The real estate industry is becoming increasingly reliant on technology to manage properties and streamline processes. Savvy property managers are always looking for innovative solutions to meet the demands of the fast-paced, ever-changing market.
Recently, a new tool garnered worldwide attention and is quickly becoming a powerful addition in any property manager’s arsenal — ChatGPT. At Obligo, we believe in using technology to simplify and streamline the rental process, so we’re excited to share our thoughts on ChatGPT, and its potential to transform the property management industry.
What Is ChatGPT
ChatGPT is an advanced language model developed by OpenAI, with the ability to generate human-like text based on a prompt. Its advanced natural language processing and generation capabilities are revolutionizing how businesses communicate with their customers.
In fact, ChatGPT wrote the paragraph above! When prompted and used properly, this advanced technology can help unburden property managers in many ways and take their operations to the next level.
How Property Managers Can Benefit from ChatGPT
1. Market Properties Better
Perhaps the most direct use case of ChatGPT for property managers is generating high-quality listing descriptions that accurately reflect the features and amenities of each property. You can even customize ChatGPT to match the tone and style of your property management company, ensuring that the listings accurately reflect your brand and values.
“With the high turnover rate of leasing agents, it’s often hard to get qualified people who can consistently generate new content. ChatGPT can write high quality listing descriptions and save property managers a lot of time, so it’s a super useful tool.” said Noah Smith, Obligo’s Product Specialist with two decades of multifamily property management experience.
To attract renters and stand out among competition, property managers can also leverage ChatGPT to write compelling marketing materials, such as email campaigns and promotional flyers.
2. Automate Repetitive Tasks
ChatGPT can help property managers save time and increase their overall efficiency by automating repetitive and time-consuming tasks, such as responding to common inquiries and sending reminders. An AI assistant that can answer questions 24/7 will significantly reduce the workload of property managers and let them focus on more important tasks.
Ben Nguyen, Owner of Real Property Management® Heritage in Texas, believes that ChatGPT can be a game changer for leasing and maintenance communications.
“For leasing, ChatGPT could answer property-related questions, schedule showings, suggest additional properties that meet a renter’s criteria, and explain lease agreement questions,” Ben said. “For simple maintenance requests like ‘the sink is clogged,’ AI can diagnose the issue, collect photos, and prescribe quick resolution steps to reduce ticket resolution time.”
You can integrate ChatGPT with messaging platforms, whether it’s a chat widget, a mobile app or Facebook Messenger. By providing ChatGPT with examples of frequently asked questions and the desired responses, you can train it to respond accurately and automatically. Of course, it’s important to monitor its performance and make necessary updates to best fit your workflow.
3. Improve Resident Experience and Retention
Good communication is essential for maintaining positive relationships with residents, and residents who are satisfied with their property managers are more likely to renew their lease. You guessed it — ChatGPT helps with that too!
Property managers can use ChatGPT to provide residents with up-to-date information about the property, such as changes to policies and procedures, maintenance updates, community happenings and more. For instance, you can easily produce a weekly community newsletter using ChatGPT, which helps keep residents informed and engaged.
You can also use ChatGPT to set up efficient retention sequencing, by automating regular check-ins, feedback surveys, lease renewal reminders and notifications, and incentives for renewing. With these mechanisms in place, you’ll be able to timely identify and address potential issues, lower turnover costs and ensure that your properties are consistently occupied with happy, satisfied residents.
“I see AI as a way for property managers to provide the best resident experience, from first contact to move out, and everywhere in between,” Ben said. “Technology like ChatGPT can help us hold onto renters longer and reduce risks of human error.”
Use It Wisely
ChatGPT is a powerful tool that, when used wisely, can transform property management operations. Property managers just need to be mindful of its limitations, especially where the human touch is so important. By using ChatGPT in a strategic and responsible manner, property managers can enhance the reputation of their company, improve the resident experience, and ultimately drive success for their properties.