The smart home concept has been gaining steam in the last few years as owners have become more interested in implementing sophisticated, automated solutions. Nowadays, it's common for people to have several AI devices in their houses, including ovens, refrigerators, and security systems.

These technological innovations aren’t exclusive to appliances; AI affects everything related to homes, including management, sales and purchases, insurance, and warranties. “Artificial intelligence has brought massive changes to how we advertise, rent, and manage properties,” according to Cinch Home Services for Ohio, a top-tier home warranty provider.

In this article, we'll talk about the massive changes AI has brought to traditional property management and how it might affect homeowners.

Using AI for Market Research


Like many other industries, property management companies have started using AI tools for tracking market trends. Most of these platforms are online-based and come in the form of SaaS (Software-as-a-Service). In fact, 70% of all business apps are SaaS, a percentage that is expected to rise to 85% by 2025.

Software-as-a-Service solutions can be used for anything from competitive analysis to financial predictions. Among others, brands often use this software format for market data analysis, which allows property management businesses to track fluctuations in home prices.

AI software can help managers extract valuable insights from a seemingly scrambled pool of data. Among others, property experts can use AI-driven tools to track sale and rental prices, occupancies, and trends. Having access to this information is important not only for profitability but also for improving relationships with clients.

The trend data is especially valuable for large property brands that have expansionist mindsets. By understanding how money circulates, businesses can make strategic decisions for more efficient resource allocation.

Increasing Rental Turnover


Whether we’re talking about Airbnb, hotels, or regular rental apartments, all proprietors are looking to shorten the time between two rentals. In these cases, advertising plays a critical role as it helps users target the audience most interested in your properties.

By relying on AI solutions, property managers can learn more about potential clients, which includes analyzing their demographic data. After acquiring enough information, they can customize their campaigns to achieve maximum results.

Modern AI tools are so great they can even help predict the results of marketing campaigns. If you mess up your targeting or messaging, you can modify them before spending any money on ads.

Improving Customer Experience with AI Chatbots


Customer service is vital for any company, including property management businesses. Whether you're dealing with rentals, sales, or maintenance, your clients need continuous support throughout the process. In fact, we can argue that customer experience is more important for property management than some other businesses due to the higher average contract value.

AI chatbots have emerged as a valid solution to all business communication. Not only do these programs increase availability, as clients can use them at any time, but they also reduce human costs. Chatbots can answer the most common questions and can also put users in touch with property managers.

Improving Maintenance With Prediction Tools


One of the biggest concerns for property managers is how to optimize the maintenance process. While these providers want to give clients the best service possible, they also don’t want to spend more resources than necessary. With AI software, property management brands can address future issues before they occur, significantly increasing efficiency.

The software can track how properties are used and what shape they’re in. With the help of artificial intelligence, property managers can schedule future maintenance with high accuracy. All of this results in lower maintenance costs while also reducing the odds of breakdowns.

AI-driven software is especially valuable for home warranty companies when managing clients who use numerous AI appliances.

Benefits and Drawbacks of the AI Approach


At first glance, an AI-driven approach can only provide benefits. The technology allows companies to increase their output and provide a higher quality of service. As a result, property management brands that use these platforms can become dominant forces in their respective market.

But as it usually goes, technological innovation does pose certain challenges. Aside from having to invest a lot of money in AI tools, you also need to stay in the loop with the latest software. In fact, today, property managers gain a competitive advantage by adopting and combining the right tools, not necessarily through their industry knowledge.

Like with all innovations, AI software provides extra value to early adopters. Whether you like it or not, this kind of technology is here to stay, and by stalling your involvement, you’re only losing ground on the market.