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Top 5 Automation Technologies for Residential Property Management for 2023
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Automated technology has been changing how we do business for decades, and it has finally made its way to real estate. The real estate industry is being disrupted from every angle, from buying to investing to property management.
Today, smart bots are saving property management companies and professionals time and money. These programs improve efficiency and make the day-to-day tasks smoother and more accurate. As a result, smart bots and automation are bringing massive changes to the real estate industry. The property management sector is growing by millions each year, and deploying technology that improves productivity is the only way to maintain a competitive edge in this industry.
Let’s dive into the top PropTech automation smart bots that are disrupting residential property management.
Robotic Process Automation (RPA)
How much time and money is lost in residential property management during the application process, including credit and background checks, or other basic core business functions? RPA bots step in to lighten the load of these administrative tasks – but what's more, is that they do it faster than a human and entirely without error.
RPA also offers a solution for database management and optimization. Using RPA smart bots enhances tenant and landlord customer experience by streamlining communication. Imagine having a data-entry and extraction employee who never stops working and never makes an error – that's your RPA bot.
These technologies are becoming an integral part of the modernization of property management. They remove hundreds if not thousands of manual data-entry points that are both time-consuming and opportunities for error.
RPA bots improve back-office efficiencies like no technology before. They can simultaneously assist in cutting costs while increasing productivity and decreasing service turnaround time. These tasks include invoice processing, bookkeeping, client reports, and document management. RPA takes on and automates laborious tasks, freeing up employee resources for income-generating activities or areas that require a personal touch.
RPA smart bots have become a property management company's top helping hand in growing their business and optimizing business to provide outstanding customer service.
Optical Character Recognition (OCR)
Did you know that the text in an image isn't readable by most computer programs? That means that when an image of a document is input into a system or website, what is written on that image isn't identifiable and has to be manually input. This process is both time-consuming and creates countless opportunities for errors.
OCR technology offers a solution by processing images and converting them into a text format that computers are able to read. The inability to read images creates a problem if an employee or computer is looking to automatically search, edit, count, or input data from an image. For example, if a paper application is scanned and saved into a computer, OCR can read the scan and convert it into a machine-readable text format.
Property management businesses are constantly receiving unreadable images and PDF documents from tenants and owners in the form of applications, invoices, supporting documents, and more. Manually imputing this data into a CRM system is tedious work, but OCR technology is a solution that simplifies the process by creating a text document that other programs can use. OCR streamlines property management administrative work and helps automate processes.
Artificial Intelligence (AI)
AI is a blanket term that covers intelligent machines, and in today's environment, this primarily covers computer programs. AI learns by processing large amounts of data, learning correlations and patterns, and then using that data analysis to think and act rationally. Most people use AI daily, whether asking Siri a question or getting recommendations from Netflix on what we should watch. As a result, these technologies have become ingrained in our day-to-day lives.
Various forms of AI have swept through the residential property management sector and helped to reduce costs and improve efficiencies. For example, programs can assist with application screening, accounting and operations, and even security with video surveillance.
Imagine the benefits of technology that could notify a property manager of leaking pipes or identify an intruder's face or license plate. AI is infiltrating almost every element of residential property management and making it possible for employees to take even better care of landlord assets and offer tenants better service.
Ultimately, by deploying and leaning into AI technologies, businesses are freeing up their employee’s time and making it possible for them to manage larger portfolios.
Machine Learning (ML)
Machine learning is the latest evolution of artificial intelligence. ML uses data gathered from the internet or other sources, then runs that data through algorithms with the goal of imitating the way that humans think and learn. This capability enables these programs to adapt to changing environments and learn similarly to humans.
For property management companies, ML has limitless potential. ML can help execute tasks faster, simplify processes, and remove many daily menial tasks from a manager's to-do list. As a result, it's a key evolution and cost-effective solution that makes businesses far more efficient.
An example of active ML in property management is Zenplace, which predicts maintenance issues before they occur. For example, Zenplace's ML program estimates appliance life cycles and notifies property managers of when servicing is likely required.
In today's fast-paced world, consumers want information almost instantaneously, and they often don't have the patience to wait for a human to return a phone call or email. Chat bots are a form of AI that provides a communication solution allowing immediate responses to potential customers.
Chat bots are still in their infancy of use. However, combined with machine learning, these technologies are quickly learning to handle more types of communications and solve problems for customers.
Property management companies are improving response time by deploying chat bots, therefore increasing sales and overall customer satisfaction.
With the changing residential real estate environment that's resulting in a rise in renters and a decline in homeownership, the property management sector is bigger than ever and growing each year. As a result, technologies created by rising PropTechs are quickly becoming basic business requirements so that residential property management businesses can maintain a competitive edge and improve cost-efficiencies.
If you're a business owner or business manager, it's essential to understand which PropTech smart bots can save your staff time and money. Discover how Thoughtful can help your company! Browse our smart bots and find out how we’ve streamlined business processes to save money, time, and resources.
September 21, 2022