The U.S. rental market is a fast-growing and lucrative business, but managing properties can be challenging and expensive, requiring owners to do everything from vetting tenants, to setting rents, to maintaining facilities. However, Silicon Valley-based firm Zenplace has devised an entirely new approach to property management that employs artificial intelligence technology to automate tasks and reduce costs, as reported by Forbes.
Zenplace offers rental and management services that encompass all aspects of property management. The company’s dashboard app presents up-to-date information on properties, rental income and market trends, giving owners a comprehensive view of their assets and data at a glance.
The company employs adaptive algorithms that determine average rent prices for the local area. This information is presented alongside rental revenue information on the dashboard, helping owners determine the rates they should charge to obtain the optimal value from their properties.
Zenplace’s technology also identifies, screens and places desirable tenants, cutting down on vacancies and improving the value of properties.
Furthermore, Zenplace uses machine-learning techniques to enable proactive property maintenance. The company’s technology can alert property owners that a piece of equipment—such as a water heater—is approaching the end of its life, meaning it’s likely to fail soon. With this information in hand, owners can take preemptive measures to fix or replace the equipment before a costly failure occurs.
With the number of renters having increased at a record rate from 2005 to 2015, the property-management business has swelled to a massive size, reaching $73 billion in revenue annually. Because of this huge magnitude and rapid growth, property owners are likely to make greater use of AI property-management technologies in the future.
Pratik Dhebri is senior director of product management at Veritone and is truly democratizing Artificial Intelligence (AI) by orchestrating best-of-breed cognitive engines. He works with AI developers and cognitive engine providers to architect and monetize algorithms and applications. Learn more about our platform and join the Veritone developer ecosystem today.