DGS 196: How AI Will Impact Property Management In The Future

Are you a property management business owner looking to stay ahead of the curve? Don’t miss our latest episode where we revealed the top 10 ways AI is set to revolutionize the industry and how you can leverage it to improve your business. 

From automated customer service to predictive maintenance, we’ve got you covered. Tune in now to learn more.”- This is a teaser written by AI for a podcast episode about AI… also written by AI. Phew! Join property management growth expert Jason Hull to learn more about AI like ChatGPT and how AI will impact property management in the future.

You’ll Learn…

[01:52] This episode about AI was written by AI

[02:43] 10 ways AI and chatbots could impact property management

[04:53] How I used AI to write this episode

[08:36] AI assessment for HIRING

[11:27] 10 ways AI can help single-family residential PMs

[14:47] The future and impact of AI

Tweetables

“Could AI take over the world and is it the most dangerous thing since nuclear weapons? The answer is probably yes.”

“Business owners that are able to leverage AI and leverage it early on will have a competitive advantage over those that are late adopters.”

“AI is a lot cheaper than people.”

“The future is getting crazy. So the creative stuff is going first. Eventually, maybe manual labor and some of the human, like real-time personal tasks will get taken.”

Resources

DoorGrow and Scale Mastermind

DoorGrow Academy

DoorGrow on YouTube

DoorGrowClub

DoorGrowLive

TalkRoute Referral Link

Transcript

[00:00:00] I asked, “What is a good intro to lead into the above list for introducing the topic on a podcast. So here’s the intro:

[00:00:07] “Hello and welcome to our latest episode where we’ll be exploring the exciting world of artificial intelligence and its potential to transform the property management industry. With the rise of chatbots and other AI powered tools, it’s clear that this technology is poised to have a major impact on how property managers do business. In today’s episode, we’ll be sharing our top 10 list of the ways that AI is set to revolutionize property management, from automated customer service to predictive maintenance and beyond. Whether you’re a property management business owner or just interested in the future of the industry, this is an episode you won’t want to miss. So sit back, relax, and let’s dive in.”

[00:00:46] It wrote this for me. It wrote this! 

[00:00:49] Welcome, DoorGrow Hackers to the #DoorGrowShow. If you are a property management entrepreneur that wants to add doors, make a difference, increase revenue, help others, impact lives, and you’re interested in growing in business and life, and you’re open to doing things a bit differently, then you are a DoorGrow hacker. DoorGrow hackers love the opportunity, daily variety, unique challenges, and freedom that property management brings. Many in real estate think you’re crazy for doing it. You think they’re crazy for not because you realize that property management is the ultimate, high-trust, gateway to real estate deals, relationships, and residual income.

[00:01:28] At DoorGrow, we are on a mission to transform property management business owners and their businesses. We want to transform the industry, eliminate the bs, build awareness, change perception, expand the market, and help the best property management entrepreneurs win. I’m your host property management growth expert, Jason Hull, the founder, and CEO of DoorGrow. Now, let’s get into the show. 

[00:01:51] So today’s show is going to be very relevant to what’s going on right now. So I don’t know if you’ve seen what’s going on right now, but what’s going on right now is ChatGPT. You’ve probably heard of it if you’re on social media. Everybody’s going crazy. Why are they going crazy? And if you haven’t heard about this, you should check this out. You can go to chat.openai.com. And what this is, is this is an AI tool. Like you’re talking to a robot. You can type like you’re chatting to a human and it will give you whatever information that you asked for back. It can write software. It can create stuff. It’s pretty wild. And right now it’s free. It’s ridiculous. So I put in a prompt, I’m going to read this to you. I said, “can you give me the list of the top 10 ways AI like ChatGBT will impact property management in the future?” Within seconds, it spit this out:

[00:02:43] “Here are 10 potential ways that AI and chatbots like GPT could impact property management in the future:

[00:02:49] 1. Automated customer service. Chatbots can handle basic customer inquiries and requests, freeing up property managers to focus on more complex tasks. 

[00:02:59] 2. Tenant screening. AI can analyze tenant data to help property managers make informed decisions about who to rent to. 

[00:03:07] 3. Maintenance requests. Chatbots can handle maintenance requests from tenants, triaging and routing them to the appropriate team member.”

[00:03:16] This is cool stuff, right? Very cool stuff. So where was I at?

