As the property market begins to slow, building relationships and keeping your ‘finger on the pulse’ of market trends will be key to gaining client trust and driving business growth.
While property technology and applications offer real estate agents and property professionals a treasure trove of insights, often time pressures limit how the technology is used, leading to real estate agents underutilising the data at their fingertips.
Here, we explore new ways property professionals can do more with data to benefit clients, sales, and business overall.
Grappling with multiple applications and CRM platforms to access useful data has long been a sore point for property professionals. It’s time to break down the silos and create solutions that give agents and property professionals the tools to seamlessly and strategically use data to create opportunities and drive growth.
A new partnership between Australian owned data provider, National Property Group and PropTech Group is taking data insights to the next level.
The integration will deliver National Property Group’s data services into PropTech Group’s CRMs Eagle Software and VaultRE, the websites provided by PropTech Group subsidiary Website Blue, and the vendor proposals created in PropTech Group’s Designly, giving real estate agents access to market data for vendor proposal creation, their sales and PM CRMs, and automatic valuation models – all with one log in.
With a focus on addressing the core business needs of real estate agents and property professionals, the new National Property Group and PropTech Group data integration simplifies the functions of ‘finding, listing, selling and nurturing’ into one application.
Having access to a wealth of data insights in one application, that previously required one or more application logins, provides significant business benefits. Time efficiencies and productivity will be improved, proposals and AVMs will be presented with enhanced customer targeting and strategic insight, and customer conversations will be backed by meaningful, reliable data insights.
Being able to identify data trends such as recent sales, tenure and hot spots within the CRM data creates better prospecting conversions. National Property Group’s heat map searches integrated directly into the VaultRE platform provides simple visual representations of where opportunities lie for real estate agents.
When listing, property professionals build trust and confidence by having in-depth knowledge and understanding of current market conditions. Having detailed access within the VaultRE platform of property data and market activity, improves agent conversations by giving them the insights to react and answer any enquiries. Agents can generate key reports directly from VaultRE to improve the customer experience. Moving into ‘sell’ mode, the VaultRE and National Property Group integration is vital in communicating current market information that gives sellers and buyers confidence to make decisions.
Real estate has long been a competitive industry. For National Property Group customers, the partnership with PropTech Group delivers a best-in-class experience for their digital marketing presence by providing a seamless update to “Website Blue” for all digital requirements, in addition to website management with the leading real estate web provider, and simple listing upload to key listing portal providers.
Leading real estate experts speak to ‘touch points’ in driving business success. There are the usual standard touch points such as email, text, and newsletter distribution etc, but the most important touch points are conversations that add value. To make customer conversations valuable they need to be relevant, local, and current.
The advantage of the VaultRE and National Property Group integration is that VaultRE presents the customer who is due the touchpoint and National Property Group provides the rich information that adds value to the conversation. Utilising one platform, agents are empowered to serve and resend more information within the one platform rather than several, making it easy and consistent which improves productivity and ultimately leads to more listings and sales.
Real estate is a long game and keeping track of reports over time can be difficult. National Property Group and PropTech Group’s integration helps solve reporting inefficiencies by seamlessly recording reports in an agent’s VaultRE file cabinet, ensuring consistent conversations over time that build trust.
Data used strategically and effectively can be the most valuable asset property professionals hold. For real estate agencies, accessing, deciphering and utilising data is the single most important function that will be the key to winning more business.
Let me give you a typical example: the agent is speaking with a client around the market, the client is not ready, but requests a report as an update. The agent obliges and jumps into their data platform, runs the report, and sends it as a PDF via an email. If we are lucky, they may record the interaction, but due time and other pressures they don’t, and so much valuable data is lost.
Now let’s look at VaultRE and National Property Group integration scenario: the agent makes the call within VaultRE, the conversation results in a report request, they generate the report directly from VaultRE they send within the platform and all that golden information is captured - waiting to be used for the next touchpoint, improving customer experience, building trust so that they list with the agent.
For this reason, the National Property Group and PropTech Group integration project creates an environment that:
Social Media is a key pillar when it comes to building success in the real estate landscape, yet it is often an afterthought for many. Take the opportunity to showcase your brand through social media, transforming your communication channels into lead generation tools.
