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Building an AI-Native Property Management Company

Building an AI-Native Property Management Company

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Building an AI-Native Property Management Company How can property managers implement Artificial Intelligence (AI) to make their companies more successful and efficient? The last time you joined us on The Property Management Show, we heard how Ping Hsu from Spotted Properties almost lost his business, but then transformed his role from being a property manager to a trusted advisor in the minds of his owners. In this episode, we’re shifting the conversation to how he has also built an AI-native property management company in the process. Ping Hsu – Bio Ping Hsu is the owner of Spotted Properties, an 800-unit property management company in Hamilton, Ontario, and founder of Acel Cortex Solutions (https://acelcortex.ai/), where he builds AI agents that run the back-end operations of property management businesses — from accounting to maintenance coordination. Using this system, Ping now runs Spotted Properties with a team of just three people while pushing the company’s profitability from under 20% to over 32%. He’s now helping other property management companies put the same AI-driven approach to work in their own operations.Marie Tepman – Bio Marie Tepman is Director of Marketing at Fourandhalf, a full-service digital marketing agency that helps residential property management companies attract more property owner leads — covering everything from websites, SEO, and paid ads to content marketing, online reputation management, lead nurturing, marketing strategy/consulting, and AI-driven search. With over a decade in owner-focused marketing, she’s spoken at industry conferences and written extensively on marketing for property managers. She’s also co-host of The Property Management Show — the longest-running podcast in the industry. Outside of work, she’s a mom of two and an enthusiastic home cook for her toughest food critics. How Can AI Be Effectively Implemented in a Property Management Company? Using AI to take phone calls did not work for Ping and his team. But what he did realize is that the time-consuming data transfers and paperwork did not need to be done by a team member. A Property Management System (PMS) cannot be contained in a single software. You have likely noticed this in your own operations. Ping says he uses several different platforms for several different things: DocuSign. With all of his student leases, DocuSign can help collect electronic signatures on a lease agreement from six or seven tenants.Google Calendar. This is where meetings and schedules are kept.QBO. Company financials are easily organized here. AI was built to coordinate the transfer of data, settling into accounting and administrative functions. Can You Trust AI with Your Company’s Money? Ping said that was a scary thought in the beginning. They started by implementing the AI tool Claude to run the administrative functions. But, it would never make decisions for the company. Decisions come from humans. But now, AI can be instructed to do any number of things without a human team member logging into whichever platform manages that part of the business. What does this do for the organization? Saves time.Bumps up efficiency. Before handing over any of the accounting, Ping ran a lot of tests. He was also willing to make a lot of mistakes. What Does This AI Agent Actually Look Like in Practice for a Property Management Company? Take a look at Ping’s screen, and you’ll see a pretty well-organized work flow. Here’s what the maintenance process looks like. It begins with a dashboard.A tenant makes a maintenance request.A diagnosis of the problem is made.A vendor is selected and assigned.The work is scheduledIf the owner wants multiple quotes to approve, those are provided.Tenants confirm the work is done.The invoice comes in and it’s turned into a bill.The invoice is paid.The cost shows up on the owner’s rental statement. These AI-driven work flows are available for maintenance, accounting, and leasing, and Ping says the amount of work his team has to do has been reduced. With what they have now, 55% of their work has been reduced with the AI they’re using. And, he’s still working on making it even more effective. There is no longer a human team member needed to participate in each step. How much time is actually saved? Ping says that in the past, he could not ask his team for any help on Thursdays because Thursdays were when invoices were processed. They were manually combining several tasks and charges were being added and everything was being coordinated. It took a full day. Now, the team members are basically checking the statements once, and a virtual assistant is making sure no invoices were missed. They spend two hours a week on invoices. Two hours instead of a full work day. His chatbots have also turned several hours of work into a single click when information needs to be collected and shared with tenants or owners. Emails in the company’s own tone have been created and sent. ...
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