[00:03:21] ” 4. Lease management. AI can assist with tasks such as lease renewals and rent collections. Predictive maintenance is number five. Using machine learning, AI can analyze maintenance data to predict when equipment is likely to fail, allowing property managers to proactively address issues before they become problems.”

[00:03:43] There’s companies already doing some of this, right?

[00:03:45] “6. Energy management. AI can help optimize energy usage in buildings by predicting and adjusting energy demand in real time.”

[00:03:56] This is getting into maybe more commercial management or multi-family, right?

[00:04:00] ” 7. Marketing. AI can analyze data to help property managers identify potential tenants and tailor their marketing efforts to specific audience segments.” I imagine the AI doesn’t understand most of you want clients, so it also probably could be used for that– not probably– it could be, right? 

[00:04:19] “8. Space utilization. AI can help optimize the use of shared spaces within a building, such as conference rooms or common areas by analyzing usage data and making recommendations for scheduling and utilization. Tenant engagement is number eight (He meant #9) Chatbots can help facilitate communication between property managers and tenants, improving the overall tenant experience. 

[00:04:39] 10. risk assessment. AI can analyze data to help property managers identify and mitigate potential risks, such as detecting patterns of suspicious activity or identifying areas of a building that may be prone to accidents.”

[00:04:52] Now to get you interested, I asked it, “What would a good teaser for this– if I used this list in a podcast episode to get property management business owners to listen? So here’s the teaser: 

[00:05:03] “Are you a property management business owner looking to stay ahead of the curve? Don’t miss our latest episode where we revealed the top 10 ways AI is set to revolutionize the industry and how you can leverage it to improve your business. From automated customer service to predictive maintenance, we’ve got you covered. Tune in now to learn more.”

[00:05:22] I didn’t write that and I didn’t just make it up A robot just made that up, right? Or ai. So, “What is a good intro? I then asked, “What is a good intro to lead into the above list for introducing the topic on a podcast. So here’s the intro. Here’s the intro that I could have said at the beginning of this, right? This is all happening in reverse here, but here’s intro:

[00:05:45] “Hello and welcome to our latest episode where we’ll be exploring the exciting world of artificial intelligence and its potential to transform the property management industry. With the rise of chatbots and other AI powered tools, it’s clear that this technology is poised to have a major impact on how property managers do business. In today’s episode, we’ll be sharing our top 10 list of the ways that AI is set to revolutionize property management, from automated customer service to predictive maintenance and beyond. Whether you’re a property management business owner or just interested in the future of the industry, this is an episode you won’t want to miss. So sit back, relax, and let’s dive in.”

[00:06:24] It wrote this for me. It wrote this. So I can put in here, “The first list you gave me seems geared a bit towards multi-family or commercial property management. Could you change it for those that primarily focus? on third party property management for owners of single family homes in the residential space? Note that they want to get more owners as clients.” I’ll put “more property owners as clients.” Let’s see what it comes back with here. So now I also asked– while it’s doing that– it’s actually typing it out. Like you see it typing out. It’s pretty wild– so then I asked, um, before I did just that, I asked, “could you also create a list of the top 10 ways AI can improve or benefit small business owners or service-based businesses?”

[00:07:41] So the list has some similarities, like “1. Automated customer 2. Marketing. 3. Personalization.” So AI can help personalize interactions with customers, improving the overall customer experience, which is cool. “4. Predictive analytics. AI can analyze data to help business owners make informed decisions about operations and strategies. 5. Process optimization. AI can help business owners to identify inefficiencies in their processes and suggest ways to streamline them. 6. Project management. AI can assist with tasks such as scheduling and task assignments, helping business owners stay organized and on track. 7. Risk assessment. Identifying potential risks, looking at suspicious patterns, et cetera. 8. Talent acquisition,” so hiring. Now it says, “AI can assist with tasks such as resume screening and candidate matching, helping business owners find the best candidates for their open positions.”

