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A commercial partnership has been struck between the proptech player and Real Estate Industry Partners (REIP).
Propic and REIP have shared a joint aim to deliver cost-effective data solutions to the market, which will see “both entities pooling data resources to enhance REIP’s flagship CMA tool”.
According to Jeffery Gray, Propic CEO, the collaboration will also “offer comprehensive insights spanning sales, property management, recruitment, and even insights into competitors, all housed within an integrated portal”.
“This synergy taps into REIP’s deep market expertise, amplified with Propic's technological and data prowess,” Mr Gray stated.
As part of the partnership, a new “premier” offering will be unveiled – which touts real-time insights integrated with REIP’s comparative market analysis (CMA) platform, co-developed with Valocity.
For REIP members, it will reportedly enable the viewing of “unmatched insights via the REIP data visualisation portal, with Propic as the driving force behind it”.
It was reported that “both entities view this initial offering as merely the beginning of an expansive journey – a harmonious blend of industry and proptech, set to benefit the entire ecosystem”.
For Sadhana Smiles, the CEO of REIP, it’s an exciting prospect “to be able to bring to the market intuitive, digitised, up-to-date market data displayed in a dashboard”.
With agents and property managers able to view and compare their market share and performance, Ms Smiles called it “a real game-changer”.
“As as a business owner myself, I will not have to wait again for reports with data that isn’t up-to-date. It is quite literally at your fingertips,” she shared.
Doing better
She said the motivation in working with Propic – and their other partners – has been driven by the question: “How do we create a better experience for our agents, our clients and, importantly, how are products integrating to give us a better view of the client?”
“Our data is our oil, and right now we are not maximising the opportunities, and partnerships with Propic will help our agencies have valuable data to understand metrics which then dovetails into making better business decisions,” the CEO commented.
Mr Gray himself acknowledged that this partnership “aims to rectify a longstanding industry pain point”.
Himself, and Propic, noted: “For too long, the industry has been a data goldmine, which, after significant investment, was capitalised and repackaged by major corporations. These giants then resold the insights back to the very providers in the form of pricy products and services.”
“This alliance seeks to ensure that those creating the data have rightful control over it, transforming it into tools that agents and business owners can utilise daily in a cost-effective manner. Moreover, it strives to grant the industry unhindered access to valuable data insights, vital for sales, property management, or recruitment,” Propic flagged.
Ms Smiles also raised that a business owner’s productivity and efficiency is currently too dependent on how quickly tech providers enhance their productions, and requires more work with tech providers than is currently being done.
Stressing that agents, property managers and business owners need to be provided “with the right information to make agile business decisions in a climate that is experiencing significant transformation”, Ms Smiles said: “Our partnership with Propic will solve some of these challenges.”
ABOUT THE AUTHOR
Grace Ormsby
Grace is a journalist across Momentum property and investment brands. Grace joined Momentum Media in 2018, bringing with her a Bachelor of Laws and a Bachelor of Communication (Journalism) from the University of Newcastle. She’s passionate about delivering easy to digest information and content relevant to her key audiences and stakeholders.
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