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How AI helps property managers adopt an automation-first approach

11 Jan 2024
featured how ai helps property managers adopt an automation first approach

The continued use and expansion of AI-driven tools transform how property managers achieve their goals, offering solutions to many challenges that traditional application review processes pose.

In a 2023 industry survey, property management professionals cited operational inefficiencies as their number one challenge (76%), followed by maximizing revenue and profits (61%).

Redefining the tenant screening process, automation enables property managers to improve their operations’ overall efficiency and accuracy. Property managers can streamline operations and significantly improve the applicant experience by leveraging AI to adopt an automation-first approach.

Maximizing efficiency with AI in property management

For property managers, AI transforms time-consuming tasks into efficient and error-free processes, particularly in document processing and tenant screening. 

Automated data extraction and analysis save significant time and boost overall productivity, enabling handling a larger volume of applications with enhanced efficiency. This is crucial in today’s challenging real estate environment, where high application volumes can overwhelm traditional methods.

Because of this added efficiency and productivity, adding AI and automation for property managers also reduces operational costs. Automating routine tasks lets management teams redirect their focus toward more strategic, high-value activities. This change improves the teams’ operational efficiency while fostering better and faster communication with potential tenants.

Document automation accurately extracts and analyzes critical information from rental applications, reducing errors and improving decision-making confidence for property managers. This level of precision and reliability in data handling using tools like Ocrolus leads to a more tenant-focused – and profitable – approach to property management.

Combatting tenant fraud through AI innovations

As property managers look for opportunities to improve efficiency, it’s equally critical to identify areas of potential risk.

With fraud in the multifamily industry steadily increasing, AI-driven solutions are key to combating tenant fraud, helping property managers quickly identify and mitigate risks earlier in the screening process. 

With intelligent document automation, property managers can swiftly validate application documents. Instead of time-consuming manual verifications, automated systems classify and analyze application documents, leveraging AI to detect signs of potential fraud that may not be visible to the naked eye. These AI-driven solutions are crucial in identifying and mitigating different types of application fraud that traditional manual review methods can overlook.

With Ocrolus’ Detect Authenticity Score, property managers can simplify this process even further with a holistic view of a document’s authenticity. This Authenticity Score distills Detect’s comprehensive signals into a single, easy-to-understand metric. Combined with reason codes on what informed the score, managers can confidently make tenant screening decisions while streamlining their workflow. 

Navigating future challenges with AI and automation

When balancing efficiency with growing risks, property managers must take a strategic approach to maintain a competitive edge in the multifamily industry.

Property managers can effectively respond to the shifting market demands by taking an automation-first approach. For example, regulatory compliance laws and guidelines are continuously evolving. AI-driven document automation ensures that screening processes are up-to-date with the latest regulations, reducing non-compliance risk.

As modern tenants expect quick and seamless application processes, AI-driven document automation helps property managers meet these expectations by speeding up application reviews, ultimately attracting higher-quality tenants. 

Case study: how AI-enabled Ziprent optimizes efficiency while reducing costs

In the competitive rental market, efficiency and rapid response are essential. Recognizing the need to evolve its processes to stay ahead, Ziprent turned to Ocrolus to increase overall efficiency while cutting unnecessary costs.

Before adopting our AI automation tools, Ziprent faced significant application processing challenges. While partnerships with other companies for obtaining income data addressed 20% of applications, the remaining 80% required laborious manual review and processing, which posed a significant operational challenge.

Ocrolus helped Ziprent automate the application process without relying solely on paystubs. This transformation significantly impacted Ziprent’s efficiency, tenant acquisition and team workflow.

With Ocrolus, Ziprent revamped its application process, where applicants upload pay stubs, W-2s and IDs. Using our tools, they could extract raw data and utilize proprietary AI-enabled technology integrated into their digital programs, normalizing it for decision-making based on income eligibility.

The integration of these tools enabled Ziprent to automate 80% of its tenant placement, leading to faster tenant acquisition and allowing them to provide prompt responses compared to traditional manual reviews.

Cases like Ziprent demonstrate the benefits of adopting an automation-first approach. By moving away from manual methods and integrating AI into their tenant screening workflow, property managers can unlock new efficiencies while improving tenant satisfaction and accuracy in their screening processes.

The shift towards an automation-first approach in property management is more than just a trend; it’s a necessary evolution in a rapidly changing industry. As the industry evolves, this tech-driven approach will become increasingly important for property managers to stay ahead.

Book a demo to learn how Ocrolus can help property managers make faster multifamily tenant decisions and detect fraud quickly.

Key takeaways
  • AI-driven tools transform property management by enhancing operational efficiency and accuracy, particularly in tenant screening and fraud detection processes.
  • Adopting AI and automation in property management streamlines operations and significantly reduces operational costs while improving tenant communication and satisfaction.
  • By leveraging AI-driven document automation, property managers can navigate future challenges, such as regulatory compliance and tenant expectations, and maintain a competitive edge in the multifamily industry.