Kanat Sultanbekov Discusses Ways AI Can be Used to Automate Property Management

Digital transformation has been witnessed across various industries over the last few decades. The introduction of artificial intelligence (AI) has played an important role in this shift. As Kanat Sultanbekov says, today AI and automation are widely prominent in multiple industries, including rental property management. These technologies are fundamentally altering the manner in which real estate operations and administration are conducted.

Kanat Sultanbekov sheds light on the ways AI can be used to automate property management

Fielding repetitive tenant questions, chasing overdue rent and spending hours sifting through applications can be a huge headache for property managers. All of these tasks, however, can be simplified and streamlined with AI. This technology helps automate a number of essential functions associated with property management, resulting in reduced operational expenses and an improved level of efficiency.

Here are a few ways AI can be used to automate property management:

• Smart tenant screening: AI powered tenant solutions usually analyze expansive amount of data, including social media profiles, rental history and credit reports, in order to effectively identify qualified candidates. This helps in saving time, while identifying reliable and responsible tenants. Finding good tenants lowers the risk of property damage and late payments. An AI powered screening tool can be useful in analyzing the rental history of a potential tenant, and subsequently identifying patterns of evictions or late payments. Such insights can be then used for making informed decisions without human bias, supporting a successful and smooth leasing process.
• Effortless rent collection: AI can automate the process of rent collection by sending out timely reminders to the tenants, as well as providing multiple payment options. This can eliminate the need for manual follow-ups, ensure on-time payments, lowers the risk of late fees, and ultimately improve cash flow.  An AI powered system may send email and text message reminders to tenants automatically a few days before their due date. They may even provide secure online payment options like debit card, credit card and bank transfers, thereby making the process much more convenient for both tenants and property managers.
• Predictive maintenance: AI can be used to analyze past maintenance data and sensor readings from smart devices within the property with the aim of predicting potential equipment failures before they occur. Such a proactive approach facilitates preventive maintenance; helps avoid expensive remains and may also lower downtime for tenants.
• Efficient rent recovery: AI can go a long way in streamlining the rent collection process by sending automated reminders and escalating late payments to the relevant channels. This allows property managers to ensure timely recovery of outstanding payments, while also maintaining professional communication with the tenants. This ensures timely recovery of outstanding payments while maintaining professional communication with tenants. An AI system can have the capability to send automated emails and make phone calls to tenants who have outstanding balances, presenting various payment options and explaining late payment fees.

As Kanat Sultanbekov says, in addition to using the methods discussed above, property managers may also implement AI powered chatbots on the property website. These chatbots can respond to frequently asked questions, address tenant inquiries, and schedule maintenance requests around the clock. This provides tenants with convenient and immediate support, enhancing their overall satisfaction and experience.