Dwelly, a United Kingdom-based artificial intelligence (AI)-enabled startup that offers a rentals and property management marketplace, added 1,000 properties to its portfolio with its acquisition of Lime Property, an estate agency in Hull.
\n\u201cBy merging Lime Property\u2019s deep local expertise with our technology-driven approach, we\u2019re poised to streamline their operations and empower the teams with better tools, all while enhancing the experience for landlords and tenants alike,\u201d Ilya Drozdov, co-founder and CEO of Dwelly, wrote in a Tuesday (Sept. 24) post on LinkedIn.
\nDwelly\u2019s full-stack business-to-business (B2B) platform is tailored to automate tenant management, payments and post-rental property maintenance, according to the company\u2019s LinkedIn profile.
\n\u201cWhen discussing other moves in the sector, the need for digital transformation in our industry has never been more critical,\u201d Drozdov wrote in his post. \u201cMany agencies struggle with outdated processes that hinder property managers from focusing on what truly matters.\u201d
\nDwelly Co-Founder and Chief Operating Officer/Chief Product Officer Dan Lifshits said in a Tuesday post on LinkedIn that real estate is \u201can industry with an AI revolution to be made\u201d because it is people-centric, communication-heavy and has headcount costs that amount to over 65% of revenues.
\n\u201cOne of the biggest hurdles in our industry is the strain of repetitive tasks, draining resources and blocking innovation,\u201d Lifshits wrote. \u201cReal estate is still burdened by significant tech debt, and acquiring Lime Property is a key move in tackling it. Together, we\u2019ll set a new standard for letting agencies and drive the change this sector needs.\u201d
\nProperty managers are embracing digital solutions to gain operational efficiencies and boost tenant satisfaction, according to the PYMNTS Intelligence and Ingo Money collaboration, \u201cFrom Rents to Refunds: The Push for Faster Payments in Property Management.\u201d
\nThe report found that the satisfaction rate of renters who use online payment methods is 77%, which is much higher than the 35% satisfaction rate among those who use traditional payment methods, and that of renters who received refunds via digital methods is 72%.
\nDigital transformation allows property management companies to leverage technology to address the challenges endemic to the space, Tony Julianelle, CEO of Atlas Real Estate, told PYMNTS CEO Karen Webster in an interview posted in June.
\nThe post UK PropTech Startup Dwelly Adds 1,000 Properties With Lime Property Acquisition appeared first on PYMNTS.com.
\n", "content_text": "Dwelly, a United Kingdom-based artificial intelligence (AI)-enabled startup that offers a rentals and property management marketplace, added 1,000 properties to its portfolio with its acquisition of Lime Property, an estate agency in Hull.\n\u201cBy merging Lime Property\u2019s deep local expertise with our technology-driven approach, we\u2019re poised to streamline their operations and empower the teams with better tools, all while enhancing the experience for landlords and tenants alike,\u201d Ilya Drozdov, co-founder and CEO of Dwelly, wrote in a Tuesday (Sept. 24) post on LinkedIn.\nDwelly\u2019s full-stack business-to-business (B2B) platform is tailored to automate tenant management, payments and post-rental property maintenance, according to the company\u2019s LinkedIn profile.\n\u201cWhen discussing other moves in the sector, the need for digital transformation in our industry has never been more critical,\u201d Drozdov wrote in his post. \u201cMany agencies struggle with outdated processes that hinder property managers from focusing on what truly matters.\u201d\nDwelly Co-Founder and Chief Operating Officer/Chief Product Officer Dan Lifshits said in a Tuesday post on LinkedIn that real estate is \u201can industry with an AI revolution to be made\u201d because it is people-centric, communication-heavy and has headcount costs that amount to over 65% of revenues.\n\u201cOne of the biggest hurdles in our industry is the strain of repetitive tasks, draining resources and blocking innovation,\u201d Lifshits wrote. \u201cReal estate is still burdened by significant tech debt, and acquiring Lime Property is a key move in tackling it. Together, we\u2019ll set a new standard for letting agencies and drive the change this sector needs.\u201d\nProperty managers are embracing digital solutions to gain operational efficiencies and boost tenant satisfaction, according to the PYMNTS Intelligence and Ingo Money collaboration, \u201cFrom Rents to Refunds: The Push for Faster Payments in Property Management.\u201d\nThe report found that the satisfaction rate of renters who use online payment methods is 77%, which is much higher than the 35% satisfaction rate among those who use traditional payment methods, and that of renters who received refunds via digital methods is 72%.\nDigital transformation allows property management companies to leverage technology to address the challenges endemic to the space, Tony Julianelle, CEO of Atlas Real Estate, told PYMNTS CEO Karen Webster in an interview posted in June.\nThe post UK PropTech Startup Dwelly Adds 1,000 Properties With Lime Property Acquisition appeared first on PYMNTS.com.", "date_published": "2024-09-24T16:48:01-04:00", "date_modified": "2024-09-24T22:39:19-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/09/Dwelly-Lime-for-rent.jpg", "tags": [ "acquisitions", "AI", "artificial intelligence", "B2B", "B2B Payments", "commercial payments", "Dan Lifshits", "Dwelly", "Ilya Drozdov", "Lime Property", "News", "Property Management", "PYMNTS News", "Real Estate", "Rental Property", "What's Hot", "What's Hot In B2B" ] }, { "id": "https://www.pymnts.com/?p=2079386", "url": "https://www.pymnts.com/real-estate/2024/airbnb-wants-nyc-to-ease-short-term-rental-restrictions/", "title": "Airbnb Wants NYC to Ease Short-Term Rental Restrictions", "content_html": "Airbnb\u00a0says New York City\u2019s short-term rental law hasn\u2019t done its job.
\n\u201cIn the wake of stringent measures, consumers are instead facing all-time high hotel prices and residents facing all-time high rents,\u201d the company wrote on its\u00a0blog\u00a0Tuesday (Sep. 3) as it called on the city to scale back the regulation.
\nThe company argues that Local Law 18 \u2014 which mandates that\u00a0short-term rental hosts\u00a0be licensed by the city and comply with occupancy rules and building codes \u2014 has not helped lower rents, while hotel prices continue to rise.
\nAirbnb, which had sued New York over the law, is calling on the city to ease these restrictions so that property owners have a better chance to rent out their places.
\n\u201cBy rolling back parts of the law, the city can increase the supply of accommodations for consumers, support resident hosts, and revitalize local businesses that depend on tourism dollars,\u201d wrote\u00a0Theo Yedinsky, Airbnb\u2019s vice president of public policy.
\nA report Tuesday by Bloomberg News notes that the city has shown no indication it plans to change the law. While there was an early processing backlog for hosts\u2019 applications, the Mayor\u2019s Office of Special Enforcement, responsible for the rule\u2019s implementation, offered data showing it has caught up with 99.7% of the 6,672 applications it\u2019s gotten in the last year.
\nChristian Klossner, executive director of the enforcement office, praised the regulation for helping the city achieve \u201cits goal of enhancing the enforceability of decades-old housing laws that many hosts violated and from which companies profited,\u201d the report said.
\nThe company\u2019s efforts come as the travel industry \u2014 while expected to make a\u00a0record contribution\u00a0to the global GDP this year \u2014 is seeing customers cut back.
\nFor example, the PYMNTS Intelligence report,\u00a0\u201cThe Last Transaction: Family Spending Habits Reveal Merchant Opportunities in Retail and Travel,\u201d\u00a0shows shifts in spending due to inflation.
\n\u201cParents with children at home have notably reduced their discretionary spending, despite generally higher incomes,\u201d PYMNTS wrote last month. \u201cThe report shows that 62% of married parents with children earn more than $100,000 annually, but these families have cut back on retail purchases from an average of $147 in 2022 to $114 in 2024.\u201d
\nWhile they were\u00a077% more likely\u00a0to make travel purchases, parents with children have reduced their travel spending by 11% year over year, while childless households have upped their travel expenditure, averaging $620 annually and reaching up to $754 for older consumers.