[00:08:35] Now at DoorGrow, we’ve already, for our clients, partnered with an AI hiring assessment platform. And so what’s really cool about this, we can take our ultimate job descriptions, which we call R Docs, which is a very strategic way of doing a job description that actually gets you the right culture fit, personality fit, and skill fit for a team member. We call it the three fits, and we can feed that into the AI tool and it will then change a whole bunch of levers on the screen and tell you like, these are the attributes you likely are looking for in a candidate. And then you can send out an assessment for this, and it will give you results and grade them based on the attributes that are selected, and you can even tweak the attributes. You’re like, “Well, I actually want them to be more like this instead of this,” so you can pick which attributes are most relevant. It’s really cool and it’s been really accurate. It’s how I got my awesome assistant. We used the AI assessment to get hire other people on our team as well. And I also vetted all of my team members with this. And it grades them on a scale for the role between, you know, zero to a hundred. And anyone above 50 is a good potential candidate. Most of my team are like 70% or higher for the role, which shows they’re a good culture fit, good skill fit, good personality fit for the role. We’ve had a very good hiring process. This has really collapsed time on all the other things we used to use like Wonder Lick and DISC and Myers Briggs and human design and like all these different things.

[00:10:00] Some of them are the equivalent of looking at tea leaves, trying to figure out is this person going to be good or not, and trying to guess and predict the future. This has been really accurate, and the number one indicator according to the AI Assessment Company they said is intelligence, and it can assess people’s intelligence through just chatting and completing the assessment, which is like, kind of like a chat. Pretty cool. So we’re using that with clients and it’s getting us great results. We’ve even used it on our clients, and some of our clients thought they were the operator personality type for their business and had to control the operations and based on putting them through the assessment in the operator role, they didn’t do well, and it helps them see, “I’m not really the person that should be doing this thing.” and then they were able to go and find somebody better, right? So, really cool. So talent acquisition for sure. We’re already doing that at DoorGrow with our clients. 

[00:10:56] 9. it says, “upselling and cross-selling.” AI can analyze customer data to help business owners identify opportunities for upselling and cross-selling. 10. voice and language recognition. AI can help business owners handle customer inquiries and requests through voice and language recognition technology, improving the overall customer experience. All right. So very cool stuff, right? So now I had put that question in previously it spit out the 10 things. So we’ll go to that and we’ll see what it’s changed.

[00:11:26] So we’ll go through the 10 again just for kicks. ” Certainly. Here are 10 potential ways AI could benefit small business owners, who specialized in third party property management for single family homes in the residential space.” Oh, so combined both lists and made it very specific. So let’s see how this is different from the first two lists that I gave you. 

[00:11:46] 1. automated customer service. AI can handle basic customer inquiries and requests, freeing up property managers to focus on other tasks.” Awesome. “2. tenant screening. AI can analyze tenant data to help property managers make informed decisions about who to rent to. 3. Marketing. AI can analyze data to help property managers identify potential clients and tailor their marketing efforts to specific audience segments.” Awesome. “4. lease management. AI can assist with tasks such as lease renewals and rent collections. 5. predictive maintenance. Using machine learning, AI can analyze maintenance data to predict when equipment is likely to fail, allowing property managers to proactively address issues before they become problems.” Magic. Right? What’s better than than retroactive maintenance, right? That’s typical is proactive maintenance, right? 

[00:12:35] “6. Energy management. AI can help optimize energy usage in buildings and predicting and adjusting energy demand in real time.” So that might be the case on maybe split units or multi-family units where they are sharing, you know, a boiler or, you know, some of these kind of things. “7. space utilization. AI can help optimize the use of shared spaces within a building, such as conference rooms.” So they kept that in, I don’t know that’s relevant to homes. 8. Tenant engagement. Chatbots can help facilitate communication between property managers and tenants, improving the overall tenant experience.” Cool. AI eventually could replace probably a lot of the tools for maintenance coordination and different things or become the new tool, and there are already AI appointment setting things. There’s lots of AI stuff coming out. It’s really, really a cool time. “9. Risk assessment.” We talked about that one before. And then “10. property acquisition. AI can assist with task tasks such as property valuation and market analysis, helping property managers identify opportunities for expanding their portfolio.” That’s if they’re an owner operator, but you can utilize maybe AI for assessing rent amounts or rent range reports or you know, these kind of things of figuring out what a property should rent for. 

