February 1, 2017
The real estate industry is going through a transformation. In the last decade, rental properties have grown to constitute about 40% of the overall industry, which has made property management among the fastest growing sectors. However, even though the real estate industry is getting a technological overhaul, the $55 billion space remains an old and fragmented industry.
However, an award-winning technology and real estate team from Silicon Valley stalwarts like Google, Yahoo, Nest, and Facebook are reinventing this industry. Zenplace, a technology-led property management company, is providing owners with innovative full-service rental and management. It combines property management professionals with artificial intelligence (AI), machine learning, and chatbots technology, rapidly growing to become an industry leader.
Real Estate Is 13 Percent of U.S. GDP
Real estate is the largest contributor to the U.S. economy, representing 13 percent of the country's GDP — there are about 50 million rental homes in the U.S. with 100 million tenants. However, property owners continue to find rental and management extremely frustrating and worrisome – challenged with issues like determining optimal rent, to finding reliable tenants, to leasing quickly and easily, receiving the rent on time, and efficient maintenance of their properties.
Zenplace uses next-generation technologies to provide an innovative solution that gives property owners both peace of mind and higher returns. With it, owners and properties use adaptive algorithms used by companies like Google and Amazon for determining optimal rents, helping reduce vacancy times, quicker turnaround times. Zenplace's innovative technology also sources and places great tenants.
Automated Property Maintenance
In addition, Zenplace takes a unique proactive approach to property maintenance. Using its AI and machine learning technologies, the company can give a heads-up to the property owner of potential issues in the future and offer solutions. For example, Zenplace can alert the owner that the property's water heater is nearing the end of its useful life, offering solutions to mitigate issues before they occur. This lowers costs for owners, reduces the hassle, and provides a better owner experience.
Traditional property managers have a fixed roster of vendors they use, but Zenplace's machine learning technologies scan local vendors across the nation based on price, timelines, reliability, reviews, availability, and other variables, to quickly assess and determine the best and most competitively priced vendor for the specific task.
In addition to taking care of it all for property owners, Zenplace also reinvents the tenant experience. It features an AI-powered service that works using chatbots, and through connected devices such as Amazon Alexa and Google Home. Tenants can pay their rent easily, manage their energy usage and billing, and even report issues with the property 24/7.
With this platform, property owners can now easily and effortlessly benefit from full-service property management. This new wave of innovation in property management will drive greater real estate returns, and a better overall experience for property owners.
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