Watch our on-demand webinar, lead by Peter Karanicolas, Head of Social Media for PropTech Group, and learn how to gain a deeper understanding of your brand, your audience, and your goals. You'll also get a sneak peek into PropTech Group's most recent offering, Social Eazie, a tool that allows you to enjoy the benefits of a well-structured social media plan with targeted advertising, without the time intensive investment.
By watching this insightful webinar, you'll learn:
Discover Propps, a simple, time-saving, cost-efficient and extremely effective way for agents to collect offers for your vendors, while creating a clear and consistent platform for buyers to make offers.
Watch our on-demand webinar where our presenters Daniel Bignold, Founder and CEO of Propps, and Luke Paverd, COO PropTech Group, will explore everything you need to know about how to optimise your results with Propps.
By watching this on-demand webinar, you will learn how to:
The real estate industry has come a very long way in a short space of time as technology has changed and enhanced the way agents and businesses go about their day.
Technology has been able to assist agents and free up their time so they can get more done and focus on higher-value activities. It's also allowed them to have more reach than ever before and get themselves and their listings in front of more people, more often.
This has had the effect of transforming a single agent or a small team into a very powerful commodity that can handle hundreds of deals every single year. Watch this short video as PropTech Group CEO, Joe Hanna, explains how PropTech Groups helps those in the real estate agency through new technology.
PropTech is the merging of technology with the property industry. Today, there are a myriad of technological tools that work to assist agents, property managers, conveyancers, valuers and mortgage brokers, just to name a few. PropTech effectively looks to use technology to help solve real-world problems that people in the industry face. When those problems can be solved with technology, it saves time and money, and importantly makes agents more efficient and better at what they do.
Good technology acts as a way to free up agents, so they can focus on things like building real-world relationships, negotiating deals, and handling many of the in-person conversations that technology can't replace.
Up until very recently, the real estate industry hadn't seen any big changes in the way it operated for decades. Listings were posted on agency windows or in the newspaper, people were communicated with over the phone or in person. Data was hard to come by or non-existent. Records were kept on paper, or on a PC at best.
As technology improved, many aspects of real estate changed for the better. Data became widely available. The ability to communicate improved dramatically. Suddenly, you could reach more people and manage your connections through things like CRMs. Everything moved online and now even the sales process is done with technology.
By using technology, agents are able to spend more time doing what they do best - which is forming real-life connections and helping people navigate what is normally the largest financial transaction of their lives. Real-life connections with people and being able to negotiate complex deals are some things that technology can assist with, but can never replace. Technology acts as a way to free up time, become more productive, and help you reach more people, so that you can do your job better.
One way that technology has really revolutionised the way all agents operate is through automation. Automation can be as simple as sending a bulk email or SMS, or a more complex task like identifying would-be vendors from your database. Whatever it is, by using automation, you can reach more people faster and more effectively.
Another area where automation takes another big leap forward is through artificial intelligence. AI allows you to manage all the data that has been collected, sift through it to find important information. For example, being able to better identify a vendor that is getting really to sell their property based on their habits and interactions with your communications. It could be the difference between winning a listing, versus the listing not even making it to your radar.
Data is also a big game changer in recent times. These days, there is so much access to data that if you're not utilising it, you are being left behind. There is so much data on homes, market conditions, vendors and would-be buyers, that you need to be making the most of all the tools that utilise this data to stay competitive.
In years gone by, agents were trying to get in front of as many people as they could and somehow keep track of all the contacts they came in touch with. This proved to be a difficult task and many vendors got lost in the process. Today, mobile apps and 24/7 cloud access make it easier than ever to access your database wherever you are, at any time.
Finally, one of the most powerful game-changers in real estate has been the ability to customise marketing pipelines into different segments. This way, you can put your time and energy into marketing, and allow the leads and contacts to be filtered through various pipelines. This means that your leads are getting information that's relevant to them and suited their stage of the buying and/or selling journey. That way, you're able to offer more value, creating a better reputation for yourself and your business.
