As virtual apartment tours emerge as the go-to solution for safely exploring properties, one startup has created a unique solution for property managers to show off their spaces beyond the coronavirus pandemic.
Oda, founded in December 2019, uses artificial intelligence to build automated and personalized apartment leasing solutions. The company’s main product allows prospective tenants to go on self-guided tours using an iPad and a property touring app.
“We started with a self-guided tour app that allows prospects to tour an apartment by themselves by assisting them with audio-visual guides on iPad or their mobile phone,” co-founder and chief technology officer Ege Ozgirin said. “This app personalizes the tour itinerary for each prospect based on their preferences and the feedback they offer during the tour, resulting in greater prospect satisfaction.”
Oda’s business model is subscription-based. Property managers pay on a weekly or monthly basis to access the company’s tools and services.
Oda’s leaders believe there’s a plethora of reasons for property managers to use Oda over a traditional in-person tour. A few benefits they mentioned include the ability to offer fully guided and interactive apartment tours without a leasing agent, the ability to offer services after hours or on weekends and the ability to gather actionable feedback collected in real-time.
“Since leasing agents are no longer required, there is no agent availability constraint, so property managers can offer more tours and attract more traffic to their buildings,” said CEO Mert Karakus. “Agents get more done when they don't have to walk people around the building all day. It means they have time to follow up on those leads, answer calls [and] focus on growth.”
Traditionally, prospects rely on leasing agents to gather information on properties, schedule tours and view the apartments. However, Ozgirin believes leasing agents are responsible for too many tasks, resulting in a disappointing experience for potential tenants.
“[Leasing agents] are responsible for marketing and sharing new listings, scheduling tours, making the unit ready for showings, managing building access, guiding prospects during tours and following up with them to sign a lease. They cannot distribute their attention efficiently across multiple tasks and clients,” he said. “Prospects receive delayed communication, fail to schedule tours at times that work for them and do not receive a personalized tour experience that highlights the aspects of a property that they care about.”
With Oda, prospective tenants on self-guided tours can use features like room measurements and a chatbot that can answer questions about the space. The startup graduated from Y Combinator’s Winter 2020 accelerator and has also received support from MIT and MassChallenge.
While Oda’s technology has been particularly relevant during the pandemic, the startup’s long-term goal is to update the residential real estate market through digital innovation. In a June survey conducted by RENTCafé, 83 percent of respondents said they would use a self-guided touring option while searching for a future home. The main reason? They wanted to view apartments at their own pace—a factor that ranked ahead of concerns for social distancing.
“Our generation is used to doing everything digitally,” Karakus said. “They can apply for jobs online, take loans without visiting a branch, rent and unlock cars via an app on their phone. Everything is digital… except rentals. For that, you still have to work with many different people, make sure schedules work, schedule many different meetings, walk around properties with a chaperone, fill out written applications for your rentals. A lot of these steps can be automated with existing technologies. Our mission is to bridge that gap.”
Emma Campbell is a contributing writer for BostInno.
