How AI Could Revolutionize the $25 Billion Property Management Industry
–News Direct–
As artificial intelligence (AI) quickly transforms entire sectors, one $25 billion industry is lagging behind.
In a world where you can do almost everything with the tap of a button on your phone order food, call an Uber, make dinner reservations, preheat your oven and even buy a carthe property management industry is stuck in the past and still relying heavily on paper-based transactions, cheque payments, manual amenity bookings, home walk-throughs with clipboard checklists and more.
The lack of innovation is not only inefficient, it can be very costly. It also doesnt fit in with shifting industry dynamics.
More and more people are opting to rent instead of buy property and a record number of rental homes and communities are being built across the nation to meet rising demand., Clearly, the need for a streamlined approach that connects the industry from construction to leasing to property management is essential.
AI can tap into data on properties, communities, tenants, and markets to tailor tools for property management-specific tasks, like screening tenants, maintenance calendars, collecting rent payments, managing common areas and writing listings. The implementation of AI can also lead to new ways for property managers and developers to make money.
According to McKinsey Global Institute, AI could create $110 billion to $180 billion in value for the industry. It could also help companies gain 10% or more in net operating income through more efficient operating models, tenant retention, stronger customer experience, smarter asset selection, and new revenue streams.
The problem is, its not just about plugging in a technology solution and expecting miracles. Property management companies are quickly learning that applying AI effectively requires a careful approach. It's about aligning the technology closely with business goals to truly unlock its value.
As AI development progresses, more tools are being developed that cater to the property management market.
Thats where Tribe Property Technologies (TSXV:TRBE) (OTCQB:TRPTF) comes into play.
Unlike other companies that offer piecemeal solutions, Tribe Property Technologies offers a full suite of tech-elevated property management solutions that cover everything from pre-construction to post-occupancy.
One of these innovative solutions is an AI-powered reporting tool that provides property managers with enhanced reporting and benchmarking capabilities. Tribe simply needs to enter a buildings address and its historical maintenance documents, and its AI will generate a comprehensive report on the buildings past and present issues, insurance information, repair and maintenance expenses, and other details that can empower the condo boards, strata councils and community managers to better understand the operational and financial health of their building. The managers can then optimize forward-looking planning and work to reduce their propertys operational costs.
Tribe Makes it Easy to Build, Manage, and Live in Residential Communities
Tribe Property Technologies (TSXV:TRBE) (OTCQB:TRPTF) is offering one of the most comprehensive and innovative solutions to an industry in desperate need of change. Tribe offers a range of services and tools tailored to different stakeholders, including Stratas & HomeOwners Associations, (or HOAs), building developers, owners, landlords, and property managers. These tools include council voting tools, AI-powered building health reports, easy payment systems, and more, all aimed at improving efficiency and enhancing the overall living experience. This all-encompassing approach not only cuts customer acquisition costs and improves retention but also enables seamless integration of value-added products and services within the platform.
By offering end-to-end solutions for all community living stakeholders, Tribe Property Technologies has established multiple revenue streams. With a focus on market penetration, Tribe has achieved rapid revenue growth and a leading market position, ranking #45 in Canada on the Deloitte Technology Fast 50 after achieving 361% revenue growth between 2019 and 2022. Backed by an experienced, multi-disciplinary management team, Tribe has a proven aggressive M&A strategy, with plans to expand in the Canadian and US markets.
In December, Tribe Property Technologies completed the acquisition of Meritus Group Management, a property management company specializing in tech-driven solutions for condominium and multi-family residential communities. The acquisition expands Tribes footprint in Ontario, adding over 5,000 additional homes under its management, and boosts its bottom line. Tribe now manages over 45,000 homes across Canada, with expansion plans into the United States.
But thats just one of the deals in the companys robust pipeline. Tribe Property has completed 12 acquisitions to date to improve profitability, with efforts focused on workflow optimizations, back-end service consolidation and other cost reduction initiatives.
The company plans to continue its M&A growth strategy, focusing on targets that expand its technology and introduce Tribe to new geographical markets.
Tribe's focus on profitability has led to a 34% year-over-year improvement in Adjusted EBITDA in the third quarter of 2023. The company remains dedicated to delivering value to its shareholders and is committed to achieving significant milestones that will solidify its financial stability and maximize shareholder value.
