Category: Residential

All stories relating to residential tech related startups and issues.

StepLadder Affordability
EuropeInterviewsResidential

PropTech Affordability Startup: StepLadder

In a number of cities around the world, housing affordability is getting out of control. Hong Kong, Sydney, Vancouver and Auckland are regularly cited by the IMF as examples where the price-to-income ratio has reached dangerous heights. In my home town, Sydney, the average price is over 12 times earnings (A$84,600 v A$1,032,000) which is causing so much concern it has become a social crisis.

Governments are increasingly being forced to act, enforcing lending restrictions, removing investor tax breaks and looking at ways to increase supply. Now tech entrepreneurs are spotting the opportunity, with a handful of PropTech platforms launching to help first home buyers get into the market. Stepladder is a UK-based one, inspired by the South American system called ROSCAs where people pool their money so they can buy sooner. It’s a simple concept – 10 people each contribute 10% of their overall saving target each month. Each month the group generates 100% of a deposit for one of the people, allowing them to buy immediately. In this way, 9/10 people will get their deposit faster than they would had they been saving alone.

Founder Matthew Addison tells us his story:

While ROSCAs provided the inspiration, what was the moment you decided to create a business?

You’re right to point out that the seed for StepLadder was planted during my Master’s work at the University of Pennsylvania. If you spend time reading my thesis, you can see I was fascinated by ROSCAs, and in particular, the commercial scale opportunity in markets where these are absent.

The rains that helped the seed sprout were a near-continuous flood of press focused on the Generation Rent crisis. In the UK in 1981, 62% of 24-35 year olds owned their own home. Twenty years later, that figure was still 60%. But, by 2014, home ownership in the traditional first time buyer demographic cratered to only 36%.

I thought a disruptive private sector solution – importing a solution to this local problem – could make a difference. We know ROSCAs work – 70 countries worldwide have their own local names for them. I understand economically why they are an equilibrium solution to a particular market dynamic, which is present in the UK first time buyer market. Finally, I have the career-long financial sector expertise, product knowledge, and entrepreneurial sense of mission to bring ROSCAs across the chasm to the UK, and beyond.

What was the process of launching the platform – funding, programming, business planning, etc?

StepLadder’s history to March 2017 can be broken down into three phases: (1) due diligence and formulation; (2) structuring and funding; (3) launch and proof of concept.

First, the formulation of a ‘first time buyer solution’ business model around the core ROSCA intellectual property required understanding the market and testing that the market would be able to understand the StepLadder proposition. Focus groups and due diligence of the first time buyer marketplace were crucial at this stage.

Second, the detailed design of the StepLadder circle was both an iterative exercise based on market feedback and one where expert advice proved invaluable. We closely examined multiple dimensions for assembling the business plan: e.g. regulatory, legal, branding, and underwriting. We also secured the financial support of our ‘Proof of Concept’ investors.

Third, we entered the Proof of Concept stage when the “shop window” that is our site: joinStepLadder.com went live in November 2016. From this point, our focus has been marketing awareness and information exchange with prospective members.

How do you calculate the 45% savings? Presumably some people will get the money sooner, but some might get it later?

Mathematically, the expected draw from a uniform distribution is 50% of the draws remaining. That roughly represents the odds of an individual member being drawn for the property deposit in any given month. It is imperative to appreciate that even being drawn in the final period of the circle is no different to the alternative outcome of saving alone (except for minimal interest in a regulated, principal-guaranteed, high-street savings offering). Where a member in a 30-month StepLadder circle has a 1/30 chance of having to wait the full 2.5years, saving alone that probability is 100% — the lone saver will definitely have to wait that long!

Do you put the money in savings and does the system require the money to earn interest?

The fixed monthly contributions of members become the principal for the peer-to-peer lending underway. In other words, float is minimal. This is not a collective investment scheme, nor does it involve ‘investment returns’. Just the opposite – the power of the ROSCA is in the acceleration of capital formation for actual member use in making an asset purchase.

What is your business model?

