ChatGPT's Impact on Property Management

In this Beyond Rent podcast episode, Matt Speer joins the Beyond Rent podcast and host Joe Easton to discuss the impact of AI, Chat GPT, and technology in the property management industry.

Summary

Matt explains that AI, specifically Chat GPT, has made AI accessible and useful for property managers. He highlights the benefits of using AI in email communication, social media posts, and SEO content.

Matt emphasizes the importance of leaning into AI and leveraging its capabilities to improve efficiency and drive business growth.

To learn more, contact Property Management Advisory!

You can listen to the episode here!

Podcast Transcript

Narrator

Welcome to Beyond Rent, the property management podcast brought to you by Rent Manager. Each episode, we sit down with an expert to talk industry updates, tech solutions and top tips for those in the property management space. And now let's get to the conversation and go beyond Rent.

Joe

Welcome to another great episode of Beyond Rent. I'm Joe Eason and I'll be your host as we dive into the topic of chat, GPT and artificial intelligence. And to help us with this conversation, we have Matt Spear joining us today. Matt. Welcome to Beyond Rent.

Matt

Yeah, thanks for having me, Joe. Really excited to dig in. Chat, GBT, AI, top of mind for a lot of people. I'm really pumped to dig into it a bit.

Joe

It is it's getting so much press right now. Everyone's talking about it. I think there's probably a lot of confusion. A lot of people know, how do I use this? What do I do with these tools? Should I be using them?

All of those questions are out there, so hopefully we can answer some of those. But before we start answering questions about chat, GPT and AI, let's learn a little bit more about you so our audience knows what you're all about. So introduce yourself, tell us who you're with and what you do.

Matt

Very cool. Yeah. So, my name is Matt Spear. I'm the founder and CEO of Property Management Advisory - PMA for short. But my career kind of jumping back. I started in technology, working for a VC backed tech company. I was there briefly. I jumped into real estate investing full time, so I built up a rental portfolio, had some partners.

That was a lot of fun, but I needed property management. Once we were up to about 20 or 30 doors, I kind of just backed into being a property manager and started to slowly fall in love with it. I think a lot of people can resonate with that.

Matt

But the company I started is called Live Indy. And so Live Indy coming full Circle was our first customer of Property Management advisory. And so I have a business partner, Kenny Hall, who runs the day to day at LIV Indy, and he's done a great job growing the business. And I have a strategic passive role with assisting with Live Indie, and I'm living and breathing Property Management Advisory, helping property managers with their technology and marketing.

Joe

Yeah, thanks for sharing that background. It's very interesting. Like you said, you started to get into the whole world of real estate and rental property. And like many people, once you get involved, you realize that you really need some help, right? You need a property management company to come alongside you to kind of help out with all those details, because there's a lot going on. And considering there is so much going on, one of the struggles I think that everyone has is how to manage the technology side of what they're doing with their business.

Joe

It's kind of a classic saying that every company is now a technology company. Well, not everyone wants to be a technology company, but it's a reality that we're all using technology. So that's why I think this topic is so relevant and is so important. So let's just jump right in. So let's talk about AI, Chat GPT. So if you were to kind of give that high level description or help somebody understand what those two pieces are, how they work together, how would you explain that to someone?

Matt

Yeah, that's a great question. I think there's probably people that are listening right now that have heard about it, then maybe there's some that haven't. They're probably Googling it and then a couple of Google searches in. You're probably really confused or scared, right?

People bring up Terminator as the example of what Chat GBT is. But, no, I think the best way I can explain AI, so Chat GBT, AI, really what it's doing is taking all the information that's available on the internet that's out there, that's ever been out there, books, resources, everything, and it's processing that information.

Matt

And then, when prompted, it can help produce that information to you in a useful way. So if you wanted to know what is the best book ever written, right, you can't read every book and then come up with that answer. It'd be impossible. But with the power of AI, knowing all that information, it can give you a response, give you an answer. But even me talking about this right now, it's like, all right, how is that useful

Matt

How can I integrate that into my daily life? And I think that's what we can dig into today is how do you take action with it?

