Don’t just adopt, create – the property people making their own tech
Increasingly, as an alternative to tech firms working across industries, we see this technology coming from those working, or those who have worked, in the property sector.
Oli Farago created web-based acquisition and asset management platform Coyote Software in 2009, allowing for — the company says — faster analysis of investment opportunities; greater market intelligence and more informed decisions about property portfolios.
Before Coyote, Farago had written small applications for property companies, before becoming one of the founding partners and chief technology officer of property management firm M7 Real Estate.
With both a software development and real estate background, Farago had built tools to simplify internal processes for years, but not on this scale. “We wanted to buy something to solve our problems at M7 Real Estate,” he says, “but there wasn’t anything out there that did what we needed — we had no choice but to build in-house.”
So he set up Coyote — writing every line of code himself for the first three years.
Aside from tracking market activity, using Coyote, everyone involved in a deal such as equity partners, debt providers, agents and due diligence advisors, can see how things are progressing with a transaction.
It also acts as an information repository, integrating with a range of systems including Yardi’s property management and MRI Software’s real estate platforms, so owners or managers can access data on all their assets in one place.
Property management pains
Tom Shrive is another to make the jump from property to tech, co-founding AskPorter two years ago as a result of his experience managing his family’s real estate portfolio of around 40 units.
“I soon realised managing properties was becoming a pain, especially data flow, reporting and costs — so I built a communications platform from the ground-up to make managing spaces simple.”
The artificial intelligence communications platform Shrive created, which he says aims to reduce client costs by up to 50%, performs the role of property manager: simplifying and streamlining mundane tasks such as organising property repairs and scheduling inspection appointments.
“It’s like an Alexa for property management,” he says. “It tackles any interaction that happens around a property, with reactive data models and customisable AI skill sets that can be white-labelled to fit with any brand.”