We generate revenue from membership fees, mortgage facilitation, and transaction services. We intend for the membership fee to recoup administrative costs of operating the circle – and not as a source of profit for StepLadder.

Please note that the fixed monthly contributions that form the property deposit awards are always treated as client funds and are ring-fenced from StepLadder’s own operating resources.

Do people need to use the agents/advisors that pay you fees?

No, members are not tied to our transaction services partners. However, we believe our service partners will make attractive offers to our members. This is based on two, reinforcing factors: 1) group buying discounts and 2) quality referrals from our membership. We have evidence of this already in the promotions offered to Founder’s Circle members by our initial panel of services partners.

What are your plans for growth / can you take this abroad?

Thanks for the optimism! At the same time, our key focus is executing on delivery of our roll-out: first in Greater London and then throughout London and the UK is an unmatched global opportunity in scale, innovation, and urgency.

Medium-term, we also think there is a significant opportunity throughout the Anglo sphere (Ireland, Canada, Australia, and the US) and beyond. We are open to partnerships in order to accelerate this process.

Are there any other platforms in the UK or globally helping with this affordability issue?

There are a number of well-intentioned government programs aimed at this issue: shared ownership and Help-to-Buy ISAs in the UK, for example. Generally, these come with a number of conditions or restrictions. They are also subject to the vagaries of political priority.

There are also a number of deposit-finance schemes on offer from new and specialist lenders. I note that these can introduce tax, estate, and financing complexity to home ownership, which is not the case with StepLadder.

Ultimately, the real alternative is the Bank of Mom and Dad – but that’s not an option available to every qualified first time buyer. StepLadder is.

What is the technology behind the platform?

The platform has two main pieces (i) the public facing website and matching engine; and (ii) the private member environment with circle management.

The public facing site serves to facilitate the information exchange process and accelerate the match of a prospective member to a circle that fits their circumstances and goals. We have natural network effects as our pool of prospective members grows – this means matches occur faster while simultaneously our circle affinity scores rise. This is always done without sacrificing underwriting standards and why the first criteria remain credit and affordability tests.

In the private member environment, the functionality is focused on managing the circles’ progress, reporting and user-circle interaction. The whole circle management process is automated, including all cash flows and allocation. The UX is a simplified version of a marketplace lender interface, where we prioritise security, transparency, and community among the members of each circle.

Have you needed to jump any regulatory hurdles?

Absolutely. I have engaged with the Financial Conduct Authority since before incorporating StepLadder in March 2016. The first port of call in January 2016 was the FCA’s Innovation Hub. They have been great. Our ongoing dialogue with them culminated in a preliminary perimeter assessment that StepLadder’s business model conformed to Article 36H of the Regulated Activities Order – operating an electronic peer-to-peer platform.

I considered regulatory review so important from the outset that I retained both corporate counsel and regulatory consultancy before raising seed finance or bringing on any team members.

What do you think is the biggest concern someone might have in using the system?

That’s as easy to answer as it is important: trust. We are a new company offering an unfamiliar financial product. Moreover, our proposition is large ticket with a long(-ish) duration. We see ourselves as a path across a generational rift; however, that may sound too good to be true to a casual observer.

So, it’s StepLadder’s responsibility to earn trust. We started by thinking like a prospective member. Focus groups were among the first business activity we undertook, and we clocked-in nearly a dozen before putting up our first landing website. I consider 1:1 direct personal contact with prospective members essential to members deciding StepLadder is a suitable solution. I personally feel compelled to evangelize our message – so, I’m happy to engage with press, partners, and thought leaders about what StepLadder can do.

Homely
Asia PacificInterviewsResidential

Homely: the Australian property portal setting new standards in UX design

Homely is one of our favourite Australian PropTech platforms. It combines property search with neighbourhood guides and agent ratings wrapped up in a beautifully designed, easy to navigate site. Jason Spencer, Co-Founder and CEO, explains why Homely’s success is no accident.

Two brothers in the real estate tech business?

