Of the many industries that AI is transforming, real estate is arguably one with the most potential for impact.
For years, the sector in the U.S. has largely relied on manual processes. While finance and manufacturing quickly moved ahead with digital transformation initiatives to create mote interconnected systems, real estate has in many cases remained fragmented.
Without widespread AI adoption and a connected back-end ecosystem, innovation at scale falters. Even if an individual real estate company adopts a digital-first approach to their own operations, other stakeholders can bring teams crashing back to manual processes.
As a result, property managers have spent a great deal of time moving paperwork between tenants, insurers, vendors and owners, representing a deeply inefficient use of time that also increases the risk that a ball is dropped at some point during the chain of command, causing delays and room for error.
However, the real estate sector is on the cusp of an AI revolution and the changes are expected to be transformative. Research from McKinsey suggests that AI will unlock up to $550 billion in value across the real estate value chain.
Realizing this value hinges on the strength of the tech solutions on offer to real estate companies and property managers. The future of AI in real estate will be less about automating simple workflows but reimaging how the various stakeholders can work together, prioritizing human judgment and relationships while technology scales efficiently behind the scenes.
How AI solves high-value pain points within real estate
At a high level, demand for AI is centered around making systems and processes more efficient.
As the technology helps to reduce the amount of time real estate teams spend on coordinating and completing tasks manually, it frees up their day to be more hands-on with tenants and owners when it matters.
In turn, companies can spend more time on proactive, value-adding tasks. The real transformative potential of AI comes from solving the biggest pain points that pi growth pains that stand in the way of revenue generation.
When it comes to the rental market specifically, insurance coverage is an increasingly complicated area for property managers to cover from end-to-end. It also acts as a major pressure point, with a sharp rise in rental property insurance premiums affecting the bottom line for margins and long-term returns on the rental portfolio.
As risks increase and coverage tightens, adapting through smarter risk management and cost strategies is becoming essential for staying profitable. Here, property managers can benefit from a new generation of risk management and compliance platforms with AI-powered features at their core.
Insurance, risk and rental properties in the age of AI
Insurance expenses have the ability to reduce property profitability year on year. Even worse, a lack of compliance or missing policy can leave property managers for costly bills in the event of serious damage or neglect to the unit.
Vendors are also a common risk factor when it comes to managing rental properties. These are needed to conduct repairs, clean apartment buildings, fix leaking roofs or keep electrics to current safety standards. At the same time, the huge range of vendors means its time consuming for vendors to sort through all the options and ensure the vendors they work with have proper public liability insurance in place to maintain full compliance.
With shrinking margins, property managers can’t afford to cut corners with due diligence, but labor and resources are another major overhead.
This represents a clear, high-value use case for AI in real estate. Founded in 2020, GetCovered is a leading risk and compliance platform for multifamily housing operators, powering insurance, vendor management, and operational risk across 3 million rental units.
Through its modular, API-first platform, the company helps companies reduce compliance burdens and eliminate risk by automating certificate of insurance (COI) tracking, policy administration, and providing embedded insurance workflows.
The company has now acquired Revyse, an AI-powered vendor intelligence platform in a move that brings automated intelligence to risk management, insurance and vendor contracts during a time of high-pressure margins for property managers.
Unified platforms solve fragmentation in real estate back-end
As GetCovered acquires Revyse, the move is a step forward in addressing the serious fragmentation in the real estate market. With disparate tools, technology fails to provide meaningful value. This means the burden of managing tasks falls on the shoulders of busy real estate teams.
By bringing the comprehensive vendor management offering from Revyse onto the leading risk and compliance platform, GetCovered users can streamline work and improve visibility.
With Revyse, users have a single system to manage bids, contracts, credentials, and spend. While other vendor management tools simply track issues such as a vendor falling out of compliance, with teams left to action the next steps, the AI-powered features of Revyse mean that automated action is taken.
As a result, it addresses common yet high-risk issues such as insurance requirements that vary by scope of work or certificates of insurance that have to name the right parties. If, for example, a vendor does fall out of compliance, the platform can automatically hold payment until the problem is resolved.
This powerful tool is now combined with the comprehensive solutions on GetCovered’s unified platform.
Smarter risk management from GetCovered and Revyse
The news about the acquisition of Revyse follows on the company’s AI-powered compliance and risk platform designed to consolidate the fragmented systems property operators use to manage insurance, vendor compliance, contracts, deposits, pet policies, and reputation monitoring.
Together, GetCovered and Revyse are building a single operational layer that unifies every risk surface so that rules can be defined, enforced automatically, and tracked in real time.
Brandon Tobman, CEO of GetCovered, explained that the decision to join forces with Revyse has built “the most comprehensive compliance infrastructure in multifamily real estate — one that already powers insurance compliance for more than 3 million rental units nationwide.”
“Revyse was built for the messy middle, the edge cases, the exceptions, the workflows that don’t fit neatly into a single system,” said Bobbi Steward, CEO of Revyse.
With the acquisition of Revyse, the company extends its capabilities into vendor compliance and contract management, creating the first unified platform that manages risk across both residents and vendors.
Article’s featured photo of GetCovered CEO Brandon Tobman
