The Next Big Thing in Property Management Innovation: Talking Data and A.I. with Home365

The Property Management Show is based in Silicon Valley, and the beauty of our location is that we get to meet entrepreneurs driving property management innovation. Today, our guest is Daniel Shaked, the founder of Home365. This is a company that sells maintenance end-to-end through technology, specifically using artificial intelligence (A.I.) and their own network of service providers for one flat fee. Home365 and Property Maintenance Traditional industries can be more efficient by leveraging cutting-edge technology, and that’s where Home365 comes in. They want to connect homeowners and property managers with service professionals, and they want to do it in a way that’s more reliable and more cost-effective. There can be pain and friction between homeowners and maintenance service providers. There’s a low level of trust, and Home365 believes they can remove that pain and provide a better experience when you need maintenance on your property. They believe maintenance is one of the biggest components of property management, and it should be handled by professionals in a predictable and transparent way. There’s a shortage of qualified contractors, vendors, and tradespeople all over the world. It’s a global pain. But, the question you may be asking is – how does Home365 help property managers? It may sound like the business platform actually competes with them. After all, property managers are in business to solve maintenance issues for homeowners.     The way Daniel sees it, a property management company’s main job should be to manage more doors and to do less manual work. Instead of focusing on logistics, a growing property management company needs to focus on winning more business. Remember, only 35 percent of rental properties in the U.S. are professionally managed. There’s a lot more business to go after. Do you want to spend your time going after that business or chasing down maintenance service professionals? Daniel believes Home365 offers a real value proposition for property managers. Leveraging Data and Evaluating Quality in Maintenance Professionals Daniel says that Home365 can predict what will be spent on each property by leveraging the data they collect. Using A.I. and looking at a house and its address, the company can predict what the home will need in maintenance over the next five years. That allows them to build an insurance product where property owners pay a monthly premium, and then after that – they have no expenses when repairs are needed. It creates freedom and removes obstacles.    There’s also an element of service assessment. Home365 also uses data to assess the quality of the work and the customer service that’s provided by vendors and contractors. The good companies are rewarded with additional work. It’s tech-based and works like a credit score. You don’t necessarily do anything to impact your credit score – you pay your bills and you create a financial footprint. This technology does the same thing. Service providers do their work, answer their calls, and make their repairs. Home365 aggregates how those tradespeople are dealing with incidents. They track how they communicate and what tenants think about the work. It allows them to quickly figure out who the best vendors are. For example, a person who is always late for meetings will never finish the tenant’s turnover on time. A person with a habit of rescheduling when he gets a better job somewhere else will not always be reliable. If technology can be used to sort out the reliable vendors, the fair prices, and the good workmanship, property managers can win, and so can their owners and tenants.  Algorithms are used to match the service workers to the problem. The right people are going to the right projects and there’s more time and cost efficiency.