We come from a very entrepreneurial family with a strong history in the Australian mortgage industry. Our family business, called Interstar, was a pioneer that helped introduce the concept of non-bank home loans in the 1990’s. While companies like Aussie, Wizard and RAMS were the retail brands, we were the wholesalers behind the scenes funding the mortgages for thousands of businesses. It was a very successful business, ultimately sold to the Challenger Group. Later we launched several other B2B technology businesses in the financial services space but this all changed for us in 2007 when we had the idea for StreetAdvisor.

What started StreetAdvisor and is still operating?

So StreetAdvisor is a business that actually started with a poor experience that I had with real estate. It dates back to 2007. I had been quite disappointed with our home or more in fact the street, it was noisy, lots of traffic and we really didn’t get along with the neighbours. I’m sure many can relate to disliking their street in some form. So we decided to build a website called StreetAdvisor.com.au that would be like Tripadvisor, but for streets and suburbs.

This quickly took off here in Australia and also in the USA and became the biggest community of its kind where people could talk about what its like to live somewhere. Eventually the community started to ask us to add homes for sale and we built homely.com.au on top of the original StreetAdvisor community launching in early 2014.

Give us a sense of your growth since launch?

We have seen fantastic growth over the first three years, traffic doubling every year and over 90% of all listings submitted nationally. We are on track to have at least 10 million people visit our site in the next 12 months and we have over 90% of all agents signed up to our service. It’s been a lot of hard work to get the business where it is today. We believe no other portal has grown at the rate we have in the first three years.

Why the emphasis on design?

Our design team will tell you it’s not just about design, its also about the user experience. With the maturing of the internet consumers are used to seeing beautiful things often so it often comes down to a sub-conscious level whether something is designed well or not. We want consumers not only to look at homely to see a beautiful real estate search, we also want them to have a well designed experience. When consumers line our search experience up alongside the competition it’s important they can tell and feel the difference. And we think our recent international multiple Webby nominations validate our work.

Why did you move into agent reviews when the main function of the site is property search? Was it monetization and was that always your plan?

We think reviews are a great way for agents to highlight their success, but more importantly consumers want to know as much as they can about who is representing their most important asset. It’s so important to be able to get more than just performance statistics and so late last year we launched our own agent review platform where vendors, buyers and landlords can review their experience.

We also worked with agents to ensure some level of validation of the person who is reviewing the agent. We see the problem with reviews on sites like Google is that anyone can write a review – competitors, trolls, the agent’s mum, you just don’t know and the agent often doesn’t know. So we don’t have anonymous reviews, we ask for the property address and we have a team of people doing moderation.  Reviews for us were never about monetisation, they are about transparency.

How do you think the industry is changing for agents with the growth of homely, openagent and ratemyagent?

Sites like ours and other ratings sites give agents so many ways to better promote themselves online backed up by qualitative content instead of just typical sales data. I know the industry is cautious about agent reviews but we believe with our 10 year experience in the reviews space we can protect the agent while still giving transparency to the consumer.

How ready are agents for the digital age and how prepared are they to pay to enhance their online reputation?

I think the majority are ready for the digital age, they really have no choice if they want to stay competitive. Of course we see some agents who really are too flat out selling homes to bother with online but most acknowledge that with vendors and home buyers doing the research online you need to be there. Providing they can see ongoing value, agents will be happy to continue to pay to promote themselves online.

How do you think homely has impacted the industry – eg. domain.com.au and realestate.com.au?

Homely has definitely pushed the mark in terms of building a beautiful product and we have shown agents that a free-to-list portal can work in Australia, that there there is an alternative to promote your home online. We tend not to think about the competition or what they think, our team is focused on creating something special and unique in the industry.

Have you received external funding or plan to raise it?

No external funding, all privately held.

Finally, any other exciting Australian real estate tech platforms you like? 

No response from me on this one, don’t wish to leave out any number of our current or future partners!

