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The future of property management will look different, harnessing technology and AI to streamline processes while preserving the human component of the job.
Managed chief operating officer Rohith George and head of property management at Belle Property and Hockingstuart, Fabian Ekker, have shared their insight into how the property management sector can best leverage artificial intelligence (AI) systems and technology to drive efficiency.
At the Property Management Excellence (PMX) Conference, George and Ekker said that property professionals should embrace technology as part of their roles to boost productivity as the industry shifts.
Ekker said that while integrating systems and processes across multiple brands had presented different challenges, businesses should trust the process.
“We'll be totally honest, we made mistakes along the way, no business is perfect, and there were some challenges that we faced with certain products as we started implementing them,” he said.
He noted that when utilising tech solutions, businesses should tailor their processes to ensure maximum efficiency.
“We were walking into offices that had a massive tech stack but not utilising it efficiently because they didn't need, for example, maintenance software.”
“We went around and identified the best pieces of technology that particular offices were using and started implementing them into other offices and other businesses.”
According to George, property managers can use AI to automate processes, such as lease renewals, and perform small tasks, allowing professionals to focus on dollar-productive activities.
“Where technology comes in is utilising smart insights, giving strategies for rental increases,” he said.
George added that, instead of replacing property managers, technology should complement their roles and give them more power when carrying out their daily tasks.
Ekker said that because many professionals remained hesitant to embrace change and abandon their current systems, business leaders needed to sell the technology's benefits to their teams.
“You need to take them on a journey, and you need to explain what the outcome's going to be before you start implementing the change.”
“Everybody has to be on the same journey, and everybody has to understand where the roles are going to be.”
Ekker stated that there was a common misconception that AI and other technologies would overrule jobs, but he urged businesses to consider how they could enhance roles without taking away the human element.
“We're a people-focused business, we're property managers. We deal with people day in, day out,” he said.
“Our people are our power, so we have to embrace that, and we make sure that everybody is aligned throughout the whole process.”
George said that when using AI to manage data, property management businesses should implement contextual guardrails to prevent the potential for irrelevant information.
“In AI, you use context for content, and if your data is stale and inaccurate, you're going to start setting up workflows and automations, and it's going to start sending people the wrong information.”
He said that the guardrails would enable messages and information to remain relevant within the confines of real estate and property management.
“They should also not be able to go and search other market insights, tell me about what other renters are paying.”
For smaller agencies beginning their technology journey, Ekker advised attending networking events and conferences to listen to forums and watch demonstrations.
“It's all just about open dialogue and having a conversation with somebody and just understanding what's going on in the marketplace.”
Ekker also said that business leaders should be proactive and start their tech journey early rather than waiting for opportunities to keep up with the evolving landscape.
“You are going to get a new generation property manager coming in with expectations. Already, we're seeing property managers in their early twenties coming through and expecting a higher level of efficiency,” he concluded.
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