It is no secret that real estate rentals, whether being on the tenant side or the property manager side, can be a stressful and challenging process. We interviewed Faizan Ali Khan, who has founded the local Victoria, BC startup “LetHub”. He enlightened us to some of the struggles within the rental industry and how AI-powered technology is a welcome solution.
LetHub is an AI leasing platform that responds to renters, books tours and promotes properties on autopilot - saving leasing agents 30 hours per week. The startup cuts down vacancy rates by 25% while maximizing rentals for companies in a timely, organized manner, and is great for saving on cost.
“If you want to grow your portfolio and manage more units, you won't have to hire more people to do simple tasks like responding to email inquiries and booking showings - our AI Leasing agent, River, will do it for you 24/7.”
The ideal customers for LetHub are larger scale rental companies with at least 1,000 units under management such as Devon Properties, Brown Bros, Sutton Group, and anyone who is tech savvy that wants to grow fast through modern technology that will be widely used in the next five years.
When asked about the inspiration behind LetHub, Faizan reflected upon his own experience along with the trials and tribulations he faced as a potential tenant looking to rent here in Victoria.
“I was working on a startup idea for restaurants while completing my MBA at UVIC and had a really hard time trying to rent a place myself. There were almost no responses to my inquiries and a huge communication gap. I felt that the system was archaic and not at all streamlined with a lot of unnecessary and repetitive paper applications.”
Despite the pandemic, LetHub has experienced a notable growth trajectory due to the ever increasing number of renters moving and downsizing. Faizan is certain that If real estate companies don’t catch up to technology to improve operational efficiencies and lower costs, within two years, Artificial Intelligence and shared economy tech startups will make realtors, leasing agents, and admin staff obsolete. He referenced this article posted on Smarter With Gartner that supports his forecasted ideas.
Big thanks to Faizan Ali Khan for sharing his experiences and the story behind the fast growing startup LetHub.