Fintech / Proptech platform LoanDolphin
Asia PacificResidential

Australian Proptech / Fintech Mortgage Platform LoanDolphin: Giving customers more control

The Australian home loan industry is worth more than AUD$1.4 trillion, with the big four banks some of the most profitable in the world. That suggests consumers aren’t always getting the best deal. Meanwhile, Australian entrepreneurs have caught the Fintech bug, with a rapidly developing ecosystem spearheaded by Stone and Chalk. One resident startup, LoanDolphin, has created an auction platform, introducing transparency and competition to the mortgage market. A Proptech / Fintech hybrid, CTO and Co-Founder Rod  Dutra explains their plans to change how Australians get a home loan:

What is the problem you have set out to fix with LoanDolphin?

We both worked for a big 4 bank here in Sydney (Australia) and during this time we were able to experience first-hand the power banks have over the consumers and the amount of savings customers were missing out due to the lack of awareness when it comes to effectively negotiating and finding the right channel to complete their property finance requirements. We saw that customers were at the mercy of banks and had to do a lot of work to get the home loan deal they deserved.

Mortgage brokers can help, but different mortgage brokers have access to different rates so the customer still doesn’t know if they’re getting the best deal. We thought it was about time the consumers had more control and that brokers and banks did the hard work instead so we created LoanDolphin to empower consumers with more choice, convenience and value.

What has been the biggest challenging in launching the platform?

It’s very similar to most startups. Building trust with the customers is probably one of the biggest challenges we have. We collect a considerable amount of information and, as a result, sometimes customers may be reluctant to give all the information out. We are still building our brand from scratch. But this is when early adopters and talking to our existing customers becomes very important. We love it when customers share their feedback with us so we can keep improving our product.

What was the process like in signing up the first bank and generally how have the banks responded?

We were able to sign up some banks early on when we were about to launch our MVP. It takes a lot or persistence and patience with the banks. Generally, banks are very conservative. Different stakeholders, inconclusive priorities and a lack of long term strategic thinking is very hard to tackle as a startup.

When you say lenders and brokers compete is it fully automated and how does that work?

There is a human behind all this competition. We believe that the home loan deal as well as the person who assists you with the application is crucial. Our ratings and reviews will help our customers choose not just the right product but also the most suitable person – whether it’s a bank lender or a mortgage broker. Also, all the bids are placed in an open and transparent platform so brokers and banks can see what everyone else is prepared to offer each customer, which means that the competition is very fierce.

How does a broker compete with a bank when presumably their loan is from the same institutions?

Goes back to what we mentioned about the lack awareness. Certain brokers are categorised as ‘platinum’ or ‘flame’ brokers. These brokers have special deals and certain privileges with certain banks. Likewise some senior bank lenders have anything from pricing discretions to the ability to fast track applications if need be. So as a customer if you go to a normal lender or a normal mortgage broker you might end up with an average deal for one of the biggest purchases in your life.

Do you have any direct competitors?

Our competitors range from comparison websites to DIY broker sites, all with fairly different offerings and value propositions from us.

How has Stone and Chalk helped your business?

It’s been great here at Stone and Chalk and we have found great mentors. The collaborative efforts within the community to help, share and support each other is absolutely priceless.

What do you think of alternative funding platforms like funding.com.au?

We believe that alternative funding platforms will have a part to play in the industry. There are plenty of problems in the market which need innovative solutions to tackle them. As long as no one is ripping the customers off (like the payday lenders saga) and there is a clear value add to the customers, alternative funding platforms will remain relevant.

What is the focus for the next 12 months?

  1. Expanding our team
  2. Release LoanDolphin v2 to the market in the next 8 weeks
  3. Get more direct banks involved

You have announced plans to expand the platform for mortgage brokers. Can you explain how this will work?

We already have mortgage brokers taking part in our platform. We are actively looking to expand our partnerships with Victorian mortgage brokers since we are starting to see a big uplift in our customer base from Victoria.

DREA Singapore
Asia PacificInterviewsResidential

Interview: Digital Real Estate Assistant (DREA) Singapore

Singapore’s DREA aims to radically improve the property buying process giving buyers access to market data analysis and insights previously limited to professionals, while giving agents highly targeted leads and a platform for digital marketing. A