Artificial intelligence (AI) has quickly transitioned from a mere buzzword to a practical tool that profoundly impacts various industries, including property and facility management. The ongoing evolution of AI technologies promises to reshape how property managers approach their tasks, allowing them to focus on areas that require the human touch. A focal point in this narrative is the presentation by David Franklin, an industry expert from Yardi, titled “AI-Powered Property Management—Smarter, Faster, Better,” set to take place at the 2025 BOMA International Conference & Expo.
Franklin’s talk aims to illuminate the landscape of AI tools already available to assist property management professionals in overcoming their challenges. By identifying tasks suitable for AI assistance, attendees are introduced to the potential of these technologies.
Types of AI That Can Elevate Property Management
When discussing AI, many people think first of large language models (LLMs) such as ChatGPT, Claude, or Gemini. These models are particularly potent when applied to lease administration. For instance, by leveraging natural language processing (NLP), LLMs can swiftly sift through multiple leases, extracting essential information without manual input. They can answer questions that often perplex property managers, such as details regarding rent schedules, escalation clauses, and tenant obligations related to options like renewal or termination.
Generative AI, a term describing technologies that produce new content, is another essential facet of AI in property management. Functioning as a subset of LLMs, generative AI enables property professionals to streamline report writing, enhance property listings, and create better data organization within Excel.
Additionally, AP automation platforms optimize accounts payable processes by electronically processing, coding, and approving invoices. These tools utilize machine learning to analyze structured data sets, identifying patterns that help automate approvals or provide the necessary context for human operators to make final decisions.
A more advanced subset is Agentic AI. This category focuses on AI systems performing distinct tasks with specialized capabilities. For instance, one AI agent might excel at lease analysis, while another could adeptly manage invoices. Franklin illustrates this concept with a practical example: querying the system about tenants who may terminate leases if their sales fall below a certain threshold. The AI can efficiently decode lease agreements to pinpoint relevant tenants, thus streamlining the decision-making process for property managers.
Integrating AI Tools into Property Management
Despite the promise of AI, property professionals should remember that these tools are still a work in progress. Franklin advises pursuing two main strategies to explore the potential of AI within property management.
The first approach involves leveraging readily available technologies like ChatGPT or Microsoft’s Copilot. Property managers can analyze their existing processes and discern where AI can enhance efficiency. For instance, Microsoft provides flexible tools that empower users to tailor specific functionalities to their organizational requirements.
Alternatively, property managers might choose to partner with software vendors who incorporate AI capabilities into their products, eliminating the need to develop solutions from the ground up. Franklin emphasizes this route by suggesting that property managers explore third-party solutions tailored to specific challenges, such as preventive maintenance. For instance, companies like Angus and Building Engines focus on predictive analytics to enhance property management.
Franklin advocates for a hybrid approach, underscoring the effectiveness of combining off-the-shelf software with tailored processes. By integrating standard AI solutions with custom methods tailored to the organization’s needs, property managers can maximize productivity. “Where you’re going to get the most bang for the buck is probably some combination therein,” he states.
Practical Applications of AI in Property Management
Implementing AI tools can streamline many routine tasks in property management. While the technology is still evolving, various applications already help professionals enhance efficiency and effectiveness:
Lease Management: AI can expedite lease analysis and administration, allowing property managers to focus on value-added tasks rather than rudimentary data entry.
Reporting: Generative AI aids in drafting professional reports and property listings, cultivating better engagement with tenants and improving communication.
Automation in Payables: Accounts payable processes benefit from automated data ingestion and coding, reducing the workload for finance teams.
Predictive Maintenance: AI can analyze historical maintenance data to predict potential equipment failures, enabling proactive interventions that can increase the lifespan of assets.
- Enhanced Decision-Making: Agentic AI can assist in complex decision-making by aggregating data and assessing multiple variables, allowing for informed responses to various scenarios, such as tenant requests or budget constraints.
The Future of AI in Property Management
As technology continues to develop, the application of AI in property management is set to become even more nuanced and sophisticated. With tools evolving to tackle more complex challenges, property managers will increasingly rely on AI to enhance their operations.
David Franklin’s session at the 2025 BOMA International Conference & Expo highlights this transformative potential, providing attendees with insights into practical AI applications that can streamline operations and improve tenant engagement.
For those interested in exploring the ever-expanding possibilities of AI in property management, this conference offers a unique opportunity. Attendees can learn from Franklin and other experts about the evolving landscape of AI tools and strategies that can reshape their roles.
Don’t miss out on the chance to obtain valuable knowledge—whether you’re looking to adopt off-the-shelf AI tools or partner with leading vendors in the industry. The future of property management is bright, understanding how to leverage AI-powered solutions promises not just enhanced productivity but also a deeper focus on what truly matters: fostering relationships and enhancing the tenant experience.
If you’re interested in diving deeper into these insights, consider signing up for the events at the 2025 BOMA International Conference & Expo. Engaging in conversations around the future of AI in property management will prepare you for the exciting opportunities ahead.
