While one day we might be able to instantly buy a house from the push of a button on an app, we aren’t quite there yet.
However, whether you are buying your first home or already have an investment portfolio, numerous proptech (read: property technology) companies in Australia have brought to the market innovations that can help you on your property journey.
If you want to stay ahead of the game, learn about how these five companies disrupting the Australian property market right now, making it easier to people to deal with and use real estate. Take a look at what they’re doing to change things up.
REALas aims to predict real estate prices in Australia, forecasting prices for around 90% of properties available for sale at any time. Every prediction is accurate to within 5% of the final sale price, making it perhaps the most accurate prediction algorithm on the market right now.
When buying a property, the buyer is generally disadvantaged, as the seller’s agent has much better access to industry knowledge, tools and databases that lets them understand them a property’s worth. Being free, REALas levels out the playing field. It’s a great tool to help buyers pay the right price for their property. By knowing what a property is worth, buyers can make an offer confidently without fear of overpaying.
While REALas’s algorithm is its selling point, it also provides you additional information like total days on the market, sale or rental history, and price per square metre, helping you make an informed decision.
If you’re a property investor you would know that managing a property can be stressful and take a lot of time. First of all, there’s menial work involved like reconciling rent payment and maintaining the rental ledger. Then, there’s researching all the rules. Forget to send your tenant a factsheet and you could be on the wrong side of the law.
While many landlords outsource the work to a rental property manager, some choose to self-manage their property. It’s one way to save costs and have more direct control over their property.
The Rentdesk app offers advanced technology to reduce the work by handling various processes from property listing to lease signing and organising rent payments, all while respecting local regulations.
With all the manual tasks out of the way, owners can focus on communicating with their tenant and resolving any issues quickly. Happier tenants mean longer leases and less time searching for tenants.
If you’re thinking about building a home or buying off the plan, one of the disadvantages is not being able to physically inspect the property, as it doesn’t exist yet. You might end up with something different from what you had in mind.
RealAR is looking to bridge the gap between paper and reality. Its clever software automatically converts 2D property plans in to an augmented reality environment to help you see a property, no matter where you are.
All you need is your smartphone in order to ‘walk’ around a property, as if the property was already built. This makes it easy to completely experience and feel the property layout before going ahead with a proposed plan.
This software is great because it doesn’t require any fancy equipment. All you need is a smartphone. You can use it anywhere, making it easier than ever to trial a property and make layout plans and changes.
A property survey is taken to get a detailed understanding of the land and existing building. It’s mostly taken as a basis for architectural planning, although it’s also a way to get a snapshot of the existing situation for evidential purposes.
While a typical survey is made manually using a tripod and theodolite, Larki can generate a 3D point cloud of land and property instead. Compared to a normal survey with data points captured every few meters with detail between the data points assumed, the survey captures detail to the accuracy between 1mm and 20mm.
Aimed at both architects and property owners, it’s something worth getting if you need an extra level of granularity with your survey. Greater granularity means its possible to fully optimise an architectural design to make best use land, and also avoid designs errors which can be costly when discovered during construction.
Although conveyancing and settlement might not the most exciting part of buying a property, it’s pretty important to get right. Delays can get expensive with penalties at interest rates as high as 12% of the purchase price being typical for buyer caused delays.
As a government led initiate, the Council of Australian Governments (COAG) formed PEXA to digitise conveyancing. Instead of lawyers sending faxes to each other, it’s all done through an electronic platform, meaning all communications are timely and logged. The final settlement of funds is done remotely at the click of a button by EFT or RTGS, rather than exchanging bank cheques in a room in the city.
With over 2 million transactions completed, there is now greater transparency about what is happening, reduced cost, more checks and balances, and increased efficiency. Buyers can get their keys sooner, and sellers can be more certain that they’ll get their money, with much less stress than before.
The future is already here with Proptech companies in Australia improving the way we rent, buy and use real estate. Regardless of where you are on your property journey, with real estate being Australia’s biggest obsession means that at least one of these innovations will no doubt be relevant to you. It is certainly exciting to see what lies ahead.