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AI in Property Management: Unveiling the Top Use Cases for Efficiency and Growth
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AI in Property Management: Unveiling the Top Use Cases for Efficiency and Growth
Artificial intelligence (AI) might seem daunting to property management companies (PMCs). While you may think of AI as a robot that replaces humans, that's far from the truth. In reality, AI can make your job as a property manager easier. While you can read about the dos and don'ts of AI, wouldn't it be helpful to see companies that can help PMCs with their AI usage? That's where this blog comes in! We'll showcase several brands with AI tools built specifically for the property industry. Whether your property has already started using AI or not, you can use these examples as inspiration for incorporating AI into your marketing plans. Let's get into it!AI in Property Management
Before we dive into AI tools for PMCs, let's briefly revisit how PMCs can use AI to better their marketing strategies. Here are some of the top ways PMCs are using AI today:- Creating content
- Examples: Social posts, emails, newsletters etc.
- Generating on-brand review responses
- Responding to engagements on social media
- Boosting search engine optimization (SEO) efforts
- Improving maintenance request communications
- Enhancing the resident experience through data analysis
- Leveraging intelligent lease management
Companies Incorporating AI into Property Management
Now that you understand how to use AI in property management marketing efforts, let's highlight some brands that support PMCs and leverage AI. These examples will showcase how AI can help streamline marketing efforts for your PMC. It's important to note that AI is a relatively new concept in the industry, so those using it will be at an advantage.SOCi
We’re biased, but SOCi is revolutionizing marketing for multi-location PMCs. Our CoMarketing Cloud, powered by an AI automation layer SOCi Genius, leverages the best-in-class AI and machine learning software to help you execute marketing campaigns across properties. For instance, Genius Reviews uses generative AI for review responses, allowing you to generate unique, authentic review responses at scale while delivering consistent on-brand responses that address specific concerns or issues mentioned in a review.
- The speed of responses improved by 64%
- Response rates increased by 19%
- Ratings for new reviews jumped by 0.67 stars or 17%
- Overall average ratings grew by 0.13 stars or 3.7%
Realtor.com
Realtor.com is a website frequently used to discover places to live. Not only does realtor.com share resources for the multi-family industry, but it also leverages AI within its platform. Realtor.com's AI feature is created to help potential customers find what they want by learning individual search preferences and tailoring search results accordingly. It uses natural language processing (NLP) to understand a user’s searches and then analyzes the data to provide a personalized experience. When searching for a place to rent or buy, you want to see the best possible options based on your preferences, which this technology provides. As a PMC, it's your job to ensure that your local listings and local websites include as much relevant information about your properties as possible. Doing so will ensure that your property will appear in relevant search results through realtor.com's AI feature.Zillow
Like realtor.com, Zillow is a real estate marketplace company that provides prospective renters or buyers the tools and resources needed to find a new place to live, whether renting or buying. When it comes to AI, Zillow has an AI-powered natural-language search tool, which launched in early 2023. According to Zillow, with the tool, "buyers and renters on Zillow can skip the filters and search the same way they'd describe their ideal home to a friend, including features like layout, location, style, condition, lifestyle and more."
Zillow's AI features don't stop there. For instance, Zillow has its own its home valuation model, Neural Zestimate. The AI tool uses neural networks, allowing it to react more quickly to current market trends and give you the most accurate listing and neighborhood valuations.
The company continues to invest in AI technology, aiming to provide the best customer journey for its users. Again, as a property management company, you must optimize your listings to include detailed information about each of your local properties.
Rex
Sixty-eight percent of renters don’t renew their lease due to poor customer service. Rex is an ecosystem of businesses at the intersection of real estate and technology. It's a single system with ten softwares called initiatives targeting the real estate industry. One of Rex's systems, JobCall, is an AI assistant that helps facilitate communication between the PMC's maintenance teams and renters. This technology uses speech recognition to transcribe the calls and prioritize maintenance requests. This is one of Rex's many AI-powered tools and highlights how AI can help automate previously time-consuming tasks.Level-Up Your PMC’s Marketing Efforts With SOCi
As you can see, significant companies in the property management world are using AI in numerous ways. If your PMC is just starting, choose one or two ways to leverage AI best and go from there. If you're already using AI, what is working, and what isn't? Can you optimize or consider any of the tools mentioned above? Navigating AI can be challenging, especially with numerous properties, but you don't have to do it alone! SOCi is here to help. Not only does SOCi have tools that include AI functionalities, but we also want to do our part to educate marketers on AI. For instance, we release a weekly Local Memo blog, which provides marketers with the latest in local marketing, including updates around AI. We also have webinars, such as our on-demand CMO Masterclass: Transforming Localized Marketing with Generative AI, which provides education about leveraging AI in marketing.
