Rental Heroes, a property technology startup based in Melbourne, has secured $1 million in Seed funding to expand their innovative property management technology that utilizes artificial intelligence.
The company’s state-of-the-art software is currently a leader in the emerging market, providing residential property managers with an automated solution for managing and addressing tenant requests.
Investible, an Australian investment group, led the investment round, which included funding from existing investor Artesian as well as new investors like the US-based Hustle Fund and Menulog ANZ’s Managing Director Morten Birk Belling.
Rental Heroes is breaking new ground by using conversational AI to automate the triage and resolution of tenant inquiries and issues, which are often time-consuming tasks for property managers.
Software as opportunity
Rental Heroes, founded in January 2020 with LJ Hooker, has grown its customer base to over 40,000, which includes big names such as Century 21, First National, Professionals, Raine & Horne, and Jellis Craig.
CEO Ben Burton stated that the residential property management industry has gone through more changes in the last year due to COVID-19 and increased regulation than it has in the last decade. This has created an opportunity for new software technology to support property managers’ rapid adaptation to new systems and processes.
Rather than disrupting the industry, Rental Heroes’ technology is designed to assist property managers. The company plans to use the recent funding to enhance the capabilities of its artificial intelligence (AI) to support a broader range of property management tasks.
Investible Investment Director Daniel Veytsblit, who first met founders Ben and Dom at an Investible Games event in 2019, noted that they have the knowledge, passion, and drive to stand out in a highly competitive prop-tech market. Seed round investor and Managing Director of Menulog ANZ, Morten Birk Belling, added that he sees significant opportunities for Rental Heroes and looks forward to supporting their expansion within and beyond Australia.
Simple Solution with Complex Technology
Rental Heroes, a prop-tech solution that aims to provide a seamless rental experience for tenants, property managers, and landlords, was founded by Dominik Chmielewski and Ben. With a background in the tech sector, they bring skills in mobile device applications, conversational AI, and lean software development to the property management industry. As former tenants themselves, they understand the complexities of managing a property, which involves balancing the needs of tenants, landlords, and trades.
To address the communication challenges faced by property managers, Rental Heroes introduced a unique digital property assistant called “Alex” that interacts with tenants via Messenger. By leveraging an existing channel, Rental Heroes eliminates the need for tenants to download a new app or remember their portal password. Moreover, the system seamlessly integrates with property managers’ existing systems, making it easy to adopt.
In July 2019, Ben and Dom graduated from the Stockland BlueChilli Proptech Accelerator Program. With the funding they have received, Rental Heroes plans to build a sales team, launch new end-user communication channels, and enhance the capabilities of “Alex” through partner integrations and AI development. Their long-term plan includes expansion into the US and UK markets through their existing integration partnerships, while ensuring sustainable growth.