RENT Magazine Q4 '24

THE LATEST TOURING SOFTWARE VERIFIES IDENTITIES BY COMPARING REAL-TIME SELFIES TO GOVERNMENT ISSUED IDS.

ADOPTION OF AI AND MACHINE LEARNING IN PROPERTY MANAGEMENT Artificial intelligence and machine learning are transforming property management practices, adding security amid the rise of real estate scams, and offering innovative solutions for various aspects of operations: • Tenant screening: AI algorithms can analyze applicant data quickly and accurately, reducing bias in the selection process. The latest touring software verifies identities by comparing real-time selfies to government issued IDs, also captured in real time. • Predictive maintenance: Machine learning models can forecast equipment failures, allowing for proactive maintenance and reducing downtime. • Energy optimization: AI-powered systems can adjust building systems in real time, maximizing energy efficiency. • Chatbots for customer service: AI- driven chatbots can handle routine inquiries, freeing up staff for more complex tasks.

DIGITAL TOOLS CHANGING TENANT COMMUNICATION AND PROPERTY MARKETING

The adoption of property management software and apps is revolutionizing how property managers interact with tenants and market their properties:

• Online portals for rent payments, maintenance requests, and lease management

• Virtual reality tours for listings, and self-tours for increased traffic and secure access management

• Social media integration for community engagement and brand building

• Data analytics tools for market analysis and performance tracking These digital tools provide 24/7 access to services, streamline communication, and offer valuable insights into tenant preferences and behavior. As technology continues to evolve, its integration into rental properties will likely deepen, offering new opportunities for innovation in the multifamily sector. Property managers who embrace these technological advancements will be better positioned to meet the changing needs of tenants and stay competitive in an increasingly digital marketplace.

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