Joe

Yeah. And I think that's where a lot of people get stuck, right, is kind of, how do I use it? What should I use it for? And the idea of AI isn't new, right? So maybe we can even understand that portion of it. Yeah. AI artificial intelligence, people have been talking about it, especially in our industry, prop tech and the real estate industry, people have been alluding to the fact that their software uses it or is empowered by it.

Joe

And again, not everyone understands exactly what that means, but there's been some recent updates and I'm going to, I guess, lean on the whole Chat GPT portion of it. What's happened recently that makes AI more relevant than it was in the past?

Matt

Well, really, it was Chat GPT that kind of dropped the mic and made AI accessible. And so I'm at Chat openai.com, you could go there and play around if you haven't before, but you can ask it anything. I mean, I could sit there and say, write a paper about property management, and it's going to probably produce a paper about property management and I'm accessing this on a free account right now. That's crazy, right?

Matt

Don't share this with your teenagers in high school or your college students. I'm sure they're probably already utilizing it. But I'm like looking at this and it's like, man, that's better than I could ever write. And so Chat GBT coming onto the scene, it really changed the game and it made it I think they had something like this is probably wrong, but it's probably something like 50 million, 100 million users in the US within the first few weeks.

Matt

And so that's really what made it accessible. Because before it was like a company, like you said, saying like, oh, we use AI in our it's like, oh, well, how I don't understand it. But when you can go to a website and you can ask anything and get a useful response, that really opened a lot of people's eyes.

Joe

Yeah, and I think it is. And you reference not letting your teenagers know about this. They know more about technology than we do, so they're already way ahead of it. It's interesting. I actually heard recently that a lot of schools are now requiring that they handwrite papers just to try to get away from using tools like this to produce the paper.

So I guess if you're going to go through the effort of having AI write it, you at least have to rewrite it in your handwriting to get credit for it in some school. So they're doing their best to try to get around it.

Matt

Well, I think that's a really funny point there, Joe. I don't think we should shy away from it. I think we should lean into it. And I think the same goes for we don't have to talk about college papers or anything like that. But I think it's a really interesting example because if that technology is available, people are going to utilize it. And so the human touch is important, right. AI is just taking everything on the Internet and it's trying to come up with the most optimal response based on what it's seen, and it presents it to you.

Matt

But that doesn't mean that it's high quality content, necessarily how you prompt it and how you ask it to produce the results. That context is really important. So now there's like, fields coming up where there's people making high six digits income as prompt engineers like AI prompt engineers, they're just really savvy at prompting the technology to get the responses they're looking for.

And so I don't think we should shy away from it. I think we should lean into it as that relates to property management. I think property managers out there that utilize it and lean into it, AI is not going to put them out of business.

Matt

Another property manager using AI will.

Joe

Yeah, that's a great angle to think about it. It's like any piece of technology. It's how you use it, it's how you implement it. It's how you think about it in terms of your business and how it makes it better, which makes me wonder. So again, AI is not necessarily new. So in your experience, let's say pre 2023, when a property tech company said they were using AI, how were they using it? And how does that contrast to maybe what's happening now that there's these new tools available?

Matt

Yeah, I mean, to be completely honest, I think pre 2023, they weren't using it. And if they said they were, it was just kind of a fukazi. Is this a smokescreen? Maybe they were using like a chat bot or something on the front end of their website. Would probably be the best use case there. But Chat GPT came out, I believe it was like October or November 2022. It's on its fourth or fifth iteration now.

Matt

So my company has we're connected to the API and we're using Chat GPT four actively within some of the tools that we offer. And chat GPT four, it's not like four times better, it's maybe 400 times better. And so even since then, it's just algorithmically increased its efficiency and the cost is still incredibly reasonable to me. The average small business owner, AI just started a few months ago. In terms of being able to actually put it into your business realistically, and.

Joe

I think that is kind of the turning point. And that was a great way to phrase it, is yes, AI existed, but it wasn't really something that was scalable for most people or accessible, and now it truly is. People can start using it. So let's talk about some of those use cases. What are some of the best or most common use cases that you're seeing in our industry using AI?