PropTech has revolutionised the real estate industry in ground breaking ways. As technology continues to improve, it's vital that agents and agencies continue to stay on top of the latest tools and trends to make sure they not only stay competitive, but actually create a competitive advantage.
Discover 5 quick methods for generating a surplus of qualified prospects, to put you in the best position possible by watching this on-demand webinar.
Watch as our presenters Trevor Bragg and Ally Jacobs provide tips and tricks on how you can open new avenues, identify the perfect target audience, so that you can boost your leads and generate revenue.
By watching this on-demand webinar, you will learn how to:
In this on-demand webinar, public relations expert Dave Platter explains how to conduct a successful and low-cost public relations campaign. He discusses what public relations is, the five secrets of public relations for real estate agents, and how to make the most of your media coverage.
By watching this on-demand webinar, you'll learn how to:
The PropTech Group Limited (ASX:PTG) released its full year results for the financial year ended 30 June 2022 ("FY222"). In this recorded webinar, Group CEO, Joe Hanna, and Group Financial Officer, Michael Fiorenza, discuss the results from the year and how they were achieved.
Watch the full webcast here:
The PropTech Group Limited (ASX: PTG) is pleased to announce its full year results for the financial year ended 30 June 2022 (“FY22”), highlighted by a 74% year on year growth in total revenue and other income to $20.2 million, from $11.6 million in FY21,
• Total revenue and other income of $20.2 million, an increase of 74% from $11.6 million in FY21;
• Operational revenue of $19.9 million, an increase of 78% from $11.2 million in FY21;
• Underlying EBITDA of $2.0 million, resulting in an Underlying EBITDA Margin of 10%;
• $2.9 million in positive net operating cashflow;
• Cash receipts of $21.4 million, an increase of 74% from $12.3 million in FY21;
• $14.1 million in cash on hand as at 30 June 2022, up 114% versus prior corresponding period;
• ARR (‘Annualised Recurring Revenue’)1 as at 30 June 2022 of $18.5 million, an increase of 49% over 30 June 2021; and
• Organic growth2 represented 57% as a portion of the total operating revenue growth.
• Increased Average Revenue per Account (“ARPA”)3 to $267 in June 2022, an increase of 27% over June 2021;
• Increase Average Products per Account (“APPA”)4 to 1.93, an increase of 82% from 1.06 over June 2021;
• Increased accounts (real estate agency offices) to 5,106 in Australia/New Zealand as at 30 June 2022, an increase of 24% from 4,115 as at 30 June 2021; and
• Approximately 42 percent of Australia / New Zealand real estate agency offices use at least one PTG product or service.
• Successfully integrated Website Blue and Eagle Software into the PTG family while continuing to grow both businesses. Post-acquisition, Website Blue’s ARR has increased by over 135% and Eagle’s has increased by over 61%;
• Established the Rello joint venture, a real estate payments platform, and integrated into the PTG suite of products; and
• Partnered with digital offer management tool Propps and data provider National Property Group to earn equity in each through the sales of their products to our customers.
Joe Hanna, Group CEO and Managing Director of PropTech Group, said:
“This is our first full financial year of operation since we relisted in November 2020. During the last 12 months we grew quickly, more deeply integrated our businesses and their teams, and leveraged the 42 percent of agents using our products to increase average revenue and products per account.
“Since the close of the 2022 financial year, we have strengthened our management team through several internal promotions. Eagle Software Founder and CEO, Luke Paverd, took a new role as Group Chief Operating Officer, Website Blue Chief Operating Officer, Luke Thomas, moved up to Group Chief Commercial Officer, and Head of Marketing, Audrey Nicoll, became Chief Marketing Officer.
“We believe we are in a strong position to continue to drive strong growth in 2023 by executing a clear four-part strategic plan that combines organic and inorganic initiatives.
1. In our core business of SaaS CRM software for real estate agencies, we expect to capture an increased share of the $120 million total agency spend in Australia and New Zealand;
2. To complement our core CRM business, we will integrate additional related real estate software to capture a larger share of the $610 million Australia and New Zealand real estate agency non-CRM SaaS and related spend;
3. We are in the early stages of exploiting the significant opportunity in ancillary services, such as utility connections and mortgages, provided by our strong relationship with 42 percent of Australian and New Zealand real estate agencies; and
4. We will seek to operate profitably in the UK.
“The future looks bright for PropTech Group. On behalf of the management team and staff of PropTech Group, I would like to thank our Board and shareholders for their ongoing support.”
