In a move set to reshape the landscape of property management, Beekin Inc. has announced its strategic partnership with Buildium, the premier property management platform for small and medium-sized property owners. This collaboration brings forth a powerful fusion of advanced AI technology and property management expertise, aiming to optimize rental portfolios and streamline decision-making processes for investors, lenders, and property management companies.
Unlocking the Power of Data and Analytics
"Data and analytics are vital to outperformance in the real estate investment world, at a time of uncertainty and rising costs," emphasizes Michael Mauseth, SVP/GM Mixed Use Division at RealPage. The partnership with Beekin positions Buildium at the forefront of innovation, providing valuable AI-powered tools to customers navigating the challenges of the real estate market.
Beekin's Data Aggregation and Analysis
Beekin stands out with its ability to aggregate millions of data points from diverse sources, including property management software, listing sites, and location datasets. Through sophisticated AI tools, Beekin analyzes this data to offer key insights, such as predicting when a tenant may be expected to move out. This data-driven approach removes guesswork from pricing rentals and aids in finding the best tenants for each unit.
Empowering Property Management with Progressive Solutions
As a trusted real estate analytics pioneer, Beekin's decision intelligence platform is designed for institutional investors and lenders in the rental housing sector. The platform, featuring patented software for rent valuations, revenue optimization, and rental indexation, is poised to boost Net Operating Income (NOI), increase customer retention, and drive operational efficiencies across underwriting and asset management.
Leasemax: Optimizing Rental Pricing with Precision
One of the groundbreaking features that Beekin brings to property managers utilizing Buildium's software is Leasemax. This innovative tool is designed to optimize rental pricing with unparalleled precision. Through LeaseMax, revenue, asset, and property managers can achieve a remarkable 150% improvement in pricing apartments and houses compared to existing solutions.
LeaseMax's strength lies in its complexity, leveraging data from millions of lease transactions. Constantly learning and evolving, LeaseMax's models are fine-tuned to help property managers make informed decisions about rental pricing. Whether managing a few thousand units or hundreds of thousands, LeaseMax has proven to grow Net Operating Income (NOI) by an impressive 400 basis points (bps).
WILSON: AI-Powered Resident Loyalty Platform
Another invaluable contribution from Beekin to Buildium users is WILSON, an AI-powered resident loyalty platform. Integrated with Beekin's real estate analytics platform, WILSON goes beyond traditional approaches to resident management. It analyzes macro and microdata on sentiment, messages, work orders, and demographics to understand renter behavior and trends.
Predicting Renewals and Enhancing Customer Retention
WILSON utilizes AI and machine learning to predict renewals and outcomes a full 12 months in advance. This foresight empowers property managers to understand loyal residents and prioritize initiatives effectively. By connecting residents' demographics, behaviors, and internal property data, WILSON assists teams in measuring the impacts of vendors on retention and loyalty.
Research shows that customers with high WILSON scores are 80% more likely to stay than those with low scores. With decades of research and training on 1,000,000 lease outcomes, WILSON provides property managers with actionable insights in a matter of hours.
Looking Towards the Future
Vidur Gupta further highlights the importance of the collaboration, stating, "Together with the Buildium marketplace, we hope to deliver better tools to these companies who create vital housing supply in the United States at a time when it is needed the most."
In conclusion, the partnership between Beekin and Buildium marks a significant step forward in leveraging AI for the benefit of the property management industry. As these innovative tools become integral to decision-making processes, we can anticipate a positive impact on efficiency, profitability, and the overall quality of rental housing services.
For more information about Buildium, visit Buildium.com. Explore Beekin's platform at beekin.co.