If you thought that developments in legal technology were moving quickly, take a look at what’s happening in the property market. Sometimes described as proptech, it is currently going through a wave of new services, new technology and new market dynamics.
Property sales are big ticket items. The rewards of a slice of the action are lucrative.
Two key participants in this marketplace are real estate agents and internet portals for the advertising of properties. A lot of the current wave of proptech activity has an interplay with one or both of these parties.
For a taste of what’s going on, here is a sampling of recently reported developments:
Sale Ezy online auctions
REA Group Ltd – owner of realestate.com.au
REA Group Limited recently announced that it will acquire Hometrack Australia which operates a service promoted as being able to automatically value any property in Australia.
In another recent development the company also launched Agent Match, a digital experience connecting sellers to agents on realestate.com.au. The service is described by realestate.com.au:
Agent Match connects agents with Australia’s biggest audience of sellers who are interested in finding an agent to sell their property, providing appraisal opportunities and the chance to pitch for their listings.
1. realestate.com.au targets sellers and sends them to seller content on site
· There are over 700,000 sellers on realestate.com.au every month
2. A seller researches agents on realestate.com.au based on what’s important to them
· A transparent experience, sellers can research all agents
3. The seller decides who to connect with and the agent is immediately notified
· More than one agent can be selected to provide an appraisal. Agents are notified of this as it happens, along with the number of other agents they’re up against
4. The agent accepts the request and receives the seller’s contact details
· It’s then over to the agent to close the deal
The service is free until at least July 2019, after which it will be low-cost, with fees ranging from $0¬$200. Agent Match will never take a percentage of an agent’s commission.
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