\nThe post Airbnb Wants NYC to Ease Short-Term Rental Restrictions appeared first on PYMNTS.com.
\n", "content_text": "Airbnb\u00a0says New York City\u2019s short-term rental law hasn\u2019t done its job.\n\u201cIn the wake of stringent measures, consumers are instead facing all-time high hotel prices and residents facing all-time high rents,\u201d the company wrote on its\u00a0blog\u00a0Tuesday (Sep. 3) as it called on the city to scale back the regulation.\nThe company argues that Local Law 18 \u2014 which mandates that\u00a0short-term rental hosts\u00a0be licensed by the city and comply with occupancy rules and building codes \u2014 has not helped lower rents, while hotel prices continue to rise.\nAirbnb, which had sued New York over the law, is calling on the city to ease these restrictions so that property owners have a better chance to rent out their places.\n\u201cBy rolling back parts of the law, the city can increase the supply of accommodations for consumers, support resident hosts, and revitalize local businesses that depend on tourism dollars,\u201d wrote\u00a0Theo Yedinsky, Airbnb\u2019s vice president of public policy.\nA report Tuesday by Bloomberg News notes that the city has shown no indication it plans to change the law. While there was an early processing backlog for hosts\u2019 applications, the Mayor\u2019s Office of Special Enforcement, responsible for the rule\u2019s implementation, offered data showing it has caught up with 99.7% of the 6,672 applications it\u2019s gotten in the last year.\nChristian Klossner, executive director of the enforcement office, praised the regulation for helping the city achieve \u201cits goal of enhancing the enforceability of decades-old housing laws that many hosts violated and from which companies profited,\u201d the report said.\nThe company\u2019s efforts come as the travel industry \u2014 while expected to make a\u00a0record contribution\u00a0to the global GDP this year \u2014 is seeing customers cut back.\nFor example, the PYMNTS Intelligence report,\u00a0\u201cThe Last Transaction: Family Spending Habits Reveal Merchant Opportunities in Retail and Travel,\u201d\u00a0shows shifts in spending due to inflation.\n\u201cParents with children at home have notably reduced their discretionary spending, despite generally higher incomes,\u201d PYMNTS wrote last month. \u201cThe report shows that 62% of married parents with children earn more than $100,000 annually, but these families have cut back on retail purchases from an average of $147 in 2022 to $114 in 2024.\u201d\nWhile they were\u00a077% more likely\u00a0to make travel purchases, parents with children have reduced their travel spending by 11% year over year, while childless households have upped their travel expenditure, averaging $620 annually and reaching up to $754 for older consumers.\nThe post Airbnb Wants NYC to Ease Short-Term Rental Restrictions appeared first on PYMNTS.com.", "date_published": "2024-09-03T09:32:59-04:00", "date_modified": "2024-09-03T09:32:59-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2023/11/Airbnb-2.jpg", "tags": [ "Airbnb", "News", "PYMNTS New York City", "Real Estate", "regulations", "short-term rentals", "travel", "travel spending", "vacation rentals", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=2063294", "url": "https://www.pymnts.com/real-estate/2024/homelight-raises-20-million-to-expand-bridge-loan-product/", "title": "HomeLight Raises $20 Million to Expand Bridge Loan Product", "content_html": "Real\u00a0estate technology platform\u00a0HomeLight has raised $20 million of new funding to help expand its bridge loan product that helps homebuyers unlock equity from their existing home.
\nThis financial product,\u00a0Buy Before You Sell, has been expanded to 40 new states and is now operating in a total of 47 states, the company said in a Monday (Aug. 26) press release emailed to PYMNTS.
\nBuy Before You Sell is designed to help homebuyers solve the problem of needing to sell their existing home in order to buy a new one, according to the press release. The product lets these homebuyers unlock up to 70% of the equity from their existing home and start making offers on another.
\n\u201cWe are deeply focused on building the tools and technology that solve the hardest problems that lenders face today in closing transactions,\u201d\u00a0Drew Uher, founder and CEO\u00a0of HomeLight, said in the release. \u201cSo far, the response to Buy Before You Sell has blown away our expectations and we\u2019re thrilled to add so much value to both our lender and agent partners as well as their clients.\u201d
\nSince the launch of Buy Before You Sell, HomeLight has partnered with more than 10,000 loan officers and more than 28,000 real estate agents and has unlocked over $655 million in equity from clients\u2019 existing homes, per the release.
\nIn addition, the company now enables agents to invite their preferred lenders to the platform to help their clients access this solution, according to the release.
\nOne of HomeLight\u2019s partners,\u00a0Lisa Shapiro, senior mortgage advisor at\u00a0NEO Home Loans, a subsidiary of\u00a0Luminate, said in the release: \u201cWith Buy Before You Sell, we were able to accomplish my buyer\u2019s goal: submitting a non-contingent offer, pulling equity out now for the down payment at closing, and only having to move once, with no rent payments in the middle.\u201d
\nHomeLight was launched by Uher in 2012 to introduce technology into the\u00a0homebuying market and solve the \u201cmess and headache\u201d he encountered in the process of buying his first home, Uher told PYMNTS in an interview posted in 2021.
\n\u201cThe problem that I started with was the agent matching problem,\u201d Uher said at the time. \u201cWe basically started the business by helping buyers and sellers find the best agents in their area in a data-driven way, with a focus on agents that would sell their homes faster and for more money.\u201d
\nThe post HomeLight Raises $20 Million to Expand Bridge Loan Product appeared first on PYMNTS.com.
\n", "content_text": "Real\u00a0estate technology platform\u00a0HomeLight has raised $20 million of new funding to help expand its bridge loan product that helps homebuyers unlock equity from their existing home.\nThis financial product,\u00a0Buy Before You Sell, has been expanded to 40 new states and is now operating in a total of 47 states, the company said in a Monday (Aug. 26) press release emailed to PYMNTS.\nBuy Before You Sell is designed to help homebuyers solve the problem of needing to sell their existing home in order to buy a new one, according to the press release. The product lets these homebuyers unlock up to 70% of the equity from their existing home and start making offers on another.\n\u201cWe are deeply focused on building the tools and technology that solve the hardest problems that lenders face today in closing transactions,\u201d\u00a0Drew Uher, founder and CEO\u00a0of HomeLight, said in the release. \u201cSo far, the response to Buy Before You Sell has blown away our expectations and we\u2019re thrilled to add so much value to both our lender and agent partners as well as their clients.\u201d\nSince the launch of Buy Before You Sell, HomeLight has partnered with more than 10,000 loan officers and more than 28,000 real estate agents and has unlocked over $655 million in equity from clients\u2019 existing homes, per the release.\nIn addition, the company now enables agents to invite their preferred lenders to the platform to help their clients access this solution, according to the release.\nOne of HomeLight\u2019s partners,\u00a0Lisa Shapiro, senior mortgage advisor at\u00a0NEO Home Loans, a subsidiary of\u00a0Luminate, said in the release: \u201cWith Buy Before You Sell, we were able to accomplish my buyer\u2019s goal: submitting a non-contingent offer, pulling equity out now for the down payment at closing, and only having to move once, with no rent payments in the middle.\u201d\nHomeLight was launched by Uher in 2012 to introduce technology into the\u00a0homebuying market and solve the \u201cmess and headache\u201d he encountered in the process of buying his first home, Uher told PYMNTS in an interview posted in 2021.\n\u201cThe problem that I started with was the agent matching problem,\u201d Uher said at the time. \u201cWe basically started the business by helping buyers and sellers find the best agents in their area in a data-driven way, with a focus on agents that would sell their homes faster and for more money.\u201d\nThe post HomeLight Raises $20 Million to Expand Bridge Loan Product appeared first on PYMNTS.com.", "date_published": "2024-08-26T09:00:40-04:00", "date_modified": "2024-08-23T21:13:40-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/08/HomeLight-bridge-loans-real-estate.jpg", "tags": [ "bridge loans", "Drew Uher", "funding", "home buying", "HomeLight", "Investments", "loans", "mortgages", "News", "PYMNTS News", "Real Estate", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=2053702", "url": "https://www.pymnts.com/real-estate/2024/indigo-begins-rollout-of-ai-powered-platform-for-buying-selling-homes/", "title": "Indigo Begins Rollout of AI-Powered Platform for Buying, Selling Homes", "content_html": "Indigo launched its artificial intelligence (AI)-powered platform for buying and selling homes in Charlotte, North Carolina, with participation by leading real estate agents and teams.
