Leading Investment Group backs property management AI
The John Singleton Group has invested in technology start-up’s world-first real estate software, Property Realm, through its investment arm Bonython Property and Investment
- Leading investment group, John Singleton Group is investing in a new real estate software, Property Realm
- Property Realm combines artificial intelligence (AI) with voice recognition
- There are a combined 42.275 million rental properties in Australia, the UK, and the United States
- Some of the more significant rent rolls in Australia number more than 10,000 investment properties.
Property Realm, which is revolutionising the property management sector in Australia, combines artificial intelligence (AI) with voice recognition. The technology utilises platforms such as Google Assistant, Google Home, Google Mini, SMS, and soon, standard email systems to provide tenants with full access to their tenancy details. With ease, tenants can access all the information they need in a self-service environment at a time that suits them 24 hours a day 7 days a week.
Realm will soon have similar solutions for Facebook Messenger, Apple’s Siri and Amazon’s Alexa products.
Paul Anderson, Executive Chairman of Bonython described Realm as “the future of communications between tenant, landlord and property manager, but ultimately it will become the platform for any interaction with customers who want self-service 24/7 when it suits them given the system’s flexibility and adaptability to any situation.”
“Realm’s AI is a world first, and we are excited that it has so much international potential.
Technology with global potential developed on the Central Coast of NSW
Mr Anderson added, “We are also proud to support a technology conceived, tested, and delivered from the Central Coast of NSW, and yet again showcases the regions ability to create fantastic business opportunities.” he added.
The start-up has invested heavily in this new technology that integrates voice recognition through Google with a real estate agent’s trust account, according to Patrick Hill, CEO of Realm, the developer of Property Realm.
“We have combined this integration with AI so that tenants can communicate directly with their information in their real estate agent’s trust account.
“Through this technology, tenants can ask about when their rent is due, the timing of their next inspection, or log maintenance requests.”
Massive global market potential
According to data produced by Realm, there is an estimated 2.2 million rental residential properties under management in Australia, as well as 7.5 million rentals in the UK and a massive 40 million in the United States.
In Australia, the average rent roll is 280-320 properties, with some of the more significant property managers overseeing as many as 11,000 managements[i]. On average across Australia, tenants make 3.4 calls to their property manager per month. Realm estimates that 80-90% of these calls can be answered by their AI, CLAIRE using technology already owned and used by the tenant.
Mr Hill, admitted working with the John Singleton Group, is an exciting prospect for the technology start-up as it will assist the expansion of Realm and support the delivery of its product lines across Australia, internationally and into other industries.
“With the John Singleton Group’s understanding of buyer behaviour through its peerless history in advertising, hospitability, hotels and development they have recognised Realm’s offering is the future in communicating and doing business using AI and voice recognition.”
“We are very excited to have the team’s expertise on board working for our mutual clients,” Mr Hill added.
Rollout of Property Realm
Realm is in discussions with some of the biggest residential real estate networks regarding Australia-wide rollouts for the AI Technology solution.
“We are also working on integrations with major trust account management software providers such as PropertyMe, Rockend’s Property Tree and VaultRE” said Mr Hill.
An existing client of Realm, Brett Hunter, Director of Raine & Horne Terrigal, says the service, marketed as Raine & Horne Concierge enables property managers to secure quality tenants and give them more access to their information.
“Our landlords enjoy Raine & Horne Concierge because it not only helps them secure quality, long-term tenants but helps educate tenants about their rights and provides access to their payment information.”
Save time & automate communications using SMS, Email & Google Assistant to talk to your cloud based software
Realm has spent two years building the industry’s first Artificial Intelligence that can talk to tenants, solve problems and support the property management team. The end result is a huge time saving on everyday property management tasks, an increase in managements due to technology leadership, a 24/7 tenant support system and lastly, new revenue opportunities all found, produced and driven by AI. Don’t get left behind, let Realm take you into the future!