Will AI take my job? No, but a human might…

As property management software has evolved, artificial intelligence (AI) has become a pivotal tool, streamlining operations and automating routine tasks. Yet, the introduction of AI technologies has brought with it a cloud of apprehension among letting agents, stirred by fears that their roles may become redundant. However, the reality is quite the opposite. AI is not a replacement for agents but a powerful sidekick that enhances their capabilities and frees up their time for higher-value work.

Last week I met with an agent responsible for managing over 700 properties across two branches and demoed Yorlet’s payments and billing products. Despite recognising the time savings from automating payment runs, compliance, and arrears recovery,, the agent expressed a deep-seated fear: "If everything is handled by this, what’s left for me? I’d probably lose my job."

I was a little surprised, but after some reflection, I recognised that the onus is on technology firms driving AI and automation in real estate to be clearer on what they can and cannot do and why a human with an AI will outperform any standalone, software tool-simply because they are far better equipped to handle their responsibilities efficiently and effectively-something I believe will stay true for years to come in this physical, people-first industry.

I considered and then asked her what she would like to do more of currently, but is constrained by time. She highlighted the following things which prove what an ‘AI-powered’ property manager could achieve:

Transforming Challenges into Opportunities

1. Property Inspections

With AI handling routine administrative tasks, they could allocate more time to conducting thorough, frequent property inspections. This not only helps in maintaining the quality of the properties but also assures tenants that their living conditions are being actively managed. Regular inspections can lead to quicker resolutions of maintenance issues, improved tenant satisfaction, and ultimately, higher retention rates alongside demonstrating a key differentiator to new landlords when seeking to win instructions.

2. Tenant Interactions

Whether qualifying if a new viewing enquiry can afford the rent or has a furry flatmate, to negotiating renewals within agreed limits, AI liberates agents from the drudgery of paperwork and repetitive tasks, allowing them to focus on building stronger relationships with tenants.

And those human relationships matter: Mutual trust and respect come from clear and consistent communication which can lead to longer tenancies and lower voids if renters feel valued and responded to; a happy tenant means a happy landlord.

3. Proactive Compliance Management

Regulatory compliance is a major concern in property management, often requiring meticulous attention to detail. AI can automate and streamline compliance processes, ensuring that property portfolios are managed according to the latest regulations without missing anything-particularly as new legislation like the Renters Reform Bill would otherwise mean more studying, updating of terms and work that ultimately doesn’t generate money for the business.

4. Strategic Decision Making

Companies like Stonal AI provide data-driven insights and analytics meaning agents can move from being reactive to proactive when planning how to grow their business. Richer insight on anything from advising whether a renovation could attract a higher rent to local tenant demographics can unlock new revenue streams and allow property managers to demonstrate their knowledge and expertise resulting in media coverage and an enhanced reputation in a crowded market.

Conclusion

AI in property management should be viewed not as a threat but as an enhancement that brings out the best in agents. But the responsibility for this lies with the technology providers, to understand agent’s problems, listen carefully and to properly educate them on the choices available.

Agents empowered with AI are better positioned to adapt to the dynamic needs of the market, deliver superior service, and ensure that both tenants and landlords experience the best possible outcomes. Far from replacing agents, AI is set to redefine their roles, creating a new kind of property manager who actually gets to spend the bulk of their time managing properties.