Most property managers and independent rental owners (IROs) are on the lookout for ways to streamline operations, reduce administrative work and increase their bottom line. What this industry needs is a practical guide to AI and automation.
Luckily, Megan Orser has just that. Her 25-minute session from the 2024 IRO Summit breaks down the real-world applications of AI, automation and virtual assistants.
This video session covers:
- How structured workflows eliminate bottlenecks and save time
- The benefit of virtual assistants in property management
- AI-powered tools for leasing, communication and marketing
- The role of automation in reducing manual effort and preventing errors
- The importance of video for attracting and retaining renters
These insights and tools can help property managers work smarter, enhance team productivity and improve the resident experience.
Megan Orser’s full transcript
Editor’s note: Some text has been cleaned up for readability purposes.
I’m Smart Chick Megan Orser with Smart Apartment Solutions and Smart Moves.
In today’s session, we’re going to talk about Behind the Buzzwords — The IRO’s Practical Guide To AI And Automation.
Let’s get started.
We’re going to cover five topics today. I’ll share a little history of how we got from where we were to where we are now. We’ll talk about my love for workflows and virtual assistants, how we use generative AI, chatbots and automation. Then, I’ll wrap it up with the power of video along with tools and resources you can take with you and hopefully start implementing on-site after the conference.
How we got here
Smart Moves, our management company, started in 2014 with one property — 633 Water Street. As you can see, we don’t have new construction. In fact, almost all of our buildings were built before the 1900s. That has brought some unique challenges but has also given us opportunities to stand out in the market by leaning into technology even in a portfolio where people might not expect it.
Like many small operators, we quickly became overwhelmed by administrative tasks and that has only increased since 2020. Paperwork and administrative demands have grown, making it an ongoing challenge. We had to find out-of-the-box solutions that could scale without breaking the bank. By embracing technology, we found ways to differentiate ourselves from competitors.
At first, we didn’t realize how powerful workflows could be but now we love them. They led us to virtual assistants and automation which have helped us scale efficiently.
Workflows
Workflows are exactly what they sound like — the path a task takes from start to finish. Mapping out every step allows us to identify unnecessary barriers. By applying this to every responsibility in our company, we’ve found ways to streamline processes, improve efficiency and enhance both the customer experience and the internal experience for our team — our “Smarties.”
Whenever we feel stuck or need to improve a process, we revisit our workflows. This approach has helped us train new on-site and virtual teams while reducing errors. Having clear, mapped-out procedures allows our team to focus on what truly matters.
In property management, some things are out of our control, but workflows, processes and procedures give us control over what we can manage.
Virtual assistants
To effectively utilize virtual assistants, you first need well-structured workflows. I often hear people assume virtual assistants are robots but they’re not! They’re real people who prefer remote work over a traditional nine-to-five job.
For example, Alicia was a high school science teacher and Lissette was a bookkeeper for her church. They brought valuable skills to our business and increased our efficiency.
In 2023, we decided to expand our team and try something common in other industries but less common in property management — hiring virtual assistants. I initially interviewed five candidates and hired Alicia and Lissette for about $600 a month. Over time, we expanded to five virtual assistants and now have four including specialists in accounting and staffing.
With just Alicia and Lissette, we were able to delegate over 45 hours of work per month, freeing up our on-site team for more critical tasks.
What our virtual assistants do
- Process invoices
- Track certificates of insurance
- Assist with legal and collection issues
- Process applications and lease renewals
- Handle security deposit accounting (or “SODAs” in Michigan)
- Organize paperwork and keep us on task
- And so much more!
By using our Do, Delegate, Delete process, we determine what can be handed off to our virtual assistants.
- Do: Tasks I must handle myself (like speaking at the IRO Summit).
- Delegate: Tasks that others, like Alicia and Lissette, can do — often better than I can!
- Delete: Tasks that are unnecessary, redundant or could be automated.
This process has helped us offload work to our team, freeing us to focus on what truly matters.
Generative AI, chatbots & automation
In 2023, like many others, we were captivated by ChatGPT. We spent a solid month asking it every possible question. We used it to create social media content, blog posts and even a 30-day gluten-free meal plan with a shopping list!
But generative AI isn’t perfect. I compare it to a sleepy partner with amnesia — it needs constant reminders of what it’s doing. Every time you wake it up, you have to remind it who it is, what you are, who you are and what the task is. AI memory isn’t quite there yet, so the futuristic fears we see in movies aren’t reality — at least not yet.
The more I learned about AI, the better I became at generating prompts to get the results I wanted. Chatbots and automation have made me a better communicator and AI aligns well with our Do, Delegate, Delete process, saving us time on repetitive tasks and even minimizing fraud risks.
That said, AI comes with risks. We still don’t fully understand its long-term impact, especially in the legal system. Issues like discrimination in tenant screening and algorithmic rent pricing are being debated, making this an exciting but uncertain space.
How we use generative AI
We needed to send a letter to residents about a security deposit transfer. Instead of spending all day writing it, I gave ChatGPT a prompt. In under 30 seconds, I had a formatted letter that just needed minor tweaks.
Another example: AI-powered virtual staging. We had a vacant studio apartment that wasn’t leasing well because prospective tenants struggled to visualize the space. After using AI to stage the unit virtually, it leased within two weeks.
AI vs. chatbots vs. automation
- AI learns and adapts. It performs complex tasks without predefined rules.
- Chatbots are rule-based and follow scripts. Most chatbots are not AI-powered.
- Automation follows a chain reaction. It doesn’t learn or adapt but improves efficiency by reducing manual effort.
Understanding these differences helps us use each tool effectively.
The power of video
Video is still king. It’s a game-changer for property management, helping us connect with Millennial and Gen Z renters who expect video content during their leasing journey.
Video improves operational efficiency by reducing the need for in-person tours. Pre-recorded content allows for scalability, meaning potential renters can get the information they need on demand without requiring a leasing agent to be available 24/7.
We’ve also used video to enhance maintenance efficiency. For example, a short video on how to reset a garbage disposal can save residents time and property owners money by reducing unnecessary service calls. QR codes linked to instructional videos can be placed directly on appliances, thermostats and other amenities, making troubleshooting easier for residents.
Tools & resources we use
To wrap up, here are some key tools that have helped us:
- Tech Magic: A text messaging platform that allows us to schedule messages, keep a consistent phone number and send videos and pictures.
- Trello: Our project management tool where we automate tasks and workflows.
- Quad AI: Our preferred generative AI platform, especially for writing emails and resident letters.
- Zapier: Our go-to tool for automation, helping us create seamless workflows.
- Google Drive: Our digital filing cabinet for storing and organizing documents.
Final thoughts
I hope this session has encouraged you to get curious and start experimenting with AI, automation and new workflows. The key is to keep pushing the envelope and testing new approaches. If something doesn’t work, that’s okay — we’re all striving to work smarter, not harder.
I’d love to hear what you’re implementing in your business. Until we chat again, stay super smart!