\nThe platform will be expanded to additional markets in the coming months, Indigo said in a Thursday (Aug. 15) press release.
\nIt is designed to provide real estate agents, buyers and sellers with streamlined communications, bidding and negotiations, according to the release.
\n\u201cAs an independent platform, we help all market participants \u2014 real estate agents, buyers\u00a0and sellers \u2014 by facilitating an open, transparent home transaction,\u201d\u00a0Shaival Shah, co-founder and CEO of Indigo, said in the release. \u201cWe believe this will be the new industry model.\u201d
\nThe company\u2019s Home Checkout platform provides a single, collaborative experience that unifies home listings and offer-making, per the release.
\nThe platform provides Storefronts that listing agents can use to communicate seller preferences, drive demand, and collect and validate offers, according to the release.
\nIt also includes Contracts AI-powered writing and validation that helps buyers\u2019 agents write compliant offers and agency contracts \u201cin seconds \u2014 from any device,\u201d the release said.
\nOne of the organizations participating in the launch of the Indigo platform in Charlotte is RE/MAX.
\nKourosh Sharifi, chief financial officer of\u00a0RE/MAX Executive, said in the release that accurate, timely market data is essential in the real estate industry.
\n\u201cAgents and clients now depend on data-driven insights to navigate the complexities of transactions and make informed decisions,\u201d Sharifi said. \u201cIndigo offers a cutting-edge platform that leverages AI\u00a0to provide these crucial insights, positioning itself as a game changer in the industry.\u201d
\nThe advent of digital tools and platforms has brought about a significant shift in the process of\u00a0buying a home, ushering in a new era of connectivity and convenience, PYMNTS reported in April.
\nDuring that same month,\u00a0Backflip said it raised $15 million in a Series A funding round to grow its platform for\u00a0real estate investors. The company said its technology and capital solutions help members manage their investment pipelines, secure funding and grow their real estate businesses.
\nIn February,\u00a0Zillow said it was expanding its \u201chousing super app\u201d to more markets after seeing how well it had been received. The app provides consumers with real estate data, education, a suite of Zillow-owned solutions and a network of its partners.
\nThe post Indigo Begins Rollout of AI-Powered Platform for Buying, Selling Homes appeared first on PYMNTS.com.
\n", "content_text": "Indigo launched its artificial intelligence (AI)-powered platform for buying and selling homes in Charlotte, North Carolina, with participation by leading real estate agents and teams.\nThe platform will be expanded to additional markets in the coming months, Indigo said in a Thursday (Aug. 15) press release.\nIt is designed to provide real estate agents, buyers and sellers with streamlined communications, bidding and negotiations, according to the release.\n\u201cAs an independent platform, we help all market participants \u2014 real estate agents, buyers\u00a0and sellers \u2014 by facilitating an open, transparent home transaction,\u201d\u00a0Shaival Shah, co-founder and CEO of Indigo, said in the release. \u201cWe believe this will be the new industry model.\u201d\nThe company\u2019s Home Checkout platform provides a single, collaborative experience that unifies home listings and offer-making, per the release.\nThe platform provides Storefronts that listing agents can use to communicate seller preferences, drive demand, and collect and validate offers, according to the release.\nIt also includes Contracts AI-powered writing and validation that helps buyers\u2019 agents write compliant offers and agency contracts \u201cin seconds \u2014 from any device,\u201d the release said.\nOne of the organizations participating in the launch of the Indigo platform in Charlotte is RE/MAX.\nKourosh Sharifi, chief financial officer of\u00a0RE/MAX Executive, said in the release that accurate, timely market data is essential in the real estate industry.\n\u201cAgents and clients now depend on data-driven insights to navigate the complexities of transactions and make informed decisions,\u201d Sharifi said. \u201cIndigo offers a cutting-edge platform that leverages AI\u00a0to provide these crucial insights, positioning itself as a game changer in the industry.\u201d\nThe advent of digital tools and platforms has brought about a significant shift in the process of\u00a0buying a home, ushering in a new era of connectivity and convenience, PYMNTS reported in April.\nDuring that same month,\u00a0Backflip said it raised $15 million in a Series A funding round to grow its platform for\u00a0real estate investors. The company said its technology and capital solutions help members manage their investment pipelines, secure funding and grow their real estate businesses.\nIn February,\u00a0Zillow said it was expanding its \u201chousing super app\u201d to more markets after seeing how well it had been received. The app provides consumers with real estate data, education, a suite of Zillow-owned solutions and a network of its partners.\nThe post Indigo Begins Rollout of AI-Powered Platform for Buying, Selling Homes appeared first on PYMNTS.com.", "date_published": "2024-08-15T19:25:57-04:00", "date_modified": "2024-08-15T19:25:57-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/08/Indigo-real-estate-AI.jpg", "tags": [ "AI", "artificial intelligence", "home sales", "Indigo", "News", "PYMNTS News", "Real Estate", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=2051894", "url": "https://www.pymnts.com/real-estate/2024/rental-payment-innovations-help-tenant-cash-flow/", "title": "Rental Payment Innovations Help Tenant Cash Flow", "content_html": "Earlier this year, PYMNTS Intelligence estimated that for consumers, and especially for paycheck-to-paycheck consumers, the cost of housing has been taking a significant chunk out of households\u2019 take-home pay.
\nIn fact, as noted in this recent column penned by Karen Webster, paying to keep the roof over one\u2019s head equates to 37% of take-home pay for consumers making less than $50,000 annually. The percentage changes drastically for households above that threshold, at about 13% of take-home pay.
\nBut no matter how you slice it, and no matter the income level, mortgages and rent are high, and inflation has driven them higher still. Add in the fact that rent and other housing payments may not coincide with the timing of paychecks, and the pressures become ever more pronounced on the family wallet.
\nFor landlords, too, the unevenness of cash flow (13% of renters missed payments last year) in the event that payments are missed or staggered, can wind up impacting their own cash coffers \u2014 and the ability to keep their own vendors, staff and supply chains paid on time.
\nA spate of recent announcements in the real estate industry have showcased the value inherent in payments flexibility, in using digital conduits to make payments more quickly. As noted in the \u201cFrom Rent to Refunds\u201d report, more than a third of renters still wield paper checks and use wire transfers to satisfy their housing obligations to landlords.
\nBut technology is prized here: The data show that more than half of renters prefer to pay their rent online, with 77% citing the greater ease and speed compared to traditional methods like paper checks. Renters who use online payment methods report a satisfaction rate of 77%, much higher than the 35% satisfaction rate among those who use traditional payment methods. Instant payment options can enhance renter loyalty and satisfaction in the event of refunds (say, if repairs have led to a reduction in given month\u2019s rent) or returns on deposits.
