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How Property Management Professionals Can Leverage AI Technologies for Decision Making

Today’s property management firms increasingly depend on real-time data to inform strategic decisions shaping their future. With advancing technology and diverse tech capabilities, leveraging advanced analytics, reporting tools, and artificial intelligence (AI) or machine learning is crucial for the growth of these firms. Embracing technological advantages empowers property managers to streamline operations, ensure precision in data, and refine their strategic approaches.

Navigating analytics and reporting tools

In order to make sound business decisions, property managers need to have the right data to support them. Having the tools that can provide detailed reporting with trends and analysis can make a real difference in ensuring continued growth and outperforming the competition.

Here are a few standout reporting tools for property management companies:

  • RealPage Spend Management: This is a tool that can dig through your property data and help identify areas where you can cut costs or increase your income. It assists you in identifying exactly where you are succeeding and where there is room for improvement.
  • Yardi Spreadsheet Reporting: This custom reporting tool is the Swiss Army Knife of property management. It enables you to do everything from managing your assets to crunching numbers so you can better manage tenant satisfaction or overhead expenses.
  • Vena or Power BI with your ERP system: For those who need a more in-depth level of data, mixing Vena or Microsoft Power BI with your enterprise resource planning (ERP) system can work wonders. You can create robust dashboards and reports, see trends, and forecast like a pro.

No matter the software, the ERP system you are using should provide reports to help you track trends. Here are a couple of trends that offer property managers insight into both financial and operational metrics: 

  • Spotting occupancy trends: Keep an eye on the vacancy rates of your properties over time, and you will start to see patterns. This can guide you on when to ramp up marketing or adjust your prices/concessions to stay ahead of the curve.
  • Maintenance money-savers: Seeing a trend in repair costs can have a significant impact on financial results. Having that information helps property managers decide whether to keep patching things up or invest in something new.

AI and machine learning: The cool tech on the block

AI tools offer significant efficiencies, cost savings, and improved tenant satisfaction, and property management companies should take the time to research these tools. AI can automate routine tasks, provide data-driven insights, and enhance service delivery, all of which are essential for staying competitive in the industry.

Some smart examples:

  • AppFolio’s Leasing Signal: This product helps management companies see what nearby properties are charging for similar units from publicly available data and make recommendations on pricing. It looks at the market data and tells you the best rent prices to aim for, helping you fill spaces faster and feel more confident in your pricing.
  • Building Engines, Prism: This tech is all about preventing those “Oh no!” moments with your building’s equipment. It predicts when things might break down so you can fix them before they cause headaches.
  • Chatbots for easy tenant chat: These AI assistants are on-call 24/7 to answer tenant questions. No more waiting for office hours to get questions answered about lease terms or maintenance issues, making everyone’s life a bit easier.

Smart moves with AI:

  • Predictive maintenance: This is about fixing things before they break. AI looks at past fixes and tells you when you will likely need to do it again, saving you from emergency repairs.
  • Knowing your tenants: AI can help predict which tenants are likely to stick around and who might need extra attention to stay happy. It is about building relationships and keeping your properties filled.

These instances illustrate the transformative potential of analytics and AI in property management. They are not merely about staying current but also leading the way, providing invaluable insights and efficiencies previously unattainable. Further development of these tools will grant property managers broader visibility into operational and financial data, enhancing their capacity to streamline processes.

For further information on how to incorporate AI into your business operations, contact Business Process Outsourcing Practice's Managing Partner Mike Zyborowicz or Director Ryan Moore.

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