Propic, an Australian PropTech company, has acquired Property Realm with the aim of automating up to 80% of property managers’ tasks and inquiries with human conversation-style artificial intelligence (AI) capabilities. The acquisition has been funded by an investment from ACM’s Antony Catalano and Alex Waislitz. This landmark deal brings together the two only AI-based machine learning tools for real estate into one world-first PropTech AI platform. The platform will allow landlords, tenants, property managers, and tradespeople to have intelligent AI conversations via Concierge to solve problems, answer questions, complete tasks, and get maintenance help in real-time, 24/7, using email, SMS, or messages sent from agents’ websites or real estate portals. Propic CEO and Founder, Jeffrey Gray, believes that the integration of AI solutions will liberate property managers from stress, overwhelm, and disillusionment, allowing them to focus on providing better customer service.
Making the integration of Realm’s AI technology a top priority, Propic Concierge (previously known as Enliven) aims to incorporate the advanced capabilities of Realm’s CLAIRE assistant. By doing so, property management agencies can automate a significant portion of their tasks and processes intelligently, which includes:
- Automated leasing enquiry response system: 24/7 availability and 98.6% call deflection rate from staff
- Efficiently manage and streamline your regular maintenance requests
- Evaluate the responsiveness of after-hours emergency requests and implement measures according to predetermined criteria (such as arranging for an emergency plumber call-out by the Concierge within budgetary constraints for the affected area in case of a burst water pipe).
- Invoice processing and rent arrears collection to include tenant welfare check via ai-enabled payment pattern analysis
- Improved complaint management with machine learning-powered sentiment analysis to identify and mitigate negative messages from landlords or tenants.
According to Gray, in the event of a bathroom flood at 10 pm, Propic Concierge can handle your after-hours text, use machine learning sentiment analysis to detect that the situation is urgent and you’re stressed, and then locate an after-hours plumber in your area. Propic Concierge will cross-check the plumber’s cost with your lease contract’s approved cost range before dispatching them to your address by 10:30 pm, all without human intervention.
Patrick Hill, the Incoming Chief Product Officer for Propic and former CEO of Realm, claims that combining their products results in real-time savings with a single provider, offering smart technology for both sales and property management, which the real estate industry has never seen before.
He goes on to say that they can use their customers’ digital assets to provide a more comprehensive product offering that reduces costs and increases revenue, backed by a larger customer support team dedicated to helping progressive real estate agencies. They will create highly intelligent automated solutions that leverage cutting-edge AI to meet the needs of the modern real estate industry.