\nFor landlords, faster payments from tenants equates to better cash flow visibility and transparency. The improvements in having money on hand to pay staff can help landlords stay competitive in a tight labor market and to make sure that everything from equipment to coffee in the clubhouse to keeping the on-site gyms in shape gets a bit easier.
\nIn an announcement earlier this month, the real estate software platform RealPage said it had partnered with Flex to provide customers with \u201cflexible\u201d rent payment options. In terms of the mechanics, the joint efforts let RealPage customers offer Flex as a payment option for residents within LOFT, RealPage\u2019s resident portal and app as they can opt to pay their rent in several payments rather than just as one single transaction. The companies have noted that that flexible rent payments can offer property managers a way to boost net operating income, improve resident retention and stand out in a competitive rental market.
\nIn a recent interview with Karen Webster, AppFolio Vice President of Product and Payments Adam Feinstein said using push-to-debit systems in the property management sector could make payments faster, reduce reliance on paper checks and invoices and end the typical three-day settlement periods related to ACH transactions.
\nAnd as noted here, Stake has acquired Circa to help reduce delinquencies and arrears in the rental economy by offering both rent incentives and collections management. The acquisition adds Circa\u2019s free payment processing and success-based collections management to Stake\u2019s loyalty, renter banking services and incentive optimization services, the companies said in June. The platform enables no-fee rent payments, cash back for on-time rent payments, credit builder and reporting and a debt-free way to access paychecks early.
\nThe post Rental Payment Innovations Help Tenant Cash Flow appeared first on PYMNTS.com.
\n", "content_text": "Earlier this year, PYMNTS Intelligence estimated that for consumers, and especially for paycheck-to-paycheck consumers, the cost of housing has been taking a significant chunk out of households\u2019 take-home pay.\nIn fact, as noted in this recent column penned by Karen Webster, paying to keep the roof over one\u2019s head equates to 37% of take-home pay for consumers making less than $50,000 annually. The percentage changes drastically for households above that threshold, at about 13% of take-home pay.\nBut no matter how you slice it, and no matter the income level, mortgages and rent are high, and inflation has driven them higher still. Add in the fact that rent and other housing payments may not coincide with the timing of paychecks, and the pressures become ever more pronounced on the family wallet.\nFor landlords, too, the unevenness of cash flow (13% of renters missed payments last year) in the event that payments are missed or staggered, can wind up impacting their own cash coffers \u2014 and the ability to keep their own vendors, staff and supply chains paid on time.\nA spate of recent announcements in the real estate industry have showcased the value inherent in payments flexibility, in using digital conduits to make payments more quickly. As noted in the \u201cFrom Rent to Refunds\u201d report, more than a third of renters still wield paper checks and use wire transfers to satisfy their housing obligations to landlords.\nWhat Renters Want\nBut technology is prized here: The data show that more than half of renters prefer to pay their rent online, with 77% citing the greater ease and speed compared to traditional methods like paper checks. Renters who use online payment methods report a satisfaction rate of 77%, much higher than the 35% satisfaction rate among those who use traditional payment methods. Instant payment options can enhance renter loyalty and satisfaction in the event of refunds (say, if repairs have led to a reduction in given month\u2019s rent) or returns on deposits.\nManaging the Supply Chain\nFor landlords, faster payments from tenants equates to better cash flow visibility and transparency. The improvements in having money on hand to pay staff can help landlords stay competitive in a tight labor market and to make sure that everything from equipment to coffee in the clubhouse to keeping the on-site gyms in shape gets a bit easier.\nIn an announcement earlier this month, the real estate software platform RealPage said it had partnered with Flex to provide customers with \u201cflexible\u201d rent payment options. In terms of the mechanics, the joint efforts let RealPage customers offer Flex as a payment option for residents within LOFT, RealPage\u2019s resident portal and app as they can opt to pay their rent in several payments rather than just as one single transaction. The companies have noted that that flexible rent payments can offer property managers a way to boost net operating income, improve resident retention and stand out in a competitive rental market.\nIn a recent interview with Karen Webster, AppFolio Vice President of Product and Payments Adam Feinstein said using push-to-debit systems in the property management sector could make payments faster, reduce reliance on paper checks and invoices and end the typical three-day settlement periods related to ACH transactions.\nAnd as noted here, Stake has acquired Circa to help reduce delinquencies and arrears in the rental economy by offering both rent incentives and collections management. The acquisition adds Circa\u2019s free payment processing and success-based collections management to Stake\u2019s loyalty, renter banking services and incentive optimization services, the companies said in June. The platform enables no-fee rent payments, cash back for on-time rent payments, credit builder and reporting and a debt-free way to access paychecks early.\nThe post Rental Payment Innovations Help Tenant Cash Flow appeared first on PYMNTS.com.", "date_published": "2024-08-13T15:28:10-04:00", "date_modified": "2024-08-13T22:08:00-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2023/12/renters-refunds.jpg", "tags": [ "AppFolio", "B2B", "B2B Payments", "commercial payments", "Digital Payments", "landlords", "News", "payments", "Property Management", "PYMNTS News", "Real Estate", "RealPage", "Rent", "rental payments", "renters", "Technology" ] }, { "id": "https://www.pymnts.com/?p=1966008", "url": "https://www.pymnts.com/real-estate/2024/property-managers-play-the-technology-card-to-win-tenants-and-investors/", "title": "Property Managers Play the Technology Card to Win Tenants and Investors", "content_html": "Digital innovation is only as good as the customers it serves. Look at Amazon. Look at Netflix. But those are the most valuable players in the relatively short lifespan of the innovation storm that surrounded the advent of the internet and then the opening of the smartphone. There\u2019s other stories and other sectors of the connected economy that have been defined by the seamless and intuitive end-user experiences it is able to deliver.
\nThis is especially true when it comes to more traditional industries, like real estate in general and property management specifically. That\u2019s because the integration of software solutions and connected devices has revolutionized how property managers operate, enhancing efficiency, transparency and overall service quality.
\n\u201cWe were looking at the health of the portfolio manager,\u201d Tony Julianelle, CEO of\u00a0Atlas Real Estate, told PYMNTS\u2019 CEO Karen Webster. \u201cHow do we give our portfolio managers more resources and tools to do the job more efficiently and have more time in their day?\u201d
\n\u201cIf you can\u2019t measure it, you can\u2019t manage it,\u201d he added.
\n\n\n\n
Digital transformation is no longer a futuristic concept in property management, but a present-day reality allowing businesses to leverage technology to address the challenges endemic to the space. For example, with advanced data visualization tools, businesses are equipped to track key metrics that can allow for better decision-making and cost control. And data is a powerful tool in property management, enabling improved performance.
\n\u201cThe owners and investors that we serve, they want clean data. They want meaningful projections, and they want good budgets, they want to be able to see year-over-year rent growth,\u201d Julianelle said, noting that Atlas Real Estate serves a diverse range of property owners, from accidental landlords with a single property to large private equity firms managing extensive portfolios.
\nThis diversity necessitates a flexible and comprehensive approach to data management and reporting, as well as access to institutional-grade capabilities for all owners, ensuring transparency and meaningful projections regardless of portfolio size.
\n\u201cOur own portfolio becomes our best comp,\u201d Julianelle said, emphasizing the value of in-house data to set benchmarks and optimize pricing and maintenance strategies. The ability to analyze lead generation, leasing trends and market conditions allows for a more responsive and proactive management approach, he added.
\nAnd Julianelle explained that his company\u2019s partnership with AppFolio, a comprehensive property management platform, was a key step in its digital transformation journey. This collaboration enabled the business to sift through various property technology (prop tech) solutions to build a reliable tech stack that enhances efficiency.
\nAt the core of the property management business is the tenant experience. The successful amalgamation of technology with traditional property management practices should aim deliver the customer experience and high-touch service that tenants expect.
