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Is this PM partnership ‘the future of real estate’?

By Staff Reporter
22 June 2021 | 1 minute read
Josh Symons

A new national deal aims to widen the Australian userbase of conversational AI in the property management space.

MRI Software has signed an exclusive partnership agreement with Propic, an Australian-based proptech start-up.

The national deal “promises to accelerate AI adoption in the property management industry to the advantage of anyone who buys, sells, rents, owns or manages property and has access to the internet”, according to Josh Symons, MRI Software real estate industry principal.

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As a result, he flagged it will encapsulate “most adult Australians and property managers”.

Propic’s AI solutions have been described as enabling real estate agents and property managers to respond and communicate with consumers via automated conversational or text AI any time of day or night.

The proptech start-up also boasts capability to track every property in Australia — all approximately 14.8 million.

According to MRI Software, Propic’s solutions are even able to use predictive analytics and machine learning “to provide commercially invaluable insights, such as anticipating appraisals and listings based on potential buyers’ online behaviour, for example”.

Propic CEO Jeffrey Gray is of the belief that their AI technology “is one of its kind in the world”.

“I’m thrilled a global powerhouse like MRI, which is so well connected and respected here in Australia and New Zealand, will be advancing its uptake across real estate agencies and property firms everywhere,” Mr Gray said.

MRI senior vice-president and executive managing director, Asia-Pacific, David Bowie has also weighed in, commending Propic for developing products and platforms “that have profound benefits for our clients”.

He expressed that “it made a lot of sense for the MRI team to partner with Propic, in line with our partner program strategy, to provide MRI clients with access to innovative technology solutions”.

Newcastle and the Hunter’s property management agency Leah Jay was already an MRI client who has recently participated in a pilot program with Propic.

According to MRI Software, the Leah Jay team has seen “impressive” results: more than 99.89 per cent of more than 14,500 inquiries were successfully responded to without human interaction.

More than 100 of these included tenancy applications.

According to Leah Jay’s general manager, Cassandra Lantry, one customer even had a 31-minute conversation without human interaction — “and they were very happy with the outcome”.

“Our data shows the peak of inquiries take place at 10pm, presumably after the kids are in bed and mum and dad are on the couch watching TV and scanning real estate sites,” she observed.

The general manager said the fusion of both MRI and Propic allows Leah Jay to “truly be there for customers when it suits them”.

Calling the technology “the future of real estate”, Ms Lantry added that “it allows us to focus on meaningful interactions with people, while the AI reads emails and inquiries, understands what consumers are asking, and answers their questions — accurately, quickly and appropriately — any time, day and night”.

Is this PM partnership ‘the future of real estate’?
Josh Symons reb
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