Matt

So, absolute basics, think about the things you do every day. So, first of all, I want to touch on email. Everybody sends emails. If you're an average property manager, 300, 400 doors, maybe you have a team of five to ten people, maybe a few more. Maybe you rely on remote team members, virtual assistants. A lot of emails are being sent on a daily basis. The stat I recently read was something like the average person is spending around two to 3 hours per day writing emails.

Matt

Our team leveraging chat GPT and our tool called AI Aimee. We're getting that time down to 20 or 30 minutes. But not only is it down to 20 or 30 minutes per team member per day, the emails are way better. Way better. And we kind of joked about it being like you get like email fatigue. I don't know if you experienced this, Joe, it's like you have this tough email you need to send, you could do it in ten minutes. For whatever reason, it ends up taking 30 minutes and you're just overthinking it.

Matt

You finally hit send and then you're like anxious about it because maybe you could have written it a little bit better. It's like that fatigue. Now the next thing, that next task you're going to do. You're so worn out, you're just waiting for the 05:00, you're ready to just finish the workday and move on. And so I think email is one area where it's just a no brainer to start implementing it, like, today.

Matt

Seriously, today, chat GPT go to OpenAI and get started. Just like, write this email. And I'd love to share just an example prompt we could throw in there and see what happens.

Joe

Yeah, go for it. Let's go and do it live. You want to try and type something up? Because I do think email is a great example. We do write a lot of emails. Humans are very intriguing because of our level of communication, but we value it so much that we really do get bogged down and making sure that it's phenomenal. Or did we get that positioning just right? We're trying to say no without saying no. We're trying to say yes without saying yes. Right? We're trying to navigate all this when it sounds like technology might be able to do it for us.

Matt

Yeah. So I'm going to put in a prompt. I'm going to say, write an email to an upset tenant. Their fence repair took too long. And yeah, we'll just say it took too long. We don't have to throw in too much complication. We'll say write in a professional tone, very basic. I could probably talk for an hour about the prompting and what you can do here, but we'll just see what the output is. So it's the subject line, apologies for the delay in the fence repair resolution update.

Matt

Dear tenant's name. So it's basically saying, insert their name. Hope this email finds you well writing to address the concerns you raised regarding the delay in the fence repair. First and foremost, please accept our sincere apologies for any inconvenience this has caused. It's very generic, very vague, but it is useful. And what I could do here, I think this is too long and I could just respond to it and say rewrite or rephrase with half the text and then it's going to do that for me. So you're thinking about what we were just talking about, the email fatigue.

Matt

I experiencing no fatigue right now because I'm just like chatting with you, looking at the screen over here, and then meanwhile, this email just got cut in half for me. But I think where Chat GPT is going to be lacking is it doesn't have inherent context built in. And if you play around with it, you'll know what I mean, it doesn't know that you're a property management company, it doesn't know what your role is at that company, it doesn't know the services your company provides.

Matt

And the list goes on and on. So when it's trying to craft that response, it's pulling from all this data, but it doesn't really know exactly what to do, so it ends up being very generic. What we're doing with our Aimee chat tool is we're feeding in all that context. So when I would ask it to write an email, it would already know all of that about what we're doing and I wouldn't have to ask it to keep changing, keep rephrasing, update, add this.

Matt

We typically can get that done in that first prompt now.

Joe

Yeah. And one of the things I think that we all need to realize the speed of this technology at this point, you typed in a prompt, it replied instantly with a response, right? You didn't have to wait. It wasn't minutes, there wasn't a loading bar or anything like that. It was instantaneously.

You had a response. You then, hey said rewrite this with this context. And it was able to provide a response just as quick. And obviously this is audio that people can't see what you're doing. But Matt's typing as we're talking and getting these I and I just asked.

Matt

It to sorry to cut you off. I'm we're literally having this conversation. I'm typing this in real time. Like I said, rewrite it in Spanish and now it's writing in Spanish and it's like, oh, that's kind of silly.

But think about the property management business. There's probably so many people listening right now where they're like, yeah, we have a segment of our customers that they inquire, and if we had that ability to communicate with them efficiently in their native language, that'd be very helpful.

