the difference between finding your next tenant ASAP and letting the vacancy cut into your bottom line. If you can’t hop on incoming messages within 24 hours or less and you’re not using the industry-leading free pre-screener, consider adding an AI leasing assistant to the mix.
An AI leasing assistant automatically responds to incoming queries like a chatbot, offering canned responses and gathering basic information to keep the prospect interested in your property. Available 24/7, you can stress less about getting back to potential tenants personally. And depending on your needs, you can find AI leasing assistants who do everything from scheduling showings to qualifying leads – but there’s a catch.
AI leasing assistants can be cost-prohibitive, particularly for those with larger portfolios. Based on our research, this tool requires a monthly subscription that increases drastically as your portfolio grows. For example, some providers start at $45/month for 10 units with <600 contacts and go all the way to $1,500/month for unlimited units.
Whether you decide to use all of these tools or just one, you’re making strides to embrace the latest tech and make rental property management easier. To further streamline your success, sign up for a free TurboTenant account. Our all-in-one landlord software lets you track incoming leads, post your listing across 50+ sites, collect rent payments, monitor expenses, and so much more.