MRI Software, a global leader in real estate software, has signed an exclusive partnership agreement with Propic, an Australian-based proptech startup, to introduce new conversational artificial intelligence (AI) technology to MRI clients across Australia and New Zealand.
"The partnership 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 – that is, most adult Australians and property managers," said Josh Symons, MRI Software Real Estate Industry Principal.
Leah Jay is an existing MRI client that piloted Propic's Enliven product from November to earlier this year across its three offices in Newcastle and the Hunter region. The results were impressive: the AI system successfully responded to 99.89% of more than 14,500 inquiries without any human interaction, including sending 104 tenancy applications. As a result, the Leah Jay team went from 1,200 emails in their inbox to zero while providing 24/7 accessibility and responsiveness to consumers.
Cassandra Lantry, General Manager for Leah Jay, said, "One customer had a 31-minute AI-powered conversation without any human interaction from us, 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.
"This technology fuses the best of MRI and Propic so we can truly be there for customers when it suits them. The technology is simply brilliant, and the future of real estate. 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," she said.
Propic developed two AI proptech solutions 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. Its platform also tracks every property in Australia (about 14.8 million) daily. It then uses 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, said, "I truly believe our AI technology is one of its kind in the world, and 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."
David Bowie, MRI's Senior Vice President and Executive Managing Director, Asia-Pacific, said, "Propic has developed products and platforms leveraging AI and big data that have profound benefits for our clients. 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."