And then on the reciprocal kind of flip side of the coin, a lot of companies are working with remote team members where English isn't their first language. And so if maybe they're your maintenance coordinator and so English isn't their first language, all the inquiries are coming through, maintenance requests are coming through in English.

Matt

Well, they could copy and paste those inquiries in English into, let's say they're in Mexico into Spanish and then they're going to be more effective instantly. Right? Unlimited creativity. We're just talking about some basics, but those are some of the angles that you can think of and we're probably just scratching the surface.

Joe

And this is just one simple example of how to communicate with other people email or whatever it might look like. Let's maybe jump to another example because I know you have quite a few. What's another example of ways that you're seeing people use this technology, or maybe even your company is using this technology to help out the property management industry.

Matt

Yeah, so I think a couple off the top of my mind, it would be property descriptions, facebook LinkedIn posts, Instagram posts, and so know, Chat GPT has all this history of every Facebook Instagram post ever created.

This is basically what's happening. It knows the optimal way to write a Facebook post. And so what we've done with our software, with our AI Aimee Chat tool, is we've effectively said, here's all the context around your company, your services, what you're trying to accomplish, your pricing, all of those variables, so it knows that going into it.

Matt

And then we've given it some additional guardrails on an optimal Facebook post, so it could produce that itself, but then we give it even more information. And so then, now when our team wants to say, I think we did like a 4 July promotion where we were Facebook, write a Facebook post with a one month off promotion, and center it around the 4 July holiday, and it was using Firework emojis, and it was like, I couldn't have produced what the result was.

Matt

And then we just copied and pasted and we posted. So if you think about how many companies are out there right now listening, and they're like, you know what, we should be posting more on social. But we're not great at social. There's no excuse anymore. You could have your ten year old child labor laws. I don't know, I don't want to have any liability there. But you could have your ten year old do two social posts a day using our Aimee Chat tool. And even without our AI Aimee Chat tool, where we provide all that context, you could still effectively use Chat GPT and get the hang of it. Just might take a little bit more time.

Joe

Yeah, and I think that's what's so great about what's happening right now is what you just said, this idea that there are tools out there that are leveraging this new technology, but it is technology that anyone can go touch and try and use and better understand. I think in the past, AI felt like it was like a mystery. It was like, oh, don't worry that the technology is taking care of it's, learning it's, doing all of these things.

Joe

But it was hard to understand it because we couldn't touch it. Now everyone can just go touch it themselves, play with it, understand it, and then they can start understanding how it can apply to their business.

Matt

Yeah, and I want to bring up I've been kind of holding on to this one because I wanted to get through some of the more basics. I want to talk about SEO. And so I think up to this point, going back to when I started Live Indie in I think that was 2016, even back then, for me, SEO was this mystical thing. It's always been the confusing, how do we do it? How does Google know what to rank? Why is it so expensive?

Matt

Somebody else just do this for me. Or you just shy away from it and you don't want to invest the dollars because you don't understand it. I think AI right now has completely disrupted the content, like content in general, but specifically around small businesses and SEO like blog content. It's really opened a lot of doors. I'd love to dig into that.

Joe

Yeah, let's go there, because I do think it's very intriguing. SEO search engine optimization isn't a skill set that most people claim to have, right? I think a lot of people claim to understand high level, that if you have good content on your website, google's going to recognize it and you might get more clicks because of it. But it is it's very mysterious. Should the content be long format, short format? Do I need video? Do I need images?

Joe

You hear all of these opinions about what your content should look like to have good SEO. But at the end of the day, we all know that those algorithms are changing constantly, so it's hard to keep up with them. How does Chat GPT, how does AI change that for us?

Matt

Yeah, I think first, before I give my take on that, I think I want to just simplify how I think about SEO as it relates to a property management business. And so what I did on my end, I just typed Property Management, Kansas City, Missouri, as just the first city that popped to mind. And when you think about the results, I'm on Google. I think the vast majority of online traffic is on Google. There's some others as well.

Matt

But the idea is you want to land in the first page of Google. If you're on the first page of Google, when you type something like property Management in Kansas City, Missouri, those people that are looking for property managers are going to find you. And as we all kind of like, because we all use the internet, most people don't go to page two or page three or page four. It's really all about page one.

