Imagine a scenario where artificial intelligence (AI) not only takes on the work you don’t like doing, but it saves you money too.
It gets better. If you are a community manager or a self-managed HOA, you can use AI for these things right now!
AI is quickly infiltrating every industry, including residential property management. While it may seem novel today, several tech and property management companies are already experimenting with AI and its potential.
It’s estimated that 24% of companies currently use some type of virtual assistant to enhance their capabilities. But that number will rise. AI property management tools can increase productivity by as much as 40%!
HOAs that get comfortable with AI now will enjoy the benefits sooner, and have an easier time with more advanced applications later.
While ChatGPT and similar free programs have their place, community associations are encouraged to look at adopting AI solutions designed specifically for community management. A handful of industry-leading HOA management software platforms have already integrated AI into their features.
If you weren’t convinced that HOA management software was essential before reading this article, you will have a different opinion about it after learning how valuable it can be when it’s supported by AI.
Table of contents
Why are HOAs using AI now?
AI is still novel, but it has had time to evolve. HOAs can trust it to complete basic functionalities correctly.
Companies and communities are also exploring AI’s capabilities and limitations now as a result of financial challenges and limited resources. It always seems like the to-do list gets longer, but the budget doesn’t go as far.
When used correctly, AI can help reduce inefficiencies that cost HOAs money. It can even be used to predict when a system or component will fail. Communities can get ahead of that failure by performing preventive maintenance, and save money.
Additionally, AI-powered software can be used to personalize experiences by analyzing data and preferences. This can help property managers tailor their services to the specific needs of each community, improving overall satisfaction.
5 AI-powered HOA management software
1. Condo Control
Condo Control is best known for its resident-centric tools, end-to-end maintenance workflows, and effective communication solutions. Its new built-in AI features have unlocked new and exciting possibilities for community associations.
AI chat
If residents have questions about pet restrictions, payment processes, short-term rentals, and more, Condo Control’s AI chat has answers. The natural language processing system pulls information from documents that have been uploaded to the file library, and produces straightforward answers. Unlike some AI platforms, Condo Control’s chatbot only gives accurate responses. It won’t make up answers or offer misleading information.
Not only does the chatbot handle many of the questions that are generally directed at the board or property management team, but answers come with actionable next steps, such as links to submit requests, so residents can complete tasks on their own whenever possible.
Personal AI assistant
Condo Control’s AI assistant is here to take on some of the tedious work that slows boards and management down.
Turn a handful of bullet points into a polished email in seconds using the announcements writer.
Ask the personal assistant to compile a to-do list at the start of your workday so you can address outstanding issues.
Or, let smart ticket routing ensure maintenance requests and violation reports get to the right people so that they can follow up sooner.
With fewer resident questions to answer and less admin work to complete, HOA leaders will have the ability to devote more resources to long-term projects and complex issues that can’t be resolved by technology.
2. CINC Systems
CINC Systems excels when it comes to centralizing accounting, payment processing and financial operations for enterprise-level companies. The platform’s robust financial tools are designed to support growth and profitability, making it an invaluable asset for any community association management company.
To accompany these essential tools, CINC has introduced Cephai and Cephai+, which handle manual processes like invoice entry, task prioritization, and data retrieval.
Touchless accounting
Cephai+ does the kind of work that gives admins a headache. It will auto-match transactions to statements, code invoices, and send them to the right people for approval.
Violation detection
Imagine snapping photos of properties and letting Cephai+ do the rest. The AI program can detect violations, draft letters for owners, and escalate cases when needed.
Meaningful analytics
Communities can gain a deeper understanding of how the community is performing, and where improvements could be made, using automated reporting. Share custom reports at member meetings or with select stakeholders.
3. Vantaca
Vantaca is a leading community management performance software that hones in on business performance. Management companies like this platform because it caters to their specific operational needs.
Vantaca has joined forces with two AI helpers, Scout and HOAi, to drive positive changes and keep up with the industry’s evolving needs.
AskIQ
Whether it’s identifying potential issues before they escalate or gaining valuable business intelligence, AskIQ streamlines the decision-making process for leaders and enables them to make informed choices with confidence.
For example, if you need to know how many service requests are open across your portfolio, instead of checking each community, you can simply ask AskIQ.
Smart recommendations
HOAi can make suggestions for managers and help companies find efficiencies they may have otherwise missed. From job descriptions, to operational workflows, to budget automation, Vantaca’s AI solutions will allow management companies to run their businesses in exciting new ways.
