- After raising $6M in a recent funding round, proptech business Propic has signed a license agreement
- MRI Software is a global distributor of real estate software
- Propic's AI technology allows real estate agents to deal with leads without human interaction
After raising $6 million recently from Antony Catalano and Alex Waislitz (ACM), Australian-based proptech startup Propic has signed an exclusive license agreement with US-based global real estate software business MRI Software.
Propic has developed “conversational” Artificial Intelligence (AI) technology that makes it easier for real estate agents and property managers to generate and handle leads. Basically, the technology can have real-time conversations with prospects online, feeding their information into a sales pipeline funnel for its property clients, and even have them sign rental applications.
It’s like having a scalable sales team, out and about online, chatting with prospective buyers, sellers and renters 24 hours a day.
“One customer had a 31-minute AI-powered conversation without any human interaction from us, and they were very happy with the outcome.
Our data shows the peak of inquiries take place at 10pm, presumably after the kids are in bed and mum and dad are on the couch watching TV and scanning real estate sites.”
Cassandra Lantry, GM for Leah Jay, who has been using the system
NSW-based specialist property management business Leah Jay is an existing MRI client that piloted Propic’s Enliven product from November to earlier this year across its three offices in Newcastle and the Hunter region.
The results were impressive: the AI system successfully responded to 99.89% of more than 14,500 enquiries without any human interaction, including sending 104 tenancy applications. As a result, the Leah Jay team went from 1,200 emails in their inbox to zero while providing 24/7 accessibility and responsiveness to consumers.
“The technology is simply brilliant, and the future of real estate. It allows us to focus on meaningful interactions with people, while the AI reads emails and enquiries, understands what consumers are asking, and answers their questions – accurately, quickly, and appropriately – any time, day and night,” said Ms Lantry.
The Propic platform also tracks every property in Australia (about 14.8 million) daily. It then uses predictive analytics and machine learning to provide insights, such as anticipating appraisals and listings based on potential buyers’ online behaviour.
“I truly believe our AI technology is one of its kind in the world, and I’m thrilled a global powerhouse like MRI, which is so well-connected and respected here in Australia and New Zealand, will be advancing its uptake across real estate agencies and property firms everywhere,” said Propic CEO, Jeffrey Gray.