Matt

Page two is difficult to get know if you're on page that's you're doing something right. But it's like the returns you get in position one, two, and three. I think there's some crazy stat where if you're in first page position one, two, or three, it's like something like 60% of the total transactional traffic. So, like, people looking for a property manager, like a lead, are landing on those first three spots.

Matt

And so that's why right now, SEO is so expensive. It's because marketing agencies and companies can charge 1000, 502,000, $2,500 a month, because if they can get you into that position, it will produce a lot of leads. The problem is, most people that are investing in that right now aren't getting a return. And the reason for that is because it's just so scarce in terms of the couple spots that do get an ROI. And so what Chat GPT has done is it's allowed the everyday person to produce that content themselves or work with a company that is doubling down on this new technology to make it more efficient.

Matt

And that's what we're trying to do. And we're seeing really great results with how we're utilizing Chat GPT and the human touch and SEO science and all those things, putting it together and producing high quality content for our customers.

Joe

Yeah, thanks for breaking that down. Because SEO is important. But like you said, it's all about getting those top spots. There's only a few of them right, the top three that really matter. And how much are you going to invest to try to get to that top spot? So, I don't know. You want to dive in and give us some examples of how you are leveraging Chat GPT to drive SEO, or talk a little bit more in depth about how Chat GPT is better than maybe the human writing that.

Matt

So if you went to Chat GPT right now and just said, write me a blog post about property management and use the keywords, property management and my company name, it would write a post and then let's say you're like, oh shoot, that post is too long. Well, first of all, how do you know it's too long? What is the optimal length of a post that Google will rank, right? There's a lot of science that goes into that.

Matt

And so now imagine instead of going to Chat GPT, you use our content tool, which takes all that SEO science, builds it in. We have all that software written, all of that logic written, we plug it into Chat GPT, which we're connected to their API, we plug those two things in together and then in real time it's going and looking at the highest traffic keywords.

It's looking at we call it pillars. So a pillar would be like, you want a property management lead, or you want a short term rental lead, and then all the content is produced as a result of those pillars, and then it branches out and kind of Spider webs to where all the blog content that our system produces is playing into that full spider web, all driving towards that main pillar.

And so you're probably listening to that and you're like, spider webs pillars. What does all this mean? The cool thing is that you don't have to really understand that because we have built a system that can produce this content for you at such a low cost, you don't have to worry about it like, let us make it for you, or we've actually built it where you can do it yourself.

Joe

And I think a lot of people want to still be involved. And like you said, as far as understanding all of the spider webs or the format and the process, I don't think we have to understand on that level. But people do still want to be involved sometimes. Whether people want to pass it off completely, is there danger in trying to get overly involved at this point? Or is the technology still new enough that being involved is actually a benefit because you can help steer it, give that additional context?

Matt

Yeah, no, that's a fantastic question, because I think being over involved is really never a bad thing. I think, especially when you're running a small business like a property management company, you're just juggling balls, putting out fires. If you get a phone call, it's usually somebody's ticked off at you about something, and so you just have a lot going on. And so I think if you have the time to be able to focus on your SEO and your leads, and that's something that you can do, absolutely, you should lean into that. But for us, and I'm not here to just pitch our stuff, it's just we use Chat TPD so much in a lot of what we're doing.

Matt

When you log into our software, the first thing you see is your clicks, your impressions, your click through rate, and your keywords trended over time. And so we like to put that data in front of you because that's really the scorecard for how successful is your SEO strategy. And so if you can constantly see your scorecard, you know how you're moving and how you're trending, and so you can really feel that potential ROI. But really what it gets down to is we can produce, within our packaging, two to four blogs a month.

Matt

And we do that with all the SEO science that we're talking about. But we also can empower our customers to use the same exact technology with the same exact approach, and they could go in and write an additional ten to 15 blog posts a month. So if you go back to my original comment earlier in the conversation where I said, AI is not going to put you out of business, another property manager using AI will.

