The role of PropTech in the New Zealand Property industry
In early 2019 Aframe Agent Finder launched in Wellington, New Zealand to join the rapidly growing ranks of PropTech (or property technology) companies. The idea that both real estate agents and property owners spend considerable time and money to secure the best match for a property presented a problem that could be solved with technology. Being able to bring together owners and agents in a marketplace environment was the best solution for both. Using technology to connect people, drive down costs, improve relationships and ultimately lead to a better experience for all was a major factor.
What is PropTech?
Broadly, PropTech is where the property and technology sectors meet in order to benefit customers, clients, owners, buyers, sellers, agents, agencies and all in between.
The PropTech space is evolving rapidly around the world and in New Zealand as people get behind the idea that technology can solve problems and frustrations caused by one of the oldest and most valuable modern industries.
PropTech can take many forms and can be as widespread as helping the property management industry navigate the changes to tenancy law to 3d and imaging technology companies helping real estate agents stand up digital viewings during global pandemics.
As real estate portals develop into end to end service tools for the property industry, we all can only benefit. There is no doubt that the process to buy and sell real estate is complex, lengthy and costly. But this just makes property all the more viable for technology to assist to reduce cost and increase efficiency. Although New Zealanders traditionally have had a love affair with property and real estate investing, many will only buy and sell a home a few times in a lifetime. This is another reason why technology can step in to lend a hand, flatten the learning curve and give confidence to those with limited experience.
Aframe Agent Finder as a PropTech company
Aframe embraces the PropTech ethos and strives to create a product that benefits both real estate agents and property owners. Offering a marketplace for trusted and verified industry professionals to submit offers for their service means that agents can both concentrate on the properties they believe they are best suited to sell and offer the best possible service to vendors. At the same time, sellers benefit from having multiple quotes to compare to get a true sense of what the market commission and fees rates are. Traditionally many people find their agent by referrals or by calling up the local agency office. While these method are still viable and even encouraged, sellers can refer agents to their Aframe listing in order to be able to compare quotes.
Real Estate PropTech in New Zealand
At Aframe, the team are keenly tracking PropTech around the world and within New Zealand in order to be able to refine the service offering. We are seeing more PropTech all the time both from incumbent and government and from startups looking to push the boundaries and fill the gaps in order to better service the New Zealand public. Keep an eye on the Aframe Real Estate News section as we continue to cover the topic.