Service disrupts real estate industry

For the first time, New Zealanders can conduct real estate negotiations online through a licensed agency.  

The innovative service has been launched by Proppy, New Zealand’s first licensed real estate company to offer a fully online service – from listing through to signing a sale and purchase agreement. 

Tyson Walker, Proppy’s co-founder says “our new online negotiation tool is a game changer for an industry that has largely avoided any major digital disruption. We believe the time for hefty commission fees is up and the digital revolution is calling time on the expensive bricks and mortar real estate model”.

Proppy’s negotiation tool enables transparency as sellers can view and manage multiple offers from an online dashboard – negotiating in their own environment and in their own time. 

Anyone who has bought and sold a house knows the pressure cooker situation they find themselves in, with the agent driving across town and being in charge of the sale. Online negotiation eliminates this time and stress and puts the seller in the driving seat of the sale while having support from Proppy’s licensed agents. The online process of buying and selling property through Proppy, saves both time and money for each party.
 
Walker says Proppy’s 1.5% commission rate is an attractive proposition for sellers. “The typical commission rates of 4% is helping pay the overheads of real estate company’s offices. And how often do you walk into a real estate office? Particularly these days when you can do everything online from the comfort of your own home. A seller of a $1 million property will save around $21,000 in commission”. 
 
Walker says auctions aren’t for everyone especially in a slowing market, and the addition of the online negotiation tool on the Proppy platform means people who want more control and less stress than they get at auction can have it with online negotiation – including completing the offer details and signing the sale and purchase agreement online.  
 
“We guide our customers through the contract process and everything is checked by our qualified real estate team before an offer is approved and made available to a vendor”.   
 
Proppy launched in mid-2016 and since then has proven there is a smarter way to conduct real estate business and have listed $55 million dollars of property on their platform to date. 
 
Buyers also win with using Proppy’s online model as sellers provide the building and LIM reports. This can save buyers considerable expense when they are looking at multiple homes – only to find they miss out at auction and have wasted money on reports.
 
Walker says “the power of the online negotiation tool means the company can easily scale throughout New Zealand. Our team has grown significantly since start up a year ago and now our expansion into the regions will be quicker and easier with online negotiations as an option”.
 
Proppy has big plans with new development already underway for ‘online tenders’. 
 
Photo: Proppy founders Tyson and Hannah Walker.