The real estate management space has come a long way since the early 1990s with the rise of Proptech startups like Kolmeo, which uses advanced AI and behavioral science to simplify the letting process.

Kolmeo, a Finnish word for triangle, aims to make the rental experience simple and convenient for the three sides of property management: property managers, landlords and tenants.

Kolmeo CEO Scott Bateman (pictured) told Your Investment Property that the start-up has developed a property management platform that addresses the long-standing complexities of the rental market.

“Using advanced AI, the platform learns and understands how property managers work to relieve their daily stress and connect them to available services along the way,” said Bateman.

“For owners, there is a huge benefit as it means they are as connected to their property as they are to their internet banking.

“We believe transparency is key and by doing so there are major efficiencies for all stakeholders involved.”

How Kolmeo makes the rental process easier for landlords, property managers and tenants

Kolmeo’s property management platform takes a three-pronged approach to addressing the challenges in leases, making it a one-stop shop for all stakeholders in the process.

Since its launch at the start of the COVID-19 pandemic in March 2020, Kolmeo has expanded its network of property managers, landlords and tenants. Currently, it provides support for 60,000 people on its platform. It is on track to reach 90,000 by the end of October.

Landlords

On the landlord side, Kolmeo works through a mobile app called Kolmeo Connect.

Aside from current rental data, rental amount and payment frequency, the mobile app gives owners a bird’s eye view of how their properties are performing.

Investors don’t have to wait for their property managers’ monthly report, because with just a few taps on the mobile app, they can see how their properties are tracking the market on a daily basis.

Kolmeo Connect also offers landlords a convenient way to communicate with their property manager.

Mr. Bateman believes it is critical that investors and property managers have constant communication, as property management is an “extremely transient” space.

“The average time in a position for most property managers is less than a year. This is incredibly frustrating for owners,” he said.

“They constantly have new team members who are kept informed and that causes annoyance and delays.”

Additionally, Kolmeo Connect allows landlords to track rent payments, expenses, and general income for a given month.

Mr Bateman said an advanced payment rail is being used for Kolmeo meaning money coming in does not have to stay in trust accounts.

“It also eliminates the risk of an agent or their employees improperly accessing those funds,” he said.

“All the work done on Kolmeo is done on an immutable ledger, providing traceability and certainty about who did what, when they did it, and what changed.”

property managers

Kolmeo streamlines the real estate management process for agencies and administrators.

With Kolmeo, property managers can integrate other tools they use into a single workspace platform.

Through the platform and accompanying mobile app, property managers can track and organize all requests, book property inspections and manage their clients’ property portfolios.

“What we really liked is talking to property managers about how much easier it is to get things moving and respond to owners and tenants, especially when they are on the go, because they can now work from their mobile device,” said Mr. bateman.

tenants

Kolmeo’s platform also makes it easier for tenants to connect with their property manager.

Tenants can use the platform to pay their rent, update contact information, and make changes to their leases such as adding partners or roommates.

Tenants can also use the platform to submit repair requests to the property. The platform ensures landlord accountability by enabling tenants to track the progress of these requests.

A mobile app is currently being developed for tenants.

What’s next for Kolmeo?

Although Kolmeo was founded by individuals who have worked at Proptech for over 15 years, it is still in its infancy.

Mr Bateman said there are ongoing projects and plans to incorporate other technologies into the platform

“We are building a marketplace in the Kolmeo platform which is planned for 2022,” he said.

“This allows property managers and owners easy access to services that can assist with the maintenance of their property and gives peace of mind when choosing new suppliers.”

The planned marketplace will follow the buy now pay later trend, allowing landlords to break down unexpected maintenance and other costs into installments.

There are also plans to deploy predictive analytics to enable landlords and managers to forecast spending.

“For example, with all the available data on your property, such as the age of a device or how many maintenance events have occurred, Kolmeo will be able to forecast future costs so you can budget for them,” said Mr. Bateman.

“We can use all this data to give owners real insight into their investment and understand their property like never before.

“It means they can see their return on investment, much like a stock portfolio, and have a greater understanding of the metrics underlying their real estate’s performance.”

Mr. Bateman believes that these technological advancements will enable real estate investors to get the most out of their investments.

“Owners spend an incredible amount of capital on their investment. We have unlocked the benefits of technology in all other facets of our lives, now is the time to unlock the technology benefits for our investment properties,” he said.

“The technology behind Kolmeo takes away some of the traditional frustrations of the real estate management industry dynamics – enabling greater efficiency and transparency, and ultimately control.”

“Instead of being constantly reactive, owners have the information to proactively manage their assets, backed by better equipped and informed property managers.”



Source