Ever heard of Proptech? Sure you have, you just might not know it yet! We’re all wired in and clicking away, through opportunities in the modern Malaysia.
A tap of a button and we’ve got food on the way; a swipe of our phone and there’s a ride hail just waiting to take you somewhere new. That’s just how our modern world works… and we do love it!
It’s also how the modern property industry should work, and increasingly it is, thanks to innovation pioneers like PropertyGuru.
Property Technology Is On The Rise
Malaysians love technology. You just have to look at how long we spend online — over 9 hours every single day, to be exact!
There are approximately 27 million Malaysian internet users, and more than 96% of them also use mobile internet on phones and other devices.
It goes wayyy beyond just the internet on computers and phones though. 800,000 of us have some form of smart connected device in our homes, meaning over 10% of homes are ‘smart’ in some way.
Is it any wonder in this tech-obsessed Malaysia that Proptech is on the rise?
You see, Proptech is all about transforming how we do things to provide better digital ways to rent, buy, sell, and manage a property.
You might just think that it’s only about super-connected devices like smart lighting or digital locks, but it’s actually transforming the whole property experience.
PropertyGuru is an example of the most important transformation in that opportunity: Its digital delivery is the one that opens up opportunities for everyone.
We are Malaysia’s number one property website (thanks everyone!), with over 63% of the market share. Over 12 million of you fantastic people visited our website on average every month, from January 2021 to March 2021.
That’s a huge part of the Proptech opportunity, because can you imagine searching through approximately 350,000 properties for sale in Malaysia by foot?
What about the approximately 170,000 properties for rent in Malaysia? That’s some strong (and hopefully comfy) walking shoes you’ll be needing.
So, you see, Proptech is about delivering more convenient, efficient, and customer-focused ways to view property in Malaysia.
Data Drives Proptech Opportunities
At PropertyGuru, we know that success means taking a data-driven approach to how we serve our audience, and adapting to meet their needs.
An obvious recent example is working with developers and sellers to cater for the rise in virtual property tours, which saw a 62% increase in these tours year-on-year.
And it’s no wonder; it’s not like we were allowed to leave the house a lot of the time, thanks to COVID-19! Proptech meant that WE could bring those properties to YOU, your health and safety guaranteed.
That’s how Proptech works – finding innovative ways to deliver what customers want. You can see that kind of tech-driven approach in aspects such as the rise of augmented reality use in real estate.
But innovation isn’t just the flashy gadgets like you’re diving into a sci-fi movie. It’s all the stuff behind the scenes to improve the services and product offerings.
That includes features like PropertyGuru’s Listing Performance Insights in the Partner360 solution, which provide property agents with actionable, data-driven insight, derived from how users interact with the property listings.
It incorporates key metrics such as property price, performance comparisons, and marketing analytics to support agents to better sell homes, and thus, keep the wheels of the property market oiled and turning smoothly.
This contextual data provides agents with an overview of user behavior. That means not only can they adapt to meet those desires, consumers are then provided a service that more directly reflects their own preferences.
Proptech like this not only makes things easier for agents, buyers, and sellers, it makes the whole industry work more efficiently. That ultimately contributes to a better real estate market for everyone.
The potential for Proptech continues to grow, as new enabling technologies such as 5G connectivity and the internet of things (IoT) evolve.
This will provide even greater connectivity, deepening use of connected smart devices, unlocking anywhere-anytime opportunities, and generating even greater data-driven insight for the industry!
While these remarkable technologies provide an inspiring look at tomorrow, PropertyGuru continues to provide the foundation for Proptech opportunities today.
That means a commitment to constantly innovating new solutions, adapting based on data-driven insight, and delivering a more efficient and user-friendly property market experience for everyone in Malaysia.
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Disclaimer: The information is provided for general information only. PropertyGuru International (Malaysia) Sdn Bhd makes no representations or warranties in relation to the information, including but not limited to any representation or warranty as to the fitness for any particular purpose of the information to the fullest extent permitted by law. While every effort has been made to ensure that the information provided in this article is accurate, reliable, and complete as of the time of writing, the information provided in this article should not be relied upon to make any financial, investment, real estate or legal decisions. Additionally, the information should not substitute advice from a trained professional who can take into account your personal facts and circumstances, and we accept no liability if you use the information to form decisions.