AI, Machine Learning Coming to the Property Management Business
Omri Barzilay reports on innovation in technology related to property management services—an industry "fraught with inefficiencies" and generally lagging behind the times in terms of technology.
The growth of the rental market has provided plenty of incentive to improve those technologies, however. According to Barzilay, "[n]ine million more households have become renters over the last 10 years -- the largest gain in housing history."
As a result, "the property management industry has grown to $73 billion a year," and a wave of innovation "is making property management much easier." As an example, Barzilay discusses Zenplace, a Silicon Valley-based company that is using "technologies such as AI and machine learning to provide a proactive approach to property management."
Barzilay describes the potential of AI to improve property management"
For example, it may give a heads-up to owners that, based on usage and life cycle, the property’s water heater could start leaking in 3-6 months, and suggests potential options to mitigate the issue before it occurs. Zenplace also features an AI-powered service that works using chatbots and through devices like Amazon Alexa and Google Home, which makes it effortless and convenient for tenants to pay rent easily, extend their lease and report issues with the property 24/7.