Understanding Artificial Intelligence in Property Management

Summary:

In this week’s episode of “The Property Management Show,” Marie and Brittany sit down with Faizan Ali Khan, the CEO and Founder of LetHub, to learn more about what artificial intelligence (AI) really is, and what property managers should know about its applications in their industry.

Key Takeaways:

* Artificial Intelligence can automate communication between renters and landlords and property managers.

* There are three main types of AI – Narrow, General and Super, and we are still developing General AI.

* AI can be used by property managers to answer common questions from renters, automatically send emails, save money on utility bills, process maintenance requests and more.

* There are two ways that AI can learn: Supervised and Self-Learning. Property managers are encouraged to use Supervised AI, in which their AI system has been trained by a company like LetHub.

* Implementing AI doesn’t have to remove the “human touch” from property management – it is meant to streamline operations and save time on monotonous tasks.

* If you’re a property manager interested in integrating AI, do your research to know what kind of AI you are signing up for and how much it will actually save you time.



Transcript:

Marie Liamzon-Tepman (00:00):

Welcome to The Property Management Show brought to you by Fourandhalf Marketing Agency for Property Managers.

Brittany Stephens (00:05):

Today’s topic is artificial intelligence and how to properly use it in the world of property management. Our guest is going to go over some key concepts of AI so that property managers can make better technology decisions for their business.

Marie Liamzon-Tepman (00:21):

That guest is none other than Faizan Khan, who is the CEO and founder of LetHub, an AI platform for property management companies. Happy listening!

Meet Your Artificial Intelligence Guide, Faizan Ali Khan

Marie Liamzon-Tepman (00:38):

Faizan, thank you so much for joining us on the podcast today. Since it’s your first time ever on the show, can you please let our audience know who you are and what’s your relationship to the property management industry?

Faizan Khan (00:53):

Yeah, thanks for giving me the time and the opportunity to share what we’re doing. So I’m the founder at LetHub. Lethub is an AI communications platform for rental property managers that automates the communication between renters and landlords and property managers. So nobody has to pick up the phone and, you know, pre-qualify people and book tours. So that’s all handled by River, which is our AI. And it’s in a constant learning phase where it improves with time, just like humans.

What is Artificial Intelligence?

Brittany Stephens (01:27):

Awesome. So to start off, could you define AI, define Artificial Intelligence for us common folk?

Faizan Khan (01:42):

Sure. So I think to put it in a nutshell, because it’s a very complex field and I guess the media portrays it in a very different way, anything that automates any kind of task that humans perform in a faster way or better way, that can be considered artificial intelligence.

Brittany Stephens (02:14):

So if we’re talking about different stages of AI, what are some of those?

Faizan Khan (02:20):

So again, it’s very complex. There are seven different different stages of AI, but to put it in simple terms, we can classify it in three stages. So there’s Narrow AI and then there’s General AI, and then there’s Super Intelligent.

Narrow AI is something that has very limited sort of memory and that can outperform humans in some robotic tasks. And then General AI,