4. AppFolio
AppFolio does an excellent job of creating streamlined processes for leasing management. Some of AppFolio’s most attractive features include rental applications, tenant screening, and work order management. So it only makes sense that AppFolio release an AI agent to assist with rental management.
Lisa guarantees a 24/7 rapid response to inquiries, and makes a great first impression by providing responses using plain language.
Lead conversion
Lisa handles routine tasks like scheduling showings and responding to inquiries asap. Lisa can also qualify leads, which ultimately makes it easier to fill vacancies.
Realm-X Flows
AppFolio also has a Realm-X AI system for more traditional property management functions.
Realm-X Flows is a workflow automation engine that helps increase the speed, efficiency, and consistency of how workflows are executed. With Realm-X, staff can automate things like rental applications, rent collection and lease renewals.
5. HOA Central
HOA Central caters to HOA communities and offers highly requested solutions like built-in virtual meetings, e-voting, violation management and vendor optimization.
Its user-friendly AI tools take things a step further and can analyze spending patterns, evaluate vendor performance, and encourage self-service actions.
Smart rulebook
Owners can ask questions about pets, paint colors, or parking, and HOA Central’s chatbot replies with a concise, policy-accurate answer pulled from governing documents.
On-demand information
Request spending records from last month or last year, get updates about job completion times, or ask for a curated folder of must-read documents for new board members.
Predictive capabilities
HOA Central is so thoughtful that it can predict what an owner might be searching for. From meeting minutes to ARC forms, it acts fast and helps to create positive owner experiences.
All of these software platforms have something unique and exciting to offer, and we are certain that new and better AI tools will become available as the technology matures.
AI FAQs
How are HOAs using AI?
- Communication
Communication is the top use case right now because it is the most accessible form of AI. Most people can comfortably use a chatbot to ask questions or draft correspondence without training or assistance.
The technology used for communication is affordable and low maintenance, and its impact is meaningful. Instead of having to address the same 4 or 5 questions every week, boards and managers can let a natural language processing system provide those answers instead. As a result, they save anywhere from 30 minutes to several hours each week.
- Data analysis and data entry
AI can analyze and organize an incredible amount of data at record speed. It can process years of HOA data in a matter of minutes and offer insights that humans would understandably overlook.
Communities can use AI to project revenue, predict inflation, or determine when violations occur most often.
- Maintenance
A property management company did some calculations and found that about 15% of common element fees are used to cover cleaning services and maintenance contracts, while another 5% are used for minor repairs and miscellaneous maintenance not included in the reserve fund budget. That’s 1/5 of condo fees going to maintenance!
AI could do a lot here to help communities reduce expenses associated with expensive fixes and emergency repairs. AI can assess historical data to predict when a system or piece of equipment will need repairs, allowing HOAs to plan ahead and take proactive measures instead of being caught off guard.
However, there are sensors and other hardware that collaborate with AI and IoT to monitor systems and components in real time. Not only can this technology predict issues, but it can also share real-time insights and make suggestions to optimize performance. If something goes wrong, the right people are notified immediately.
IoT solutions are more commonly used in commercial properties, but they will certainly find a place in residential communities over the next few years.
- Tailored experiences
AI makes it possible to provide bespoke services to owners. By tracking preferences and needs, AI can help associations customize events and services to enhance satisfaction.
How much will it cost?
It really depends on the solution and the platform. Some AI tools like ChatGPT are available for free, while others, like STAN AI, set prices based on number of doors in your community or portfolio.
AI that is built into HOA management software may be available at no additional cost. However, customers could be charged for premium AI features.
Is it safe?
Yes, AI is safe, but like any other tool, it must be used responsibly. AI systems have inherent risks related to privacy, security, bias, and transparency.
Boards and managers must be vigilant about the information they share with AI. Personal or sensitive information should never be provided to the system unless there is a valid reason for doing so, and the information cannot be accessible to anyone other than those who have authorization to see it.
It’s only going to get better from here
AI isn’t going anywhere, and it’s not going to take your job either. Instead, AI is going to help you better serve your community by taking care of the tedious, mundane and time-consuming tasks you didn’t really want to do in the first place.
It’s a good idea to get acquainted with AI tools now so that you can determine which solutions work best for your community. AI will get even better when it comes to assisting with community management, and you don’t want your HOA to miss out.
