Real Estate Technology
PR News Wire | August 31, 2023
As the race to maximize AI across nearly every industry continues, TurboTenant, the leading all-in-one landlord software, recently launched a feature that harnesses AI to allow landlords to craft their rental listings. Powered by OpenAI, this new tool simplifies one of rental property management's most significant challenges.
When landlords enter basic property information, TurboTenant's AI Property Description personalizes a captivating listing description in less than five seconds.
Leveraging open-source data to pull in unique qualities that appeal to today's renters, the AI professionalizes listing descriptions and streamlines the marketing process to find quality tenants. Plus, this AI is trained to comply with the Fair Housing Act — a major win for landlords everywhere.
"Generative AI tools such as ChatGPT are like magic. You ask AI to do something, and the tool easily completes your task," said Max O'Rourke, Senior Product Manager at TurboTenant. "That's a big reason we built the AI Property Description feature with OpenAI — we want our landlords to feel like magicians when they create a new listing."
The free AI Property Description feature is the latest update to TurboTenant's versatile rental property management platform. Listings are a landlord's first chance to catch potential tenants' eyes, and this latest feature simplifies the process significantly.
According to a recent Forbes Advisory survey, over 64% of businesses report AI increases their productivity. AI Property Description is just one of the many features TurboTenant has launched to streamline, professionalize, and simplify the administrative side of being a landlord.
"Harnessing the power of AI for property description and listing title generation is just the tip of the iceberg," said O'Rourke. "Building a feature like this is just another example of TurboTenant's commitment to innovation and better serving our users."
Built by landlords for landlords, TurboTenant empowers independent property managers at every step of the rental process. More than 550,000 independent landlords nationwide enjoy TurboTenant's free, all-in-one online property management solutions. Features offered by TurboTenant include rental applications, tenant screening, property marketing, rent payments, lease agreements, and rent reporting.
Real Estate Technology, Mortgage and Lending
PRnewswire | July 28, 2023
Rhino, which pioneered security deposit insurance in 2017 and services a six-million-home partner network, today announced that Omega Realty Group is using the new Rhino+ platform to manage security deposits for renters.
Rhino+ is the rental industry's first digital deposit platform that simplifies and modernizes the security deposit process, making renting easier, transparent and affordable.
"Rhino has been a trusted partner for over three years, helping protect our thousands of rental units with security deposit insurance. With Rhino+, we now offer our renters the choice to use cash or insurance as part of their move-in experience," said John Ashley, Omega Realty Group. "We look forward to continuing our partnership with Rhino and delivering a digital experience to our residents, allowing them to move in seamlessly while protecting our assets."
Leasing teams typically deal with physical deposit checks that must be brought to the bank and held in an escrow account. Property owners often have to track these payments in software platforms coded in the 80s that can't always be used on personal computers. Cash sits in escrow, inaccessible until the end of the lease. The process is required for every unit, taking up to 20 hours per month.
"Rhino+ alleviates the headache of the traditional security process by giving owners and renters choices," said Ben Lantos, Rhino's CEO and co-founder. "Renters can transact digitally, which is their preferred method, and property owners save significant time on administrative tasks."
For owners, Rhino+ effortlessly automates every step of the deposit journey, from viewing and managing security deposits, insurance policies, claims, properties and renters, all in a single platform. The solution streamlines operations, reduces complexity and improves efficiency.
Rhino currently works with one-third of the Top 100 property owners in the U.S. Learn more at sayrhino.com.
Rhino was founded to give renters everywhere greater financial freedom to plan and enjoy their lives. In 2017, Rhino pioneered security deposit insurance, replacing cash deposits with smart, affordable insurance so renters can maintain control of their cash. Instead of a large upfront cash security deposit, renters pay Rhino a small fee, and Rhino insures the property owner for damages that might occur and lost rent. In 2022, Rhino launched an end-to-end deposit management and compliance platform, transforming how security deposits are administered.
In addition, Rhino today also offers Renters Insurance, giving renters a simple and affordable way to purchase contents and liability insurance, which property owners often also require at move-in. Rhino is offered in over two million homes with a six million home partner network, and we have saved renters over $1 billion in cash.
Real Estate Investment
PRnewswire | August 21, 2023
Roc Capital Holdings LLC ("Roc360", the "Company"), a vertically integrated platform for residential real estate investors and a leading originator of business-purpose loans, and Temasek, a global investment company headquartered in Singapore, today announced the launch of Roc360 Real Estate Income Trust Inc ("Roc360 REIT").
The externally managed mortgage REIT will invest in business purpose loans for residential real estate investment properties principally originated by Roc360. Since its founding, Roc360's core focus has been to connect the highly fragmented business of residential investment property lending with institutional capital through an "originate-to-sell" business model. The formation of the Roc360 REIT establishes Roc360's presence as an asset manager, which will enable the Company to further diversify its base of committed capital to enhance the certainty of capital for its borrowers.
"As demand for our assets has increased, we view the Roc360 REIT as an opportunity to secure more funding for our customers by diversifying our range of capital sources," said Arvind Raghunathan, Ph.D., Roc360 Founder and Chief Executive Officer. "We are honored to partner with Temasek on this important endeavor, which will have a beneficial impact on our customers' ability to scale their businesses in combating the shortage of affordable, energy efficient homes in this country."
The partnership between Roc360 and Temasek highlights the continued interest in US residential real estate from the international investor community. "This year, we have taken a number of steps to grow our origination capabilities both organically and via acquisitions. As such, we view the Roc360 REIT as a natural extension of our platform, which binds best-in-class origination capabilities and diverse, committed and scalable capital through technology and data which provides our borrowers certainty of execution and a streamlined process. We are excited to provide an alternate funding model for this segment of the industry outside of whole loan purchases and securitization markets," said Maksim Stavinsky, Co-Founder and President of Roc360.
In addition to the REIT, Roc360 will maintain and expand its existing loan purchase programs and asset management solutions to accommodate its growing origination footprint.Deutsche Bank Securities Inc. served as sole structuring agent for this transaction.
Roc360 is a leading financial services platform for residential real estate investors, providing vertically integrated solutions, including lending, servicing, insurance, and valuation. Founded in 2014 by Arvind Raghunathan, Maksim Stavinsky and Eric Abramovich, Roc360 employs over 300 people and its wholesale and retail brands have funded in excess of $25 billion in loans throughout the United States since inception. The company is headquartered in New York City with offices on three continents.