Practical Applications of AI in Property Management
AI technology offers the potential to analyze vast amounts of data more quickly and efficiently than the human mind is capable.
AI technology offers the potential to analyze vast amounts of data more quickly and efficiently than the human mind is capable. It can also streamline and optimize business processes. As AI technology continues to evolve exponentially, its current and potential impact is yet to be fully realized or understood.
According to a 2024 study from Statista, data collection is growing exponentially—with approximately 402.74 million terabytes of data generated daily on a global basis. This collection of data has been accelerated in recent years by the prevalence of IoT devices, paired with the existing global adoption of mobile devices. From a data analysis standpoint, AI serves as a much needed additional layer to research and analyze that data.
Property management companies are now faced with the decision of when, where, and how to adopt AI to maintain competitive advantage.
Some practical applications of AI technology in property management:
- Portfolio Management: AI offers the potential for real-time analysis of comps and key data related to ever changing market and submarket conditions. This data can be leveraged to inform underwriting, proformas, budgeting, and operational decisions.
