Final Take Away Final Take Away
Brought to you by Yardi Canada Ltd
The
balance of AI and humans in Canadian residential markets: Preparing for 2025
By Peter Altobelli, Vice President and General Manager, Yardi Canada Ltd.
Artificial intelligence (AI) is transforming industries, including property management. In Canadian residential markets, AI offers the potential to streamline operations, enhance tenant experiences, and simplify complex workflows. However, adopting AI effectively requires a thoughtful, phased approach focused on meaningful benefits rather than trends.
How AI enhances property management
AI’s greatest strength lies in simplifying processes and empowering property teams. By focusing on key areas like communication, administrative efficiency, data accessibility, and security, AI technology can deliver transformative advantages.
Smarter communication with chatbots
AI-powered chatbots are transforming tenant and prospect interactions by understanding natural language and responding intelligently. For example, a tenant reporting discomfort in their unit might receive an automated response like, “No problem, I’ve created a maintenance request, and a technician will be on the way shortly.”
These bots handle interactions via property websites and tenant apps, managing tasks like confirming pet policies, scheduling viewings, completing or updating lease details, and more. By automating routine tasks, chatbots ensure faster service, improve tenant satisfaction, and free staff to focus on more complex issues, enhancing overall operational efficiency.
Advancing accounts payable
Tools like optical character recognition (OCR) and machine learning are transforming invoice processing by improving data accuracy and saving businesses nearly $40,000 annually, according to a Yardi study. These technologies extract key details from vendor invoices and automatically populate them into ERP systems, streamlining a traditionally time-consuming process.
What’s new with this tech: if errors are detected, alerts notify users to validate the data. When edits are made, AI learns from these adjustments, improving accuracy for future invoice uploads. This combination of automation and AI reduces administrative burdens and allows property managers to focus on strategic priorities.
Easy access to data with AI assistants
AI assistants simplify database interactions by integrating directly with ERP systems and operating as ChatGPT. Imagine managers logging into your platform and simply asking the assistant, “Who has the most overdue accounts receivable?” or “Run an income statement for last quarter.” This intuitive access ensures critical information is
always at their fingertips, empowering faster and more confident decision-making.
C ommitment to security and ethical AI
The adoption of AI comes with significant responsibility to ensure that data is secure and used ethically. It is essential to prioritize AI applications that provide measurable benefits and avoid using client data to train public systems. Operating within secure, private environments and complying with all legal and contractual obligations builds trust and confidence among clients and stakeholders. Ethical AI use not only protects sensitive information but also reinforces the integrity of tenant and business relationships. Balancing innovation with the human touch While AI can streamline tasks and provide valuable insights, it cannot replace the empathy, intuition, and decision-making skills of property managers. Tenants value personalized service, and human expertise remains essential for resolving complex issues and fostering strong relationships.
AI technology is designed to complement human capabilities by automating repetitive tasks and delivering actionable insights. This allows managers to focus on what they do best — providing exceptional service and driving portfolio growth.
Preparing
for 2025 with AI
As the Canadian residential market evolves, AI will become an essential tool for meeting the demands of tenants and stakeholders. By embracing AI responsibly and thoughtfully, property managers can navigate the challenges and opportunities of 2025 and beyond with confidence.
AI is not a replacement for human expertise but a powerful tool to amplify it. With a balanced approach to innovation and the human touch, property management teams can achieve greater efficiency, stronger tenant relationships, and measurable success in the years ahead. By staying ahead of industry trends and investing in AI thoughtfully, property managers can position themselves as leaders in an increasingly competitive market.
Learn more about AI at yardivirtuoso.com.