Have you have ever asked a question to Siri, ordered Alexa to turn down the sound on your television, or made a Google search? Then you’ve used Artificial Intelligence.
But AI isn’t just for cool gadgets – it can help you find your dream home, or the right tenants to live in your investment property.
Property management went through a lot of change in the past four decades, from replacing paper with computers, bringing listings to the internet and then smartphones, but AI may be the most important one yet.
This new technology slashes the risk of human error and automates a lot of the tedious day-to-day work involved in managing a property.
A report by the McKinsey Global Institute found AI would bring "higher productivity, GDP growth, improved corporate performance, and new prosperity, but they will also change the skills required of human workers".
A second study from PwC found that AI will significantly increase productivity in the industry.
“In the real estate industry the utilisation of AI will not only improve the efficiency of operational tasks, but also change decision-making processes,” the report read.
One of the biggest impacts AI will have on real estate is the use of automation to reduce costs, minimise errors and increase productivity.
At Instarent we believe home owners should be able to automate their rental properties with top technology usually reserved for big real estate companies.
We have digitised and automated the key processes of property management, all in an easy-to-use mobile app.
Our property software is a fraction of the cost of traditional property management, saving both money and time. Boosting the cashflow on your property by thousands of dollars a year can make a big difference to how fast you pay of your mortgage.
Instarent automatically collects, tracks and provides a financial snapshot of your properties.
Send and receive built in notices. (e.g. to enter the premises, non-payment of rent, rental increases, and termination notices). You can communicate with tenants and tradesmen via our third party chat functions and through our app.
Automating reminders, not just for your tenants but for yourself means you will never forget about important events again. You can set a reminder for your six-month property inspection at the beginning of the lease, helping you manage your time easily.
Going digital and mobile means that you will be able to update, notify, and manage your properties on the go, all in the palm of your hand.
We are steadily heading towards total digitisation of our lives. Online banking, emails, and the cloud means you no longer need to use paper at all for many common tasks – not only good for the environment, but also just super handy.
Those immense piles of paper piled high and tucked away into vast filing cabinets, once the bane of a property manager's life, is no longer necessary. If you automate much of that documentation, you’ll have eliminated the stress and common errors.
Simplified Backup and Recovery
Having everything automatically stored online means you can not only access critical information anywhere in the world, but it is also backed up and stored safely for future use.
And it’s not just landlords who can benefit from automation – it also makes life easier for tenants too!
A tenant can set up automatic payments and get notices when an inspection is requested by the landlord. They are also able to schedule repairs using the property platform.
So, if you were feeling a little uneasy about AI and automation, just see it as a tool that is there to help make your life easier.
Vice President of AI and Analytics at Zillow, Jasjeet Thind, says; "Today the real estate world is stressful and often duplicative. By leveraging AI we can create a more personalised, end-to-end experience for our customers, eliminate many of the pain points associated with buying, selling and managing their properties.”
Want to see how Instarent can help you? Click here to find out more.