[00:13:54] Really cool. So this whole episode, I didn’t even have to think. I just went into chat AI and asked some questions and it gave me this, which is really, really interesting and really cool. So I highly recommend you check it out. It’s going to revolutionize content creation. And one of the most interesting things I heard about ai, this is from the founder of I believe of ChatGBT and OpenAI, or one of the CEOs of an AI company– but basically he said everybody thought AI when it comes, would take all the menial low level jobs, manual labor work, stuff like that. Robots would replace and then it would gradually and eventually maybe get– but it’d be really difficult– to get to the creative. What we’re actually seeing, he says, is the exact opposite, the reverse. Ai…

[00:14:46] I have a picture on my fireplace mantle right now of two lion’s faces, and it was generated by ai. I used an AI app. I told it the colors I wanted for my living room and I said I wanted a lion and it made two faces and one looks kind of scared and one looks very bold. And I named the picture from fear to focus cuz that’s kind of the two energies I saw. And I liked that. And it’s really cool. So I had it printed, they shipped it out framed and everything and it’s on my fireplace mantle. Really cool. And it was made by AI and it’s art. It looks like a painting. You’re seeing lots of people with the Lensa app right now. Go and create and have the ai– you upload a bunch of pictures of your face from different angles, and then it will spit out art. Of paintings and pictures of you that are better than a lot of artists could ever generate. Some of them look really like, really like me, and there’s a few that look not so like me. It’s a little bit off, just a little bit off. It’s like maybe they’re related to me, you know? But it’s really fascinating.

[00:15:51] So AI is actually taking those top end creative jobs like article writing and blog posts. And here, my podcast episode and can generate that. There’s even tools that can mimic your voice. You can upload your voice. There’s a tool, we actually use this for our podcast editing, but there’s a tool called Descript, and you can actually record a bunch of audio of your voice and feed in recordings, and the AI will learn your voice. And then you can literally just type words in and it will speak it out or play the audio as if you’re saying it like naturally. They’ve used this to like mimic Joe Rogan and mimic Steve Jobs having a conversation and neither of them really did the conversation. So pretty wild. So you can generate scripts and things like that. You can use video AI people. So there’s a company called Synthesia and you can actually just upload text in that you just had, maybe ChatGPT create over at chat.openai.com. And you can say, “create a script for somebody that talks about, you know, these things” and you upload the script in or any text in, and this video person will read it.

[00:17:06] There’s people creating deep fakes of different actors and different people that AI is generating and it could be anybody. So this, the future is getting crazy. So the creative stuff is going first. Eventually, maybe manual labor and some of the human, like real-time personal tasks will get taken, but it’s actually going in the reverse order. So some of the creative stuff is actually being handled and taken off our plate first. Pretty wild times, right? So yeah. Could AI take over the world and is it the most dangerous thing since nuclear weapons? The answer is probably yes. Right? Elon Musk says it’s the most dangerous thing for humanity, one of the most dangerous threats. And so I don’t know. It’ll be really interesting to see, but I do think business owners that are able to leverage AI and leverage it early on will have a competitive advantage over those that are late adopters and don’t do it. And AI is a lot cheaper than people and there’s a lot of really cool AI tools out there.

[00:18:11] So, maybe as we uncover some of the coolest tools, we’ll be sharing those with everybody. But I think it’d be really cool to start hearing from all of you, like, are you leveraging AI in your business? And if so, how? Let us know. I’d be really curious. So feel free to comment on our videos on YouTube when this goes up on YouTube or other channels where we post this. We would love to hear what your thoughts are about the future of ai. So, all right, so that’s our episode for today and I hope you have some fun playing around with chat GBT. While they have it open and in beta and you can play around with it while they have their free research preview and you’ll probably see that it’s locked up sometimes because they have too much usage. It’s really popular right now, but people are creating some really cool stuff with it. So anyway, until next time to our mutual growth. Make sure to check us out DoorGrow.com. And if you want to join our free online community in our Facebook group, go to DoorGrowclub.com, answer the questions, and join us and you’ll get some free gifts. If you give us your email, we’ll send you some free gifts like the Fee Bible and some other cool stuff, and you’ll even be able to set up a call with our team and we can help you figure out how to grow.

[00:19:25] And until next time, to our mutual growth. Bye, everyone. 

[00:19:28] You just listened to the #DoorGrowShow. We are building a community of the savviest property management entrepreneurs on the planet in the DoorGrowClub. Join your fellow DoorGrow Hackers at doorgrowclub.com. Listen, everyone is doing the same stuff. SEO, PPC, pay-per-lead content, social direct mail, and they still struggle to grow! 

[00:19:56] At DoorGrow, we solve your biggest challenge: getting deals and growing your business. Find out more at doorgrow.com. Find any show notes or links from today’s episode on our blog doorgrow.com, and to get notified of future events and news subscribe to our newsletter at doorgrow.com/subscribe. Until next time, take what you learn and start DoorGrow Hacking your business and your life.

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