\n\u201cThe tenant is our customer,\u201d Julianelle explained. \u201cThey are the only ones actually paying anything, so their experience is paramount. \u2026 We live in a constant battle against vacancy. The highest cost of owning real estate is vacancy.\u201d
\nAnd other digital innovations, including smart home technologies, play a role in providing a seamless and satisfying living experience and mitigating the cost of vacancies. Features like keyless entry, smart thermostats and other connected devices contribute to tenant retention, and Julianelle added that residents \u2014 who tend to be technologically driven \u2014 appreciate the ease and modernity these technologies bring to their homes.
\nThat\u2019s part of why, on Tuesday (June 25), Colorado Business Magazine named Atlas Real Estate best in Colorado property management for the eighth consecutive year.
\nHowever, one digital innovation that has yet to reach breakthrough momentum in property management, whether between residents, contractors, employees or other members of the real estate ecosystem, is instant payments.
\n\u201cWe currently operate on a net 14 to net 7 payment schedule,\u201d Julianelle said, \u201cWe find with our best vendors it\u2019s easy to hit a net 7 because they\u2019re actually uploading a complete invoice with before and after pictures.\u201d
\nThe future may see a shift toward instant payments as technology advances and reliability increases, but, as Julianelle added, \u201cIt is not currently an expectation to get paid instantly. What we run into is there are still people that just don\u2019t even pay. Vendors fight that battle all the time.\u201d
\nStill, he emphasized that the future of property management lies in continued digital transformation and innovation. As the industry evolves, the integration of artificial intelligence, further advancements in smart home technology, and enhanced data analytics will likely shape the next phase of property management, demonstrating the potential of technology to revolutionize an industry deeply rooted in traditional practices.
\nThe post Property Managers Play the Technology Card to Win Tenants and Investors appeared first on PYMNTS.com.
\n", "content_text": "Digital innovation is only as good as the customers it serves. Look at Amazon. Look at Netflix. But those are the most valuable players in the relatively short lifespan of the innovation storm that surrounded the advent of the internet and then the opening of the smartphone. There\u2019s other stories and other sectors of the connected economy that have been defined by the seamless and intuitive end-user experiences it is able to deliver. \nThis is especially true when it comes to more traditional industries, like real estate in general and property management specifically. That\u2019s because the integration of software solutions and connected devices has revolutionized how property managers operate, enhancing efficiency, transparency and overall service quality.\n\u201cWe were looking at the health of the portfolio manager,\u201d Tony Julianelle, CEO of\u00a0Atlas Real Estate, told PYMNTS\u2019 CEO Karen Webster. \u201cHow do we give our portfolio managers more resources and tools to do the job more efficiently and have more time in their day?\u201d\n\u201cIf you can\u2019t measure it, you can\u2019t manage it,\u201d he added.\n \n\n\nDigital Transformation of Property Management\nDigital transformation is no longer a futuristic concept in property management, but a present-day reality allowing businesses to leverage technology to address the challenges endemic to the space. For example, with advanced data visualization tools, businesses are equipped to track key metrics that can allow for better decision-making and cost control. And data is a powerful tool in property management, enabling improved performance. \n\u201cThe owners and investors that we serve, they want clean data. They want meaningful projections, and they want good budgets, they want to be able to see year-over-year rent growth,\u201d Julianelle said, noting that Atlas Real Estate serves a diverse range of property owners, from accidental landlords with a single property to large private equity firms managing extensive portfolios. \nThis diversity necessitates a flexible and comprehensive approach to data management and reporting, as well as access to institutional-grade capabilities for all owners, ensuring transparency and meaningful projections regardless of portfolio size.\n\u201cOur own portfolio becomes our best comp,\u201d Julianelle said, emphasizing the value of in-house data to set benchmarks and optimize pricing and maintenance strategies. The ability to analyze lead generation, leasing trends and market conditions allows for a more responsive and proactive management approach, he added.\nAnd Julianelle explained that his company\u2019s partnership with AppFolio, a comprehensive property management platform, was a key step in its digital transformation journey. This collaboration enabled the business to sift through various property technology (prop tech) solutions to build a reliable tech stack that enhances efficiency.\nTenant Experience: Heart of Property Management\nAt the core of the property management business is the tenant experience. The successful amalgamation of technology with traditional property management practices should aim deliver the customer experience and high-touch service that tenants expect. \n\u201cThe tenant is our customer,\u201d Julianelle explained. \u201cThey are the only ones actually paying anything, so their experience is paramount. \u2026 We live in a constant battle against vacancy. The highest cost of owning real estate is vacancy.\u201d\nAnd other digital innovations, including smart home technologies, play a role in providing a seamless and satisfying living experience and mitigating the cost of vacancies. Features like keyless entry, smart thermostats and other connected devices contribute to tenant retention, and Julianelle added that residents \u2014 who tend to be technologically driven \u2014 appreciate the ease and modernity these technologies bring to their homes.\nThat\u2019s part of why, on Tuesday (June 25), Colorado Business Magazine named Atlas Real Estate best in Colorado property management for the eighth consecutive year.\nHowever, one digital innovation that has yet to reach breakthrough momentum in property management, whether between residents, contractors, employees or other members of the real estate ecosystem, is instant payments.\n\u201cWe currently operate on a net 14 to net 7 payment schedule,\u201d Julianelle said, \u201cWe find with our best vendors it\u2019s easy to hit a net 7 because they\u2019re actually uploading a complete invoice with before and after pictures.\u201d\nThe future may see a shift toward instant payments as technology advances and reliability increases, but, as Julianelle added, \u201cIt is not currently an expectation to get paid instantly. What we run into is there are still people that just don\u2019t even pay. Vendors fight that battle all the time.\u201d\nStill, he emphasized that the future of property management lies in continued digital transformation and innovation. As the industry evolves, the integration of artificial intelligence, further advancements in smart home technology, and enhanced data analytics will likely shape the next phase of property management, demonstrating the potential of technology to revolutionize an industry deeply rooted in traditional practices.\nThe post Property Managers Play the Technology Card to Win Tenants and Investors appeared first on PYMNTS.com.", "date_published": "2024-06-25T07:00:00-04:00", "date_modified": "2024-06-24T21:21:01-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/06/Atlas-property-management.jpg", "tags": [ "Atlas Real Estate", "digital transformation", "Featured News", "News", "Property Management", "PYMNTS News", "pymnts tv", "Real Estate", "Tony Julianelle", "video" ] }, { "id": "https://www.pymnts.com/?p=1942296", "url": "https://www.pymnts.com/real-estate/2024/fsoc-regulators-congress-should-enhance-resilience-of-nonbank-mortgage-companies/", "title": "FSOC: Regulators, Congress Should Enhance Resilience of Nonbank Mortgage Companies", "content_html": "The\u00a0Financial Stability Oversight Committee\u00a0(FSOC) is encouraging state and federal regulators and Congress to do more to enhance the resilience of nonbank mortgage companies (NMCs).
\nThe agency did so in a\u00a0report\u00a0released Friday (May 10) that also identifies risks in this sector, the FSOC said in a\u00a0press release\u00a0outlining the report.
\n\u201cWe need further action to promote safe and sound operations, address liquidity risks, and enable continuity of servicing operations when a servicer fails,\u201d Secretary of the Treasury\u00a0Janet L. Yellen\u00a0said in the release. \u201cMoving the Council\u2019s recommendations forward is crucial to protecting borrowers and preventing disruptions to economic activity.\u201d
\nNMCs originate two-thirds of mortgages in the United States and own the servicing rights on 54% of mortgage balances, as of 2022, according to the release. Those figures are up from 39% and 4%, respectively, in 2008.
\nAmong the strengths of NMCs are that they serve groups that have been historically underserved by the mortgage market, they originate mortgages more quickly than their competitors, and they have expanded into specialty default servicing, the release said.
