Artificial intelligence (AI) has been on everyone's lips since the breakthrough of the chatbot ChatGPT. The hype has also reached property management companies. The benefits for the industry should not be underestimated: Chatbots for owner inquiries, automated document processing or intelligent dunning processes. Some software companies are already offering intelligent automation with real AI - like the Munich-based company Impower. But even the cleverest AI is useless without the right conditions in your own property management. After all, the use of AI can only be successful with the right system landscape and a digital way of working. We explain how to make the switch here.
Soon, much more will be possible in our industry: In future, chatbots will answer emails from customers or tradespeople, key orders will arrive at the customer automatically and bank transactions will be booked automatically. These revolutionary work simplifications will only be possible with the right software landscape. "It has to be coordinated so that there are no media disruptions," says Jürgen Forscht from Impower. "This is the only way to exchange information from one system to another - in real time."
This is the only way to exchange information from one system to another - in real time
These links are made possible thanks to cloud-based software. ERPs such as Impower are like a heart that connects all the other parts of the system. In the cloud, the systems are networked and have access to the information required for AI. Server-based products cannot do this because they only work with locally available data. And above all, they do not have access to deep learning models, which are necessary for the use of AI. "AI only works in the cloud and with open interfaces - both of which characterize cloud-based ERP systems like Impower," says Forscht, who is responsible for the operational business.
Impower customers also benefit from the mutual exchange of systems through their AI, such as the new AI-supported chatbot Copilot from Microsoft. The software giant recently integrated this into Word and Excel - and Copilot will soon also be available for the document manager Sharepoint. "If a clerk receives an email via Microsoft Office, the new Copilot can answer it independently," says Forscht.
AI only works in the cloud and with open interfaces - both of which characterize cloud-based ERP systems such as Impower
In addition to a suitable software landscape, AI also needs a consistently digital way of working. It can't do anything with invoices and resolutions in dusty folders; the technology needs digital data in order to learn and help administrators. ChatGPT is only so good because it uses the entire Internet for learning. That's why property managers also need to give the AI as much data as possible. "However, we see that many property managers are still carrying out their work using cumbersome and manual steps. Many are missing out on the potential of digitalization," says Forscht.
As soon as even one document is filed in paper form, the AI may be missing important information. Work orders placed by telephone should also be documented in the system. Ideally, employees should only process one digital work batch. One process for each order - with which the associated files are linked across the system. This eliminates the need for double or triple data maintenance in the various programs and on paper.
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Jürgen Forscht believes that the work of real estate management companies will change fundamentally in just a few years. "Managers and employees will then be supported in their work by increasingly intelligent systems. Much of what still has to be done manually today can be taken over by AI in the future." With the right preparation, the course is set for the future: for a significant reduction in workload and much greater efficiency. Jürgen Forscht is certain that AI is also the solution to the shortage of skilled workers.