Matt

I think this is an example. If you're the company using AI to write blog posts at an efficient cost, and you're doing the volume and you're leaning in to try to understand it, now you're writing 15, 1620 blogs a month. Google will put you on the like it will objectively rank you higher if you're producing a high volume of consistent quality content. And you can tell, I'm just like, I love this stuff. I just get into it.

Joe

One of the questions I think somebody might ask is, okay, this is great. I believe in it. I want to do something like this. But what happens when everyone is using this? Is it possible? Because I know one of the things that Google looks for is unique, high quality content, right? So how is Chat GPT producing unique content on a regular basis if everyone's using very similar prompts or very similar tools to produce it at some point? Are we all just putting the same content on the Internet?

Matt

Yeah, great question. I love that. So the interesting thing about Chad TBT is, like, if I prompted it to write me a paper about the Civil War or something, it's going to write the paper, and then I'm going to say the same prompt, write a paper about the Civil War. That next output is going to be a rephrased version of the first output. So Chat GPT inherently won't just produce repeated content, especially. In chat GPT four.

Matt

It's built to produce unique content. And so what we do, it's all about adding that human touch. It's all about two things, really. The prompt, engineering what you're asking it to do. So when Google ranks content, there's a lot of misconceptions out. You know, hopefully I'm not going to offend anyone that has this opinion right now, because it's out there, everywhere, where, oh, AI content is going to get dinged by Google.

Matt

That's not true, because if I write like a series of a couple sentences, either I write it or AI writes it. There's no stamp on those pieces of text to know if that was AI or not. Google can run their algorithm, which they always have run, is, is that spammy content? A human can write spammy content and they'll get dinged and AI with a terrible prompt. It will write spammy content because it's just not high quality. It's vague, it's general.

Matt

But as we can provide the proper context, the SEO science, all those key variables to optimize the output, what we're seeing is the output of our content that we're producing is ranking without literally any human touch. You put it into an AI detector and it's like, oh, that's 80% human. No, it wasn't. We literally didn't touch it. It was AI. It was just prompted. Well, so then when you come in with the human touch, make a couple of edits, personalize it a bit, run it through an AI detector, and almost every case says that's 100% human.

Matt

Right. And so it's really not about AI detection, it's about quality content versus spammy content.

Joe

Yeah. And I love that because like you said earlier, we need to lean into this technology. We need to understand it better. We need to really use it to improve our industry. And as we try to think about the context of something like Chat GPT, the idea that it has access to all of the information that's on the internet isn't something that we really can easily wrap our minds around. So that prompting really is so important because to me, it would seem like, oh, I'm just going to ask it a very simple question.

Joe

Well, it's probably going to give you a very simple answer, which probably isn't the answer you're looking for, because it has so much more information available than another human would have. It needs to know so much more to provide that great answer.

Matt

Yeah. So layman's terms with that. Know if I said write email to a tenant about a maintenance issue, an optimized prompt with more context would be I'm a residential property manager in Indianapolis, Indiana. We have a team of seven. My role is the CEO. I also handle growth and operations. We have a local boutique feel. We have 420 doors. Like giving it, feeding it all that information and then asking it the same thing.

Matt

The output will be not even ten x better. It might be 100 X better because it now knows, all right, that's some very specific information that it can work with. So when you have specific information, it's like the response is going to be specific and more high quality.

Joe

Absolutely. So what does a property management company need to know right now? What are some maybe next steps to get their team on board moving forward using technology like this?

Matt

Yeah, I think they just need to look out and see who the companies are that are leaning into it and really try to spend time on understanding it to the point where they know who they should be working with. Because like I was saying before, a property management company, it's difficult to run. The margins aren't insanely high. You don't have the ability to hire a CTO or a marketing executive. You're lucky to have a marketing manager. Right.

Matt

And so a lot of times you have to rely on vendors that are out there working on these things. And I think cost is very important. Right. Don't just go out and buy the sexy new tech just to say you did if it's going to affect your bottom line in a negative way. What's really cool about the AI right now is that it inherently makes things more efficient and that efficiency should come through in your bottom line in terms of your cost.