\nHowever, they also have vulnerabilities. These include exposure to mortgage-related assets, significant liquidity risk and vulnerabilities shared with other NMCs that could lead to stress across the entire sector, per the release.
\n\u201cNMCs bring certain strengths to the market,\u201d the FSOC said in the release. \u201cHowever, NMCs also have vulnerabilities, and in a stress scenario, NMCs\u2019 vulnerabilities could cause NMCs to amplify and transmit the effect of a shock to the mortgage market and broader financial system.\u201d
\nThese risks have not been adequately addressed by state and federal regulators, according to the release.
\nIn its report, the FSOC recommends that state regulators enhance prudential requirements and that Congress provide the\u00a0Federal Housing Finance Agency\u00a0(FHFA) and\u00a0Ginnie Mae\u00a0with additional authorities to better manage these risks, the release said.
\nIt also recommends measures to address liquidity pressures in the event of stress and to ensure continuity of servicing operations, per the release.
\nThe FSOC added in the release that it \u201cwill continue to monitor the evolution of the risks identified in the report and may take or recommend additional actions to mitigate such risks.\u201d
\nIt was reported in February that the\u00a0Bank of England\u00a0is\u00a0calling for more research into\u00a0non-bank lenders. In that case, the effort aims to prevent a \u201ccredit crunch\u201d that could result from a pull-back by hedge funds, pension funds, asset managers\u00a0and\u00a0insurers.
\nThe post FSOC: Regulators, Congress Should Enhance Resilience of Nonbank Mortgage Companies appeared first on PYMNTS.com.
\n", "content_text": "The\u00a0Financial Stability Oversight Committee\u00a0(FSOC) is encouraging state and federal regulators and Congress to do more to enhance the resilience of nonbank mortgage companies (NMCs).\nThe agency did so in a\u00a0report\u00a0released Friday (May 10) that also identifies risks in this sector, the FSOC said in a\u00a0press release\u00a0outlining the report.\n\u201cWe need further action to promote safe and sound operations, address liquidity risks, and enable continuity of servicing operations when a servicer fails,\u201d Secretary of the Treasury\u00a0Janet L. Yellen\u00a0said in the release. \u201cMoving the Council\u2019s recommendations forward is crucial to protecting borrowers and preventing disruptions to economic activity.\u201d\nNMCs originate two-thirds of mortgages in the United States and own the servicing rights on 54% of mortgage balances, as of 2022, according to the release. Those figures are up from 39% and 4%, respectively, in 2008.\nAmong the strengths of NMCs are that they serve groups that have been historically underserved by the mortgage market, they originate mortgages more quickly than their competitors, and they have expanded into specialty default servicing, the release said.\nHowever, they also have vulnerabilities. These include exposure to mortgage-related assets, significant liquidity risk and vulnerabilities shared with other NMCs that could lead to stress across the entire sector, per the release.\n\u201cNMCs bring certain strengths to the market,\u201d the FSOC said in the release. \u201cHowever, NMCs also have vulnerabilities, and in a stress scenario, NMCs\u2019 vulnerabilities could cause NMCs to amplify and transmit the effect of a shock to the mortgage market and broader financial system.\u201d\nThese risks have not been adequately addressed by state and federal regulators, according to the release.\nIn its report, the FSOC recommends that state regulators enhance prudential requirements and that Congress provide the\u00a0Federal Housing Finance Agency\u00a0(FHFA) and\u00a0Ginnie Mae\u00a0with additional authorities to better manage these risks, the release said.\nIt also recommends measures to address liquidity pressures in the event of stress and to ensure continuity of servicing operations, per the release.\nThe FSOC added in the release that it \u201cwill continue to monitor the evolution of the risks identified in the report and may take or recommend additional actions to mitigate such risks.\u201d\nIt was reported in February that the\u00a0Bank of England\u00a0is\u00a0calling for more research into\u00a0non-bank lenders. In that case, the effort aims to prevent a \u201ccredit crunch\u201d that could result from a pull-back by hedge funds, pension funds, asset managers\u00a0and\u00a0insurers.\nThe post FSOC: Regulators, Congress Should Enhance Resilience of Nonbank Mortgage Companies appeared first on PYMNTS.com.", "date_published": "2024-05-10T19:13:09-04:00", "date_modified": "2024-05-10T19:13:09-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/05/Federal-Housing-Finance-Agency-FHFA.jpg", "tags": [ "Federal Housing Finance Agency", "Financial Stability Oversight Committee", "FSOC", "Ginnie Mae", "mortgages", "News", "nonbank mortgage companies", "PYMNTS News", "Real Estate", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=1884813", "url": "https://www.pymnts.com/real-estate/2024/all-in-one-apps-ease-home-buying-pain-points-even-post-deal/", "title": "All-In-One Apps Ease Home-Buying Pain Points Even Post-Deal", "content_html": "Beyond the financial cost, purchasing a home can be an extremely complex and time-consuming process. From researching listings to seeking financing and appraisals, buyers find themselves juggling and coordinating multiple different tasks before closing a deal.
\nHowever, the advent of digital tools and platforms has brought about a significant shift in this age-old process, ushering in a new era of connectivity and convenience.
\nCentral to this digital transformation are \u201chousing super apps\u201d \u2014 all-in-one platforms that consolidate a myriad of tools and services to streamline the home buying experience. These apps leverage advanced technologies such as artificial intelligence (AI), augmented reality and data analytics to offer users personalized recommendations, virtual tours, and financial planning assistance.
\nZillow\u2019s housing super app exemplifies this trend, offering consumers a one-stop-shop for all their home buying needs. From real estate data and education to a network of partner services, the platform aims to deliver an integrated home-buying experience, simplifying the complexities typically associated with the process.
\n\u201cZillow is now the container into which we will continually place new features and services that work together seamlessly to solve real customer and partner pain points in their moves,\u201d company Co-founder and CEO Rich Barton said on a Feb. 13 earnings call.
\nEarlier this week, the company announced plans to expand its integrated home-buying experience to more markets, granting buyers and agents in approximately 90 markets nationwide access to its Real-Time Touring tool.
\nThis feature enables buyers to easily request property tours based on the listing’s availability without the need to speak with connection specialists or agents on the phone. And if the proposed appointment time aligns with the agent’s schedule, it is automatically booked in ShowingTime, streamlining the entire process.
\nThe online real estate marketplace has also rolled out Zillow Immerse, a new digital tool designed for the Apple Vision Pro. This app allows users to experience a 360-degree view of every room in homes for sale, complete with AI-generated floor plans to guide their virtual tours.
\n\u201cIt\u2019s early, but it\u2019s an extraordinary home touring experience,\u201d Barton said during the call. \u201cWe have been and will continue to be the company that is on the leading edge of utilizing technology to create magical new consumer and agent experiences.\u201d
\nOnline real estate broker Redfin is also embracing the digital transformation agenda, harnessing the power of AI to enhance the real estate experience for buyers, sellers and agents alike.
\nThrough AI-powered tools like Redfin Redesign and the Redfin ChatGPT Plugin, consumers can envision the potential of a home, customize design styles and even receive personalized home recommendations based on their preferences.
\nAnd after finalizing a home purchase, homeowners have access to digital tools like Thumbtack\u2019s home management app to better manage their properties. With features designed to streamline essential home projects, these apps provide guidance on project prioritization, hiring recommendations, and cost management, further simplifying the complexities of homeownership.
\nAs Marco Zappacosta, co-founder and CEO of Thumbtack, said in a Tuesday (April 2) press release, \u201cThis digitally native generation wants to manage their homes the way they run the rest of their lives \u2014 on their phones. Our all-in-one app brings the support and peace of mind homeowners need.\u201d
\nThe post All-In-One Apps Ease Home-Buying Pain Points Even Post-Deal appeared first on PYMNTS.com.
