Transforming Apartment Living: How AI is Revolutionizing Work Orders, Lease Renewals, and Property Showings

The way we rent homes is changing fast. Gone are the days when landlords would knock on doors for rent checks or tenants would constantly call for repairs. Technology is stepping in, making life easier for everyone involved.

Artificial Intelligence (AI) is leading this shift. Tasks like work orders, lease renewals, and property tours are increasingly managed by smart software. Real estate is on the brink of a tech revolution, often driven by startups and investors eager to embrace innovation.

One exciting area is the use of virtual agents. These AI systems talk with potential renters, answering questions and assisting in the leasing process. However, only a handful of companies have mastered this technology so far.

AI isn’t just changing how we interact with properties; it’s transforming the investment side too. Investors used to need help manually sifting through piles of leases. Now, they can input lease data into an AI model, which summarizes essential details quickly. John Helm, founder of RET Ventures, emphasizes that this technology saves time and reduces errors, making property evaluation easier.

In property management, AI is enhancing efficiency. For instance, PredictAP is one of RET’s companies that automates the handling of paper invoices. It reads invoices and updates the payables system automatically. This means fewer mistakes and quicker payments.

Tyler Christiansen, CEO of Funnel, sees parallels between the multifamily industry and car dealerships. Traditionally, each rental was a separate interaction. He aims to change that by centralizing operations across properties. Funnel’s AI helps connect renters to multiple communities, improving customer experience.

Despite the promise of these technologies, challenges remain. Many operators are still in the experimental phase, testing how much to invest. The rental market is also highly fragmented—the U.S. has around 50 million rental units, with many owned by small landlords. Helm notes that finding the right opportunities among so many options will take time.

Recent surveys indicate a growing acceptance of technology among landlords, with 70% showing interest in adopting new tools to streamline operations. As AI continues to evolve, it could reshape not only how properties are managed but also how rental relationships are built.

For more insights on the intersection of technology and real estate, you might check out the CNBC Property Play newsletter. It’s a great resource for staying updated on the latest trends in real estate investing.

Source link

Artificial intelligence,Chicago,Economy,Breaking News: Economy,Breaking News: Business,Real estate,Diana Olick,Breaking News: Technology,business news