Matt

So if you look at your website cost, your SEO cost, there's a few other things you could look at there. Let's say you're spending $3,000 a month or something. Maybe you throw in lead generation, something like that as well. Maybe you're spending 3000, $3,500 a month on that. What if you could get that cost down to half, right? And if that's possible, go talk to those companies that can do that. I think that's how I would approach it. But I want to share a quick example. Like my company live. Indy.

Matt

This is getting pretty know. I hope this person that I'm going to be talking about doesn't listen to this, so I'll try to keep it kind of vague. Live India was having an issue with their maintenance coordination. So they have a local US based maintenance manager. We'll say his name's Jacob. And so Jacob, we were using property meld and tenant satisfaction is something that gets tracked. That was going down from, I think 4.5, it tanked down to like 3.53.6, something like that. And then we're getting bad reviews on Google from tenants and it was just like a flurry. I think Live in he's like a 4.7 rating. And so it's like, man, this is bad because we're down to a four six. And that's happening quickly.

Matt

This maintenance manager also was making like, let's call it 6000 $507,000 a month, like paid pretty well, but they were also assigning maintenance requests to themselves, which was fine. They were going out and spending time doing that and they were like boots on the ground but what ended up happening is tenant satisfaction going down, google reviews, reputation going down, and it was expensive. Live Indy replaced that maintenance manager with a virtual assistant for $1,500 a month, give or take maybe 1800 using an AI tool.

Matt

And what happened to the Google reviews and the response time, night and day difference? So that is a direct, like everyone listening to this, if they're spending too much or having those similar problems with maintenance right now, there's an opportunity to save three, four, $5,000 a month and scale better. That's what gets me excited, is like attach Chat GPT AI, simplify it and attach it to something in your business. Just one thing.

Matt

Don't try to do it all at once. Just do one thing that can really move and affect the bottom line for your business.

Joe

And I think that's a great next step. Right? Think about that place in your business where maybe you have a pain point, maybe you know that you're not leveraging technology at the level that you should. And find out how you can get Chat GPT involved there and kind of move forward in that way. So as we kind of come to a close here, matt, final thoughts on AI and all of this new technology that's out there.

Joe

And I want to also make sure you have a moment to make sure our audience knows how to reach out to you, your team, whatever it may look like, to learn more about this because it sounds like you have a lot more to share.

Matt

Oh, yeah. I appreciate you chatting with me today, Joe. I could talk about all this stuff for hours. It's like the Joe Rogan podcast or something. Like they go on for like two, three, 4 hours at some point. I'm glad you limit this to 30, 40 minutes here. I think that closing thoughts like AI is here, it's real, it's happening. That's not going to change. It's just going to escalate and continue to integrate into our daily lives, I think. Lean into it, right? When the Internet came out in whatever year that around the 2000 or whatever, lots of people were like, you know what, I'm killing it on the Yellow Pages.

Matt

I don't need the Internet. Internet is a fad. Well, a lot of those businesses aren't businesses anymore. I think the AI is that level of disruption. It's as big as the Internet, the iPhone. And so lean into it, do research, talk to companies that are utilizing it and just make it a priority as you finish up the year. And if you want to talk with us. So our company property Management advisory, check out our website propertymanagement page.

Matt

So propertymanagement page. And you can see kind of our digital billboard. You can see what we do, some of the ways that we're helping our customers leverage AI. And feel free to reach out there and we can have a conversation.

Joe

Yeah, that's perfect. So, yeah, definitely reach out, learn more. Go play with it, right? It's a free tool. Go get an account with Chat GPT and learn about it there. I think instantaneously you'll be very intrigued by it. So Matt, thanks for your time. Really appreciate all of the insight on this new technology. I'm excited about it. I can tell you're excited about it as well. And thanks to our audience for listening in as well.

Joe

Hopefully you learned something and you reach out to Matt's team and learn more about Chat GPT. And until next time, keep going.

Narrator

Thanks for joining us for this episode of Beyond Rent. If you enjoyed this podcast, spread the word on social media and with your peers in the industry to be notified when more episodes are released. Subscribe using your favorite podcast player. Beyond Rent is brought to you by Rent Manager property management software. Learn more about Rent Manager's industry leading software.