\n", "content_text": "Beyond the financial cost, purchasing a home can be an extremely complex and time-consuming process. From researching listings to seeking financing and appraisals, buyers find themselves juggling and coordinating multiple different tasks before closing a deal.\nHowever, the advent of digital tools and platforms has brought about a significant shift in this age-old process, ushering in a new era of connectivity and convenience.\nCentral to this digital transformation are \u201chousing super apps\u201d \u2014 all-in-one platforms that consolidate a myriad of tools and services to streamline the home buying experience. These apps leverage advanced technologies such as artificial intelligence (AI), augmented reality and data analytics to offer users personalized recommendations, virtual tours, and financial planning assistance.\nZillow\u2019s housing super app exemplifies this trend, offering consumers a one-stop-shop for all their home buying needs. From real estate data and education to a network of partner services, the platform aims to deliver an integrated home-buying experience, simplifying the complexities typically associated with the process.\n\u201cZillow is now the container into which we will continually place new features and services that work together seamlessly to solve real customer and partner pain points in their moves,\u201d company Co-founder and CEO Rich Barton said on a Feb. 13 earnings call.\nEarlier this week, the company announced plans to expand its integrated home-buying experience to more markets, granting buyers and agents in approximately 90 markets nationwide access to its Real-Time Touring tool.\nThis feature enables buyers to easily request property tours based on the listing’s availability without the need to speak with connection specialists or agents on the phone. And if the proposed appointment time aligns with the agent’s schedule, it is automatically booked in ShowingTime, streamlining the entire process.\nThe online real estate marketplace has also rolled out Zillow Immerse, a new digital tool designed for the Apple Vision Pro. This app allows users to experience a 360-degree view of every room in homes for sale, complete with AI-generated floor plans to guide their virtual tours.\n\u201cIt\u2019s early, but it\u2019s an extraordinary home touring experience,\u201d Barton said during the call. \u201cWe have been and will continue to be the company that is on the leading edge of utilizing technology to create magical new consumer and agent experiences.\u201d\nOnline real estate broker Redfin is also embracing the digital transformation agenda, harnessing the power of AI to enhance the real estate experience for buyers, sellers and agents alike.\nThrough AI-powered tools like Redfin Redesign and the Redfin ChatGPT Plugin, consumers can envision the potential of a home, customize design styles and even receive personalized home recommendations based on their preferences.\nAnd after finalizing a home purchase, homeowners have access to digital tools like Thumbtack\u2019s home management app to better manage their properties. With features designed to streamline essential home projects, these apps provide guidance on project prioritization, hiring recommendations, and cost management, further simplifying the complexities of homeownership.\nAs Marco Zappacosta, co-founder and CEO of Thumbtack, said in a Tuesday (April 2) press release, \u201cThis digitally native generation wants to manage their homes the way they run the rest of their lives \u2014 on their phones. Our all-in-one app brings the support and peace of mind homeowners need.\u201d\nThe post All-In-One Apps Ease Home-Buying Pain Points Even Post-Deal appeared first on PYMNTS.com.", "date_published": "2024-04-05T17:02:33-04:00", "date_modified": "2024-04-08T14:17:58-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/04/home-buying.png", "tags": [ "AI", "artificial intelligence", "data analytics", "digital shift", "digital transformation", "home buying", "Mobile Applications", "News", "PYMNTS News", "Real Estate", "Redfin", "Super Apps", "Technology", "Thumbtack", "Zillow" ] }, { "id": "https://www.pymnts.com/?p=1880171", "url": "https://www.pymnts.com/real-estate/2024/qira-launches-security-deposit-payment-plan-solutions-for-property-managers/", "title": "Qira Launches Security Deposit Payment Plan Solutions for Property Managers", "content_html": "Qira has added security deposit payment plans to its financial services platform for renters and property managers.
\nWith this new offering, property managers can let their renters choose between using a zero-deposit program for a fee, paying the full security deposit as a lump sum or paying it in installments over the term of the lease, the company said in a Wednesday (March 27) press release.
\nWhatever the renter\u2019s choice, Qira covers the full security deposit for the renter, handles all operational aspects of the transaction and refunds the security deposit when the renter moves out, according to the release.
\n\u201cOur security deposit management technology is unique, and we have the only integrated payment plan solution on the market,\u201d Ray Doron, chief technology officer at Qira, said in the release.
\nThe new security deposit payment plan services join the Qira platform that includes security deposit alternative programs, security deposit payments and refunds processing with full escrow management, according to the release.
\nThe solutions are designed to help properties offload administrative tasks, ensure compliance with state laws and reduce financial risk, the release said.
\nWith this system, Qira manages escrow accounts and ensures properties are compliant with interest-bearing account capabilities and other state regulations, per the release.
\n\u201cWe believe these programs greatly benefit our audience of property managers who often prefer to outsource the entire security deposit management to Qira and to our renters who now have more alternatives to pay their deposit,\u201d Qira CEO\u00a0Revital Gadish\u00a0said in the release.
\nPYMNTS Intelligence has found that while tenants routinely pay many of their bills online, a significant portion of residential and commercial rents are still paid by paper check.
\nFor property managers, this reliance on outdated systems can create revenue gaps while waiting for checks to clear and can force increased personnel time to be spent on processing these payments, according to \u201cMoney Mobility Helps Property Managers in a Difficult Economy,\u201d a PYMNTS Intelligence and Ingo Payments collaboration.
\nIn another recent development in this space, Obligo and BNY Mellon said in January that they are collaborating to enable Obligo to provide its suite of security deposit solutions directly from banking portals.
\nThe post Qira Launches Security Deposit Payment Plan Solutions for Property Managers appeared first on PYMNTS.com.
\n", "content_text": "Qira has added security deposit payment plans to its financial services platform for renters and property managers.\nWith this new offering, property managers can let their renters choose between using a zero-deposit program for a fee, paying the full security deposit as a lump sum or paying it in installments over the term of the lease, the company said in a Wednesday (March 27) press release.\nWhatever the renter\u2019s choice, Qira covers the full security deposit for the renter, handles all operational aspects of the transaction and refunds the security deposit when the renter moves out, according to the release.\n\u201cOur security deposit management technology is unique, and we have the only integrated payment plan solution on the market,\u201d Ray Doron, chief technology officer at Qira, said in the release.\nThe new security deposit payment plan services join the Qira platform that includes security deposit alternative programs, security deposit payments and refunds processing with full escrow management, according to the release.\nThe solutions are designed to help properties offload administrative tasks, ensure compliance with state laws and reduce financial risk, the release said.\nWith this system, Qira manages escrow accounts and ensures properties are compliant with interest-bearing account capabilities and other state regulations, per the release.\n\u201cWe believe these programs greatly benefit our audience of property managers who often prefer to outsource the entire security deposit management to Qira and to our renters who now have more alternatives to pay their deposit,\u201d Qira CEO\u00a0Revital Gadish\u00a0said in the release.\nPYMNTS Intelligence has found that while tenants routinely pay many of their bills online, a significant portion of residential and commercial rents are still paid by paper check.\nFor property managers, this reliance on outdated systems can create revenue gaps while waiting for checks to clear and can force increased personnel time to be spent on processing these payments, according to \u201cMoney Mobility Helps Property Managers in a Difficult Economy,\u201d a PYMNTS Intelligence and Ingo Payments collaboration.\nIn another recent development in this space, Obligo and BNY Mellon said in January that they are collaborating to enable Obligo to provide its suite of security deposit solutions directly from banking portals.\nThe post Qira Launches Security Deposit Payment Plan Solutions for Property Managers appeared first on PYMNTS.com.", "date_published": "2024-03-27T16:50:56-04:00", "date_modified": "2024-03-27T16:50:56-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/03/Qira-security-deposit.png", "tags": [ "Digital Payments", "leases", "News", "Property Management", "PYMNTS News", "Qira", "Real Estate", "renters", "security deposits", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=1877571", "url": "https://www.pymnts.com/real-estate/2024/virtual-real-estate-tours-gain-traction-amid-continued-surge-in-all-cash-sales/", "title": "Virtual Real Estate Tours Gain Traction Amid Continued Surge in All-Cash Sales", "content_html": "Despite the proliferation of digital innovations transforming various sectors, the real estate market has remained largely reliant on traditional payment methods, with cash transactions dominating the landscape.
