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A future where automated property management is the norm may not be too far off, following Propic’s announcement of its acquisition of an innovative AI property management brand.
The acquisition and integration of Property Realm into Proptech’s existing Enliven Conversational AI solution will reportedly utilise human conversation-style artificial intelligence (AI) to automate up to 80 per cent of a property manager’s maintenance tasks and inbound inquiries.
The system will allow landlords, tenants, property managers and tradespeople to use email, SMS or messages sent via an agents’ website or real estate portal to engage in a conversation to solve problems, answer questions, complete tasks and get maintenance help in real time.
Propic chief executive and founder Jeffery Gray believes the implementation of AI software will “liberate” property managers.
“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.
“The real estate industry will be able to put people-first again. The days of waiting 72 hours for an agent to get back to you ends with us,” he added.
The announcement follows findings from the recent Voice of the Property Manager report, which highlighted that one-quarter of property managers intend to leave the industry, with a further 53 per cent detailing that they struggle with mental health challenges related to abusive landlords or tenants.
Through the acquisition, Propic will welcome former Realm CEO Patrick Hill into the business as chief product officer.
He expressed that the merging of the two products will ensure the needs of the modern-day real estate industry are met.
“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.
Mr Gray concluded that the acquisition would aid property management businesses with cost management while supporting their struggling employees.
“Propic has expedited an affordable and accessible means for modern real estate agencies to substantially transform the cost base in their property management businesses,” Mr Gray stated.
“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.”
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