Last modified on September 10th, 2021
By Marc Frenkiel
Thanks to artificial intelligence, property management is in the early stages of a technological revolution.
But you may be wondering how.
Andrew Mutz, Chief Technology Officer, Property Management for AppFolio, explained that “AI technology can automate more and more of the routine work that goes on inside these [property management] businesses.”
According to Cat Allday, Vice President of AI Initiatives for AppFolio: “AI has the power to digitize, streamline, and automate your routine processes, delivering business efficiencies that free you and your staff to focus on finding new owners, delivering great service, keeping you operating at the top of your game.”
Many AppFolio customers are experiencing these benefits as we speak, and the industry at large is taking note. In 2020, our AppFolio AI won the Artificial Intelligence Excellence Award for Best Product or Service, and most recently, we took home the AI Breakthrough Awards Best AI-based Solution for Real Estate in 2021.
AppFolio award-winning artificial intelligence
AppFolio has focused on applying AI technology within existing property management workflows to improve productivity, resident satisfaction, and accuracy of data.
One application of AI technology for leasing is AppFolio’s AI Leasing Assistant, Lisa. Lisa automates the leasing inquiry experience by leveraging conversational AI to streamline communication and schedule showings. She is on call 24/7 and responds to all inquiries immediately.
Carina Lyons, Corporate Vice President of Concept Property Management, tells us that “Lisa, the AppFolio AI Leasing Assistant, has changed the game for us – we were simply unable to keep up before AppFolio. It’s been fantastic and absolutely allowed us to rent faster!”
Another way AppFolio has applied AI is through Automated Accounts Payable, which handles data entry in the AP space. Users are given an email address and a physical mailing address where vendors can send all of their accounts payable invoicing. AppFolio AI then uses computer vision technology to parse the documents and create appropriate entries in the accounting system.
Since its release, we’ve expanded the technology to be able to extract relevant dates, support vendor discounts and markups, and have deepened support for specific types of invoices like utility bills by extracting account numbers and service periods.
Andrew Mutz went on to say “there’s a science-fiction author named William Gibson who has a great quote about the future that I think really applies to AI in this industry:
‘The future is already here. It’s just not evenly distributed yet.’”
For a deeper look at how AppFolio is helping to distribute this cutting edge artificial intelligence among real estate operators of all sizes, check out the summary of a recent study we conducted on the perceptions of AI among property management professionals, as well as the The Top Floor podcast episode on smart home technology.
We’re excited about the future, and hope you are too.