\nRecent data from ATTOM, a curator of real estate and property data, shows that in 2023, an average of 38% of home sales nationwide were all-cash transactions, representing about 1 in 3 single-family home and condo sales \u2014 the highest level since 2014. Furthermore, over 63% of homes flipped that same year were originally purchased with cash, indicating the extent of cash dominance even in investment transactions.
\nSimilarly, data from the National Association of Realtors (NAR) echoes this trend, revealing that since October 2022, all-cash home buyers who did not finance their recent home purchases constituted more than one-quarter of the real estate market. And as of January 2024, all-cash buyers now comprise 32% of home sales, reaching levels not seen since June 2014.
\nWhile these statistics underscore the ongoing dominance of cash transactions in real estate, indicating the industry\u2019s apparent hesitance around complete digital transformation, promising signs of change are emerging.
\nPropTech startups, harnessing the power of technology, are helping to accelerate change in real estate practices, offering innovative solutions tailored to the evolving needs of buyers, sellers and investors.
\nPlatforms like FoxyAI, for instance, are leveraging artificial intelligence (AI)-driven computer vision, machine learning, and data science to convert property photos into actionable data, as part of efforts to revolutionize the buying, selling, planning and visualization processes in the sector.
\nIn a recent interview with PYMNTS, FoxyAI CEO Vin Vomero acknowledged the perception that the real estate sector has historically been slower to adopt technology. However, he emphasized that industry players have rapidly embraced the potential of AI, indicating a notable shift in mindset toward technology.
\n\u201cAI has been transformational across many industries, and people in the real estate world have seen that and they realize what kind of benefits AI can have within their business,\u201d Vomero said.
\nThe company\u2019s clientele spans a diverse range of sectors within the real estate ecosystem, including government entities, lending institutions, property preservation firms, and insurance providers. Through its proprietary FoxyAI Model Library, accessible via an API, these clients can access comprehensive insights on property quality, condition, location and more, enabling informed decision-making at every stage of the real estate lifecycle.
\n\u201cWe help facilitate better information, which in turn facilitates a better selling process,\u201d Vomero said. \u201cSo, for example, many of our customers use our condition score and quality score models to enhance their AVMs [automated valuation models], and this allows any algorithm to factor in the condition and quality of the property instantly, alongside typical property level features like location and square footage, number of bedrooms and bathrooms, which results in a more accurate valuation.\u201d
\nMoreover, the onset of the COVID-19 pandemic has accelerated the adoption of digital tools and virtual platforms in real estate. As social distancing measures necessitated remote interactions, an increasing number of businesses have embraced virtual reality (VR) and augmented reality (AR) technologies, enabling prospective buyers to conveniently explore properties and finalize deals from the safety and comfort of their own homes.
\nIn fact, according to a survey by Rocket Mortgage cited by the NAR in a post on its website, 3 out of 5 home shoppers say they would be willing to purchase a home after only a virtual tour, an indication of the growing acceptance and adoption of advanced technologies in the industry.
\nIn conclusion, although cash transactions maintain their stronghold in the real estate market, the ongoing evolution of digital tools and innovations is gradually reshaping traditional practices. As a result, the industry stands at the brink of a transformative journey toward a more digitized and interconnected future.
\nThe post Virtual Real Estate Tours Gain Traction Amid Continued Surge in All-Cash Sales appeared first on PYMNTS.com.
\n", "content_text": "Despite the proliferation of digital innovations transforming various sectors, the real estate market has remained largely reliant on traditional payment methods, with cash transactions dominating the landscape.\nRecent data from ATTOM, a curator of real estate and property data, shows that in 2023, an average of 38% of home sales nationwide were all-cash transactions, representing about 1 in 3 single-family home and condo sales \u2014 the highest level since 2014. Furthermore, over 63% of homes flipped that same year were originally purchased with cash, indicating the extent of cash dominance even in investment transactions.\nSimilarly, data from the National Association of Realtors (NAR) echoes this trend, revealing that since October 2022, all-cash home buyers who did not finance their recent home purchases constituted more than one-quarter of the real estate market. And as of January 2024, all-cash buyers now comprise 32% of home sales, reaching levels not seen since June 2014.\nWhile these statistics underscore the ongoing dominance of cash transactions in real estate, indicating the industry\u2019s apparent hesitance around complete digital transformation, promising signs of change are emerging.\nPropTech startups, harnessing the power of technology, are helping to accelerate change in real estate practices, offering innovative solutions tailored to the evolving needs of buyers, sellers and investors.\nPlatforms like FoxyAI, for instance, are leveraging artificial intelligence (AI)-driven computer vision, machine learning, and data science to convert property photos into actionable data, as part of efforts to revolutionize the buying, selling, planning and visualization processes in the sector.\nIn a recent interview with PYMNTS, FoxyAI CEO Vin Vomero acknowledged the perception that the real estate sector has historically been slower to adopt technology. However, he emphasized that industry players have rapidly embraced the potential of AI, indicating a notable shift in mindset toward technology.\n\u201cAI has been transformational across many industries, and people in the real estate world have seen that and they realize what kind of benefits AI can have within their business,\u201d Vomero said.\nThe company\u2019s clientele spans a diverse range of sectors within the real estate ecosystem, including government entities, lending institutions, property preservation firms, and insurance providers. Through its proprietary FoxyAI Model Library, accessible via an API, these clients can access comprehensive insights on property quality, condition, location and more, enabling informed decision-making at every stage of the real estate lifecycle.\n\u201cWe help facilitate better information, which in turn facilitates a better selling process,\u201d Vomero said. \u201cSo, for example, many of our customers use our condition score and quality score models to enhance their AVMs [automated valuation models], and this allows any algorithm to factor in the condition and quality of the property instantly, alongside typical property level features like location and square footage, number of bedrooms and bathrooms, which results in a more accurate valuation.\u201d\nMoreover, the onset of the COVID-19 pandemic has accelerated the adoption of digital tools and virtual platforms in real estate. As social distancing measures necessitated remote interactions, an increasing number of businesses have embraced virtual reality (VR) and augmented reality (AR) technologies, enabling prospective buyers to conveniently explore properties and finalize deals from the safety and comfort of their own homes.\nIn fact, according to a survey by Rocket Mortgage cited by the NAR in a post on its website, 3 out of 5 home shoppers say they would be willing to purchase a home after only a virtual tour, an indication of the growing acceptance and adoption of advanced technologies in the industry.\nIn conclusion, although cash transactions maintain their stronghold in the real estate market, the ongoing evolution of digital tools and innovations is gradually reshaping traditional practices. As a result, the industry stands at the brink of a transformative journey toward a more digitized and interconnected future.\nThe post Virtual Real Estate Tours Gain Traction Amid Continued Surge in All-Cash Sales appeared first on PYMNTS.com.", "date_published": "2024-03-22T16:24:35-04:00", "date_modified": "2024-03-22T16:24:35-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2021/08/real-estate-2.jpg", "tags": [ "ATTOM", "Cash", "Digital Payments", "digital transformation", "FoxyAI", "national association of realtors", "News", "PYMNTS News", "Real Estate", "Rocket Mortgage", "virtual home tours" ] } ] }