Sydney, NSW, 3 May 2022 – Australian real estate PropTech innovator, Propic, today announces its acquisition of Property Realm in a move it says will “unapologetically disrupt” the real estate industry by automating up to 80% of property manager’s maintenance tasks and inbound inquiries with human conversation-style Artificial intelligence (AI) capabilities.
An investment from ACM (Australia Community Media)’s Antony Catalano and Alex Waislitz is funding the landmark deal which sees Propic bringing together the only two truly AI-based machine learning tools for real estate into one world-first PropTech AI platform.
Landlords, tenants, property managers and tradespeople will be able to use email, SMS, or messages sent from an agents’ website or a real estate portal to have intelligent AI conversations via Concierge to solve problems, answer questions, complete tasks and get maintenance help in real time, 24/7.
"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. And the fact 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,” says Jeffery Gray, Propic CEO and Founder.
The integration of Realm’s AI technology into Propic Concierge (formerly Enliven) conversational AI solution is a priority.
Once enhanced with the additional AI capabilities from Realm, including its popular CLAIRE assistant, into Propic Concierge agencies will be able to intelligently automate most property management processes and tasks including:
- Automatically respond 100% to leasing enquiries 24/7 deflecting 98.6% of calls away from staff
- Manage and streamline regular maintenance requests
- Assess the sensitivity of emergency out-of-hours requests and action based on set parameters (for example, if there is a burst water pipe, Concierge can now action getting an emergency plumber call out based on a budget guidance for the area)
- Process invoices and chase rental arrears, including asking about the welfare of a tenant if pattern-detection AI notices consistent trends in missing payments
- Complaint management, including machine learning-driven sentiment analysis to help detect and dilute angry or disrespectful messages from landlords or tenants.
Better work conditions for property managersThe promise of Propic Concierge to reduce workload without increasing headcount offers hope to agency owners struggling to retain good people. A recent Voice of the Property Manager report released by MRI Software revealed 1 in 4 property managers intend to leave the industry, with 53 percent struggling with mental health challenges related to abusive landlords or tenantOne of the ways Propic AI helps attract and retain talent in property management is the machine-learning sentiment analysis Realm created in its CLAIRE virtual assistant that now forms part of Concierge. The AI technology identifies if a tenant is angry or aggressive. Such automation of communication provides a layer of protection. If an enquiry does need escalation to a property manager to resolve, they can be forewarned about potential issues and be prepared to respond appropriately.
“Imagine your bathroom floods at 10pm. Propic Concierge fields your after-hours text, uses its machine learning sentiment analysis to sense it’s urgent and you’re stressed, then finds an after-hours plumber in your area that it’s cross-checked with your lease contract is within an approved cost range – and despatches them to your address by 10:30pm, all without human intervention,” explains Gray.
Incoming Chief Product Officer for Propic and former Realm CEO, Patrick Hill (pictured below), says, “Combining our products means real time savings with a single provider, with smart technology for applications across both sales and property management which the world has not seen in real estate before now.
“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,” says Hill.
A roadmap for real estate industry transformatioPropic’s growth acquisition strategy enables it to continue transforming the customer and agent experience, both in Australia and overseas. With no other firm in the world providing the combined power of Propic and Realm together, this deal has the potential to transform the use of technology and digital tools of the real estate industry globally.
“With this acquisition, Propic has expedited an affordable and accessible means for modern real estate agencies to substantially transform the cost base in their property management businesses. 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,” concludes CEO Jeffery Gray.
Propic is sponsoring the AREC Platinum Lounge in May 2022 with demonstrations of the integrated Concierge platform available to agency owners and property managers to experience first-hand the potential workflow and time saving capabilities. To book an appointment email firstname.lastname@example.org
For more information, high-res photography or to arrange an interview: