Ventract, LLC – Minority-Owned ‘Tech Startup Is in a Race to Be the First Artificial Intelligent Property Management Procurement Officer’
NORWALK, Conn., February 22, 2022–(BUSINESS WIRE)–Ventract has been a breath of fresh air in the Property Management Industry, which has relied on an outdated and cost-intensive approach when contracting projects. Property management companies typically are required to receive 3 bids or more in larger scale projects. Thus, creating a months-long process that involves antiquated and laborious phone calls, multiple email exchanges, and in-person meetings. When property managers finally do receive these bids, typically it’s handed to them personally or emailed over as an attachment. Then, they have to manually type all of the information into yet another form to submit to their supervisors for approval. Ultimately it must be filed for their own records…This current process is indeed cumbersome and inefficient. And in today’s technologically advanced world it is archaic. Ventract automates this entire intricate process.
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Ronell Owens, CEO, Ventract, LLC (Photo: Business Wire)
“Our ultimate goal is to simplify the procurement process and create the first A.I. Procurement Officer; helping and connecting property managers, housing authorities and contractors by making their lives easier, and thus, saving an incredible amount of time, energy and money,” said Ronell Owens, CEO and Founder of Ventract.
An artificially intelligent Procurement Officer will enable Property Management companies to leverage their institutional knowledge like never before. Jobs will get completed faster, cheaper, and more accurately because the procurement process is managed by software that is always improving and contains all data about the property, budgets, historical projects, local prices, and even frequently asked questions with answers. Employees and stakeholders will be enabled to deliver true value rather than adhering to an antiquated process that does not leverage their skills.
Ventract is the ‘Thumbtack.com’ for property managers, but with more bells and whistles created strictly for the property management industry. Property managers can load their projects onto the platform with ease and simply wait for the bids to come in. Once a project is loaded, Ventract automatically notifies all appropriate contractors about that particular job, who can then submit their bids through the app. Contractors and property managers can communicate directly through the system; asking questions and even schedule walk-throughs. The app includes auto negotiating technology; generally saving property managers 10-20% across the board. That is incredible savings especially when you are talking about potentially millions of dollars in project costs annually.
Ronell Owens, CEO and Founder, launched Ventract in 2020 at the beginning of the pandemic and he was able to raise 2 million dollars from family and friends to support the operations of Ventract. In that short period of time he has onboarded hundreds of property managers, housing authorities, and contractors who use his web app to save time and money.
“We collect so much data about the property, as well as the communication between both parties down to price points, supplies and materials, and approval workflows, that soon all of this will happen through Ventract’s platform and will save our customers millions of dollars in an industry that has been hit hard by inflation,” said Owens. “Ventract is using the latest technologies to build big data and machine learning based business tools to improve their users’ experience in the Proptech space.”
Ventract has gone even a step further and ensured their system is HUD compliant, to accommodate the needs of housing authorities. Created with the direct collaboration of HUD attorneys and auditors, Ventract includes all of the necessary steps required by Housing Authorities to remain compliant in their procurement process.
Ventract is not only for companies that need jobs completed. The platform also serves as a one-stop-shop for contractors looking for work. Contractors can join the platform to search for new jobs and get notified when a job is available in their service area that is within their expertise.
Given the depth of services offered, Ventract is incredibly affordable. A user has the option of one of three different subscription tiers, based on their service needs. Currently the tier pricing is $12.95 for Basic, $24.95 for Premium and $29.95 for the Enterprise membership. Ventract offers free access to their success and support teams, who are available to assist and answer all questions.
Ronell Owens, CEO of Ventract, was raised in Stamford, CT. He attributes his passionate desire for business to being raised by a father that had the strongest work ethic he has ever experienced. His late father Robert L. Owens Sr. owned two dry cleaners where Ronell worked alongside his father from the age of 5.
“There weren’t many summer breaks or lazy Saturdays for me growing up. With my father being African American, and coming from the Jim Crow south, he had a lot that he felt he needed to instill in me in order for me to be successful. My experience on Race in 2022 hasn’t been my fathers experience in the past and this has contributed to my successes,” said Owens.
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