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The Real Estate Institute of Victoria (REIV) has announced a partnership with data technology business PointData, harnessing artificial intelligence (AI) to assist their members secure listings.
The AI-driven company offers data and analytics to equip agents with information it claims will give them a leg up in the current competitive marketplace.
Some of the features members will have access to include PointData’s Micro-Market Price Index, which provides growth trends at a street level, offering granular data points to bolster local knowledge. The firm also boasts unique insights into the land subdivision potential, providing investment intel for possible buyers.
Quentin Kilian, REIV’s CEO, said the insight that PointData brings to the table will give members “an edge to help drive listings via stronger conversations with vendors”.
“AI technology is transforming real estate, providing real-time data and analytics that enable agents to make informed decisions, and PointData is at the forefront of this new paradigm. This technology is unlocking new possibilities, improving efficiency, and ultimately delivering a better experience for buyers and sellers”, Mr Kilian remarked.
The partnership will see REIV and PointData launch a new publication called ViewPoints that the institute’s members can access. Down the track, the duo will then be introducing unique tools for buyers’ agents with insight into more than 510,000 off and on-market development sites, as well as data feeds for real estate businesses.
PointData’s CEO and founder, George Giannakodakis, explained how the development information they provide could equip agents in unlocking the full potential of a site.
“Given that around 60 per cent of listings are not listed as development sites, agents can use our development report to update their listings, show the full development potential (STCA), increase the market traction of the property, and ultimately, secure a better price and increased speed of sale for their vendors,” he said.
The institute has made a concerted effort to keep on top of digital solutions for agents, strategically partnering with proptechs to assist their membership. The body developed data platform PropertyData, which it then signed over to Hutly in late 2021 for further development while staying involved in the tech’s progression.
ABOUT THE AUTHOR
Juliet Helmke
Based in Sydney, Juliet Helmke has a broad range of reporting and editorial experience across the areas of business, technology, entertainment and the arts. She was formerly Senior Editor at The New York Observer.
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