1 Annualised Recurring Revenue is calculated as at a point in time, multiplied by 12 (i.e. June 2022 run-rate). It provides a 12-month forward-looking view of recurring revenue if all factors such as new, churn, pricing and foreign exchange were to remain the same for that period. This excludes other operating revenue (non-recurring revenue).
2 Organic growth has been calculated as the delta between acquisitive revenue growth contribution and total revenue growth for the group. Acquisitive growth includes any acquisitions that occurred during the financial year 2022 and uses the month prior to acquisition as the basis of revenue contribution to the Group and multiplied for the period. Any additional growth from that date has been included in organic growth.
3 “ARPA” is monthly average revenue per account calculated for last month of period indicated.
4 Products per account has been calculated as the number of products subscribed to by PropTech Group customers, divided by the total number of accounts. The individual products captured include CRM Core, CRM Property Management, CRM Commercial, Rent Find Inspect, Websites and Designly.
Having the right Real Estate CRM is essential to thriving in today's industry. By automating and monitoring various processes and menial tasks, agents will benefit immensely, streamlining contact communications and listing management.
Watch this on-demand webinar, as presenters Trevor Bragg, Head of Sales at Eagle Software and Scott Bentley, Business Relationship Manager at VaultRE, take you through:
The past few years have not just been a boom time for homeowners but also for real estate agencies.
While prices have soared, the number of transactions also reached record levels. As sales activity slows down, it’s important to make sure your agency remains profitable in 2022.
Here are five ways to make keep your agency profitable.
As an agency, it’s possible to sell property across your entire state. The world of opportunity is large, but that doesn’t mean you should be trying to win every single listing. In reality, a far better approach is identify your strengths and hone in on your point of difference.
One of the most obvious strengths an agency can have is location. Being area experts is one way you can separate yourself from the competition and put a moat around your business during a market slowdown.
Other strengths can be around the selling and marketing techniques that you implement and how they can stand up well in changing marketing conditions.
Another key strength to focus on is your database of potential buyers and how that can help vendors and buyers do deals faster.
In a market downturn, it can be hard to justify a shakeup of your technology due to the costs involved as well as the time taken away from generating leads and making sales - but it can and will save you long term.
Becoming more efficient with what you’re currently doing and improving your processes is important regardless of where you are in the business cycle. But this can be even more important when things slow down.
More often than not, businesses don’t take a close look at their tools and processes, such as their technology stack, until they really need to. This might be the perfect time to do it.
Upgrade where you can and consolidate if there are tools you don’t need. A great way to do this is by performing a tech stack audit, which will help you decide which technology can stay, and what needs to go.
Now is the perfect time to start leaning on your existing network and databases to nurture contacts that have already been captured, even if they aren’t active. In this stage, building trust with your clients is paramount.
A healthy lead nurture campaign can be crucial to converting leads into listings in a cooling market.
While the number of listings are rising, nurturing buyers is important in the current market.
The modern real estate journey starts digitally and every agency should have a website that provides meaningful value to visitors to entice them to stay on the site (and return).
Look to find new ways to expand your social media presence and paid advertising campaigns for all types of properties that you are selling, sold or about to list.
Don’t be afraid to try new platforms and experiment with different forms of content. You can learn more about how to market yourself as a real estate agent by reading this article.
These days real estate agencies are a lot more than just the sales side of the business. Property management is often the lifeblood for most agencies, so it might be prudent to focus more time and invest in more staff to bolster this side of the business.
Similarly, there are other complementary businesses that you might be able to work with or bring in-house that could add additional ravine to your business. Having in-house settlement agents or mortgage brokers might be something to consider as a point of difference, or look to establish more formal referral arrangements with your current partners.
It’s important to be flexible and put your energy to where your business most needs it and where you’ll get the most value for your time and capital.