- Combining the two AI capabilities will reduce workload for property managers
- Australian Community Media (ACM)’s Antony Catalano and Alex Waislitz facilitated the investment.
- It is hoped this will make it easier for the sector to attract and retain talent
Proptech innovator Propic has announced the acquisition of fellow property management AI software Property Realm in a move it says will “unapologetically disrupt” the real estate industry.
The acquisition will assist high-risk property managers by automating up to 80% of their maintenance tasks along with inbound inquiries from human conversation-style artificial intelligence capabilities.
Tenants, landlords, tradespeople and property managers will be able to use SMS, email or messages sent from agents’ websites or real estate portals to have intelligent AI conversations via Enliven – Propic’s existing AI solution – to complete tasks and solve problems in real-time on a 24/7 basis.
Australian Community Media’s (ACM) Antony Catalano and Alex Waislitz facilitated the investment.
“The real estate industry will be able to put people-first again,” said Jeffery Gary, Propic CEO and Founder.
“The days of waiting 72 hours for an agent to get back to you ends with us.
“And the fact property managers are now rated as being in a “high risk” industry because of how deeply stressed, overwhelmed and disillusioned they are is profoundly unacceptable when AI solutions exist to liberate them into a job they once loved.”
Jeffrey Gray, Propic
Enliven can respond to 100% of leasing enquiries, diverting 98.6% of calls away from staff.
Additionally, it can manage and streamline regular maintenance requests, assess the sensitivity of emergency out-of-hour requests and process invoices and chase arrears. Complaint management tasks can be performed by the system too – machine learning-driven sentiment can analyse angry or disrespectful messages from landlords or tenants.
Attract and retain talent
The announcement comes as MRI Software recently revealed through its Voice of the Property Manager report that 1 in 4 property managers intend to leave the industry, with 54% struggling with mental health challenges thanks to abusive tenants or landlords.
To counter this issue, Propic says Enliven can reduce workload without increasing headcount in an effort to retain good people. It noted the tech that can detect an angry or aggressive tenant, adding a layer of protection, along with the urgency of a matter.
“Imagine your bathroom floods at 10pm. Propic Enliven fields your after-hours text, uses its machine learning sentiment analysis to sense it’s urgent and you’re stressed, then finds an afterhours plumber in your area that it’s cross-checked with your lease contract is within an approved cost range – and despatches them to your address by 10:30pm, all without human intervention,” explained Mr Gray.
The incoming Chief Product Officer for Propic and former Real CEO, Patrick Hill said combining the products means real-time savings with smart tech across both property and sales management.
“Together, we can leverage our customers’ digital assets to reduce costs and increase revenue for them in a more comprehensive product offering, backed by a larger customer support team dedicated to supporting progressive real estate agencies, and creating highly intelligent automated solutions leveraging cutting edge AI to meet the needs of the modern real estate industry,” he said.
This growth acquisition will allow the platform to transform the experience for both customers and agents both in Australia and overseas.
“With this acquisition, Propic has expedited an affordable and accessible means for modern real estate agencies to substantially transform the cost base in their property management businesses.
Jeffrey Gray, Propic
“At the same time, good people who are struggling with long hours and soul-destroying repetitive work and abuse get released into the human-centric parts of the job that attracted them to the profession in the first place,” concluded Propic’s Jeffery Gray.