Artificial intelligence is an area of computer science that develops systems and algorithms that enable tasks to be formed without humans. This can include everything from problem solving and decision making to language comprehension and speech recognition.
AI is increasingly being integrated into many industries, including the rental industry, and is changing the way that property owners run their businesses.
In this article, we’ll explore some of the ways that artificial intelligence is making its mark on the rental industry and transforming the experience for both property managers and tenants.
For a taste of how it is being implemented, check out this source, a user-friendly platform in the holiday rental space. It lists everything from apartments in London to vacation homes in Dundonald while using AI powered tools to enhance the browsing experience.
Personalised recommendations
Most social media users will know that the content you view through platforms is personalised, based on what you have previously interacted with. AI powered systems can do the same for guests browsing holiday rental sites and showcase personalised recommendations for properties and experiences.
By understanding user preferences through the use of algorithms, they can reveal suggestions that are better tailored to guests’ interests and are more likely to generate a booking. AI powered tools can also send customised messages to guests, with the algorithms continually learning about guest behaviour through interactions.
Property management
One of the most obvious ways that AI can assist in the rental industry is via the simplification of property management tasks. This includes everything from scheduling inspections and maintenance to generating notices and invoicing.
If you have your property listed on multiple holiday rental platforms, AI can synchronise all of your calendars to avoid double bookings and streamline communication with guests. It can be used to automatically send out messages to guests regarding check-in procedures and house rules, as well as what to see and do in the area.
Revenue management
Revenue management is all about boosting your occupancy rates and maximising the amount of money you earn by adjusting your prices in response to supply and demand. It takes into account booking patterns and what the competition is doing, and will strategically set prices to ensure you get the best return on your investment.
Figuring out the most suitable price to charge on different dates can be an onerous task but is something that AI powered tools can do effectively by forecasting demand. In response, the system will automatically adjust prices based on market trends and fluctuations, ensuring your revenue possibilities are optimised.
Smart home technology
AI can also play an important role in the everyday experience of staying in a rental and smart home technology, whether it’s through the use of an AI voice assist or a robot vacuum.
Artificial intelligence can be used to monitor the temperature, humidity and air quality inside your property, and will adjust appliances to improve the property’s overall energy consumption.
To assist with check-in and check-out processes, AI powered keyless entry solutions are now available. This greatly reduces the time required by property managers to coordinate entry into the property while adding an extra level of privacy for guests.
Risk management
Renting out your property to “strangers” always comes with risks attached but AI-powered tools can help to mitigate these.
Artificial intelligence can be used to screen guests by evaluating their information and past behaviour, and generate a risk score. Property owners can then use this to make an informed decision as to whether they want to accept a booking or not.
AI-powered systems also analyse patterns in payment and booking data to detect potential cases of fraud, which could prove costly for owners. This might include everything from fake bookings to demands by credit card providers for costly chargebacks to refund the costs of fraudulent transactions.
Remote inspections
Inspections are a standard procedure in the long-term rental market but can be stressful for both property managers and tenants.
Discrepancies can occur in the condition of the property and maintenance issues, with these sometimes escalating into legal cases. AI powered inspections offer an alternative, allowing the inspection to be carried out remotely and eliminating the need for a physical visit.
Through the use of computer vision and image recognition technologies, property managers can assess not only the condition of the rental but also identify any potential maintenance issues that haven’t been highlighted by the tenant.
In addition to detecting damaged furnishings or walls, AI can highlight water leaks that could be causing long-term damage. It can also ensure that safety standards are being met and that cleanliness standards are being adhered to.
By analysing historical data, AI startups are developing platforms that can predict when maintenance needs to be undertaken, enabling landlords to do them at the most convenient time and without losing valuable bookings.
This also means that issues are dealt with before they escalate into much bigger (and costlier) ones.
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