Sectors: Tech, Real Estate
Year Launched: 2019
Founder: Faizan Ali Khan
Unique Selling Proposition: Uniting renters with homes through better property management administration.
Strategy: LetHub’s artificial intelligence platform manages rental admin so property managers can efficiently engage with prospective tenants.
Award sponsor: MAC Renovations
Faizan Ali Khan was struggling to find a home in downtown Victoria when an idea struck him. He had visited yet another rental property that was scooped up moments after his tour was finished, and he wondered how the process could be improved,
“You might be one of 50 people looking at a property. If you didn’t act fast, you’d lose the deal,” says Khan, who knew the housing crisis extended beyond Victoria. “I asked, ‘why can’t this be as easy as opening up an app, booking a time and even taking a photo of a cheque to secure your spot?’”
Khan started researching where the gaps existed at various property management companies and discovered a recurring problem in staff time associated with responding to rental inquiries and executing the leasing process. He learned that qualified rental candidates were often lost in a barrage of inquiries.
Gathering a team of digital experts, Khan created LetHub — a platform designed to ease the burden of property management and unite renters with homes by using artificial intelligence to handle admin. With monthly subscription fees per rentable unit (and no charge to prospective renters), the system screens candidates, responds to emails, books tours, answers questions, forwards rental applications and even signs leases.
Since 2020, LetHub has processed approximately 500,000 prospect inquiries, which Khan says could be equal to 50 million pages of paperwork — an effort in saving time and the planet.“
While this saves property managers time, we really made this product for renters, because that was my problem, and it felt like being stuck in a system,” says Khan. “We wanted to make that system better.”