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New software is set to shake up the real estate industry by enabling renters to have full access to their tenancy details at any time.
Realm Property has rolled out what it calls the first-ever real estate trust accounting software, dubbed Concierge.
The software, which aims to revolutionise Australia’s property management sector, works by combining artificial intelligence with voice recognition, and utilising platforms such as Google Assistant, Google Home, Google Mini, SMS, standard email systems and Facebook Messenger.
The result sees renters provided with full access to all the information they require about their tenancy 24 hours a day, seven days a week via a self-service environment.
“We have combined this integration with AI so that tenants can communicate directly with a real estate agent’s trust account,” Patrick Hill, CEO of Realm Property, explained.
“Through this technology, tenants can ask about when their rent is due, the timing of next inspection, or they can even pay their rent using Google Pay.”
The move comes after research by Realm indicated on average Australian tenants make 3.4 calls to their property manager per month, with the start-up estimating 80 per cent to 90 per cent of these calls can be answered by Concierge.
Brett Hunter, director of Raine & Horne Terrigal, is an early adopter of Concierge, noting the software enables property managers to secure “quality tenants” and give them more access to their information than ever before.
“Our landlords enjoy Concierge because it not only helps them secure quality, long-term tenants, but [it also] helps educate tenants about their rights and provides access to their payment information,” Mr Hunter said.
So far, Concierge has received financial backing from the John Singleton Group, through its investment arm Bonython Property and Investments. Mr Hill said he’s currently in discussions with several residential real estate networks, with an aim to take Concierge Australia-wide.
“We are also working on integrations with major trust account management software providers such as Rockend, Property Tree and Property Me,” he said.
Commenting on his company’s investment, Paul Anderson, executive chairman of Bonython, described Concierge as “the future of communications between tenant, landlord and property manager”. However, Mr Anderson added the design of the software lends itself to go further than purely just the real estate industry.
“Every industry needs to be mindful of technology that’s likely to disrupt. I think this platform is one of those disruptors that’s likely to have a major impact on anybody that has a customer service interface within any industry,” Mr Anderson told REB.
“Customers now want to be able to [access information] 24/7 and this platform gives them that ability, using artificial intelligence, to enable those customers to work with their supplier or with their companies when they want to — which may or may not be within normal business hours.
“The reason we’ve decided to get on board, invest and help move this technology along is that we see it as having a much broader reach than purely just the real estate industry. It gives us that whole ability to look at growing in government industries and other industries.”
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