In line with global trends, the number of South African renters is likely to spike over the next decade, and with this the workload of residential rental management professionals, who currently manage 30% of the rental properties in the local market. This is according to Craig Buckley, MD of reOS, a proptech platform that seeks to change the face of professional rental management.
Say Buckley: “There has been a great deal of excitement surrounding rental technology in recent years, with a number of new entrants to the industry. However, these companies have tended to focus on self-service, with direct-to-consumer models aimed at tenants, property owners and landlords. For the most part, these products look to cut the agent out. reOS has taken a different view, recognising that the greatest opportunity lies in enabling rental professionals to offer more value to their customers - at scale.
“We believe intermediaries have an essential role to play, but the technology available to them hasn’t fundamentally evolved over the past decade, despite major leaps in fintech capabilities across other industries. This has resulted in professional rental companies tending to reach a ‘growth ceiling’, constraining the experience of their customers and the prospects for their business. With the reOS solution, we’re looking to truly break the shackles and shift the professionally managed market share from 30% to upwards of 50%.”
reOS automates two thirds of monthly tasks, including invoicing, collections, payments, communications, reporting and asset performance updates, among others. This is all done with banking grade encryption and an audit trail supported by a private blockchain. Additionally, reOS integrates with all South African banks – including newer players like Discovery and Tyme Bank.
“For years, the real estate industry has been limited by costly and complicated solutions designed more for accountants than real estate professionals. We’re excited to see reOS create new areas of opportunity for the entire industry,” concludes Buckley.