Veco launches AI tools to automate property management admin

Automating the paperwork trail

Property software provider Veco has introduced four new AI features within its Ask Veco assistant. These tools are designed specifically to reduce the volume of repetitive administrative tasks that estate and letting agents face daily. The updates are currently available to customers using the Veco Plus platform across the United Kingdom.

The new features target four specific areas of property management: compliance documents, supplier invoices, repair reporting, and applicant matching. By integrating these into the existing system, the company aims to help teams manage routine work more efficiently. The goal is to streamline the flow of information without requiring agents to switch between different software applications.

Each tool is built to handle the 'groundwork' of data entry. For example, the Compliance Assistant can read various certificates and extract vital details like expiry dates and certificate numbers. This automation helps ensure that property records remain up to date without manual typing for every single document received.

How the tools handle data

The Supplier Invoice Helper is designed to read invoices provided in many different formats. It identifies which managed property the invoice belongs to and checks for any duplicate entries. It also extracts specific financial details, such as VAT and nominal codes, which are then presented to the agent for approval before being posted to the system.

For maintenance, the Repair Assistant provides a conversational self-service tool for tenants. This allows residents to report problems at any time of the day, providing the system with photos and additional details. The AI then creates a formal repair record that includes a summary and a full transcript of the interaction.

The Repair Assistant is also capable of identifying issues that are not the landlord's responsibility. It can flag tasks like replacing fuses or light bulbs, which are typically the tenant's duty. This helps filter out unnecessary maintenance requests before they reach the agency's primary workload.

Matching tenants to homes

The Applicant Matching tool provides a way to compare potential tenants against available properties using a variety of criteria. It looks at standard requirements such as the number of bedrooms, the location, and the total budget. It also handles less structured preferences, such as whether a property allows pets.

Agencies have the ability to set their own specific priorities within this tool. The AI then provides each match with a specific score and a clear explanation for that ranking. This allows agents to quickly see which applicants are the best fit for specific listings based on their unique business needs.

By scoring these matches, the software helps agents prioritize their communication. Instead of manually vetting every single application against every single property, the team can focus on the highest-scoring leads. This is intended to speed up the leasing process while maintaining the agency's specific standards.

Keeping humans in the loop

A core principle of these new tools is that they do not make final decisions for the property management team. Veco designed the system so that agents remain accountable for compliance and the management of client funds. The AI is intended to do the reading and the typing, but the final call always rests with the human staff.

For instance, the Compliance Assistant extracts information from Gas Safety Certificates and EPCs, but an agent must approve the data before it is filed. Similarly, the Supplier Invoice Helper identifies details, but the agent must confirm the information before the invoice is officially posted. This ensures that the software acts as a helper rather than an independent actor.

Richard Murray, the CEO of Veco, noted that agents need AI that handles the heavy lifting of data processing. He explained that the AI does the groundwork and the agent makes the final call.

Onboarding and support

To ensure that UK customers can effectively use these new features, Veco is providing dedicated support. The company's UK team will offer training and onboarding assistance to help agencies integrate the tools into their daily workflows. This is intended to help teams transition from manual processes to AI-assisted ones smoothly.

The rollout of these tools represents a move toward more sophisticated property management software. By automating the most tedious parts of the job, the software aims to make the profession more manageable. Agents can spend less time on data entry and more time on the interpersonal aspects of property management and client relations.

As the tools become more common, the focus will likely shift toward how these AI summaries are used to make faster decisions. While the AI currently handles the extraction and matching, the speed at which agents can review these summaries will determine the overall efficiency gains for the industry.