Tribe Property Technologies (TSXV:TRBE) (OTCQB:TRPTF) is well-positioned to disrupt the property management industry with its innovative approach, experienced team, and aggressive growth strategy.
For further information on Tribe Property's innovative solutions and projects, please visit https://tribetech.com/
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1) The author of the Article, or members of the authors immediate household or family, do not own any securities of the companies outlined in this Article. The author determined which companies would be included in this article based on research and understanding of the sector.
2) The Article was issued on behalf of and sponsored by, Tribe Property Technologies Market Jar Media Inc. was paid $1,500 for the production and publishing of this article by Tribe Property Technologiess Digital Marketing Agency of Record (Native Ads Inc.).
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6) This document contains forward-looking information and forward-looking statements, within the meaning of applicable Canadian securities legislation, (collectively, forward-looking statements), which reflect management's expectations regarding Tribe Property Technologiess future growth, future business plans and opportunities, expected activities, and other statements about future events, results or performance. Wherever possible, words such as predicts, projects, targets, plans, expects, does not expect, budget, scheduled, estimates, forecasts, anticipate or does not anticipate, believe, intend and similar expressions or statements that certain actions, events or results may, could, would, might or will be taken, occur or be achieved, or the negative or grammatical variation thereof or other variations thereof, or comparable terminology have been used to identify forward-looking statements. These forward-looking statements include, among other things, statements relating to: (a) revenue generating potential with respect to Tribe Property Technologiess industry; (b) market opportunity; (c) Tribe Property Technologiess business plans and strategies; (d) services that Tribe Property Technologies intends to offer; (e) Tribe Property Technologiess milestone projections and targets; (f) Tribe Property Technologiess expectations regarding receipt of approval for regulatory applications; (g) Tribe Property Technologiess intentions to expand into other jurisdictions including the timeline expectations relating to those expansion plans; and (h) Tribe Property Technologiess expectations with regarding its ability to deliver shareholder value. Forward-looking statements are not a guarantee of future performance and are based upon a number of estimates and assumptions of management in light of managements experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, as of the date of this document including, without limitation, assumptions about: (a) the ability to raise any necessary additional capital on reasonable terms to execute Tribe Property Technologiess business plan; (b) that general business and economic conditions will not change in a material adverse manner; (c) Tribe Property Technologiess ability to procure equipment and operating supplies in sufficient quantities and on a timely basis; (d) the accuracy of budgeted costs and expenditures; (e) Tribe Property Technologiess ability to attract and retain skilled personnel; (f) political and regulatory stability; (g) the receipt of governmental, regulatory and third-party approvals, licenses and permits on favorable terms; (h) changes in applicable legislation; (i) stability in financial and capital markets; and (j) expectations regarding the level of disruption to as a result of CV-19. Such forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of Tribe Property Technologies to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking statements. Such risks include, without limitation: (a) Tribe Property Technologiess operations could be adversely affected by possible future government legislation, policies and controls or by changes in applicable laws and regulations; (b) public health crises such as CV-19 may adversely impact Tribe Property Technologiess business; (c) the volatility of global capital markets; (d) political instability and changes to the regulations governing Tribe Property Technologiess business operations (e) Tribe Property Technologies may be unable to implement its growth strategy; and (f) increased competition.Except as required by law, Tribe Property Technologies undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future event or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. Neither does Tribe Property Technologies nor any of its representatives make any representation or warranty, express or implied, as to the accuracy, sufficiency or completeness of the information in this document. Neither Tribe Property Technologies nor any of its representatives shall have any liability whatsoever, under contract, tort, trust or otherwise, to you or any person resulting from the use of the information in this document by you or any of your representatives or for omissions from the information in this document.
7) Any graphs, tables or other information demonstrating the historical performance or current or historical attributes of Tribe Property Technologies or any other entity contained in this document are intended only to illustrate historical performance or current or historical attributes of Tribe Property Technologies or such entities and are not necessarily indicative of future performance of Tribe Property Technologies or such entities.
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Contact Details
James Young
+1 800-340-9767
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