realestate.com.au has launched The Real Ideas Prize, a new “Shark Tank”-style competition for real estate professionals to pitch on improving the rental experience and win a share of $100,000.
Contestants from around the country will not only have the chance to win the prize money, but they’ll also have access to leading industry mentors to help bring their idea to life.
realestate.com.au executive manager of rent Kul Singh said that five finalists will be invited to a one-day workshop in Melbourne, where they will pitch their idea to a panel of judges.
He said the ideas will then be open for the wider industry to vote on.
“This is the first competition of its type for realestate.com.au, aimed at engaging and inspiring those working in real estate to have a voice on what product is going to make a material difference to the rental industry.
“The idea could improve the day-to-day life of industry professionals, or the lives of tenants and landlords.”
Mr Singh said he anticipates that many good ideas will be generated.
“More Australians are now renting than ever before, but while that number continues to grow, the pain points that go with renting remain,” he said.
“We recognise that renting is going to be a more important part of the lives of Australians going forward, so we’re looking for new ways to work with our industry partners to help alleviate some of those pain points — whether that’s for tenants, landlords or property managers.
“The Real Ideas Prize is a great way to empower our customers to bring their ideas for rent to life, and hopefully have a little fun along the way.”
Mr Singh said the competition has a total prize pool of $100,000, which is distributed between three winners, to be spent on developing the innovation to bring to market.
He said the winning entrant will receive an individual $10,000 first prize.
“Applications will be judged on creativity, ease of implementation, scalability, longevity and overall financial investment,” Mr Singh said.
“The competition is open to anyone who works in real estate including property managers, agents, marketers or office staff.”