using AI to make your Property Factoring job easier now!

 
There are several AI tools that you can use today to help you manage large volumes of information and take the sting out of every day mundane property factoring tasks.

Perhaps the most commonly known AI tools are Chatgpt and Gemini (previously Bard from Google).

You might use these tools to:

• Summarise title deeds
• Condense long message threads – perhaps to prepare for site meetings
• Identify variances or an overview of financial documents
• Reviewing the wording of customer communication

To get what you need from AI tools, ensure that you ask clear and specific questions where you provide context. For example when you upload a title deeds document to Chatgpt you might ask:

• What areas in the building are common to the co-proprietors?
• What is the share of communal works to each co-proprietor?
• Who is the owner of the property?
• Can debt be reapportioned to co-proprietors?

To get the best results, ensure you avoid any jargon or asking too broad a question 😉. Here are our AI generated top tips!

• Be Clear and Specific: State exactly what you want to know or accomplish. For example, instead of saying, “Tell me about these Title Deeds,” try, “What areas in the building are common to the co-proprietors?”
• Break Down Complex Questions: If your question has multiple parts, it may help to split it into separate queries. For instance, asking about commonality in the building, and then ask about the share of communal works.
• Provide Context: Including relevant background information can lead to more tailored responses. For example, if you’re looking for advice on a specific building location, or project title from a message thread, mention it!
• Use Follow-Up Questions to Dive Deeper: If the initial answer is too general or misses a point, follow up to clarify or ask for details. This back-and-forth often leads to more refined answers.
• Request Examples or Step-by-Step Guidance: When applicable, ask for examples or a step-by-step approach, like “Can you provide a step-by-step guide to conducting a building site inspection?”
• Experiment with Wording: If an answer doesn’t fully satisfy your question, try rephrasing or using synonyms. Sometimes different phrasing can trigger a more relevant response.
• Ask for Resources or Tools: If you’re looking for external resources, specify this. For example, “Can you recommend online tools for graphic design?”
• Limit Jargon or Ambiguous Terms: Unless discussing a specialised topic, use clear language that avoids ambiguity. For instance, instead of “What’s the best way to improve it?” specify what “it” refers to.
• Specify the Format: If you need a list, summary, or detailed explanation, mention this. For example, “Can you summarise the key points from this message thread?” or “Please list the steps.”
• Stay Patient with Iterations: ChatGPT can improve responses as you iterate or clarify. Sometimes the best insights come from a few exchanges rather than a single question.

AI can automatically extract essential information like dates, names, and clauses from long documents, making it easy and quick for you to locate critical information.

applying AI to our property management software

At otagoTech we have integrated existing AI technologies into our property factoring software and are exploring all of the possibilities for your use via our all in one platform.

For example, our software has a document repository. AI can be used here to categorise documents in addition to use in our jobs and messaging functionality.

As you know, Property management often requires extensive communication between property owners, tenants, contractors, and other stakeholders. Large message threads can become overwhelming, making it challenging to find pertinent details.

By integrating these AI-powered functionalities, property factoring software can help streamline communication and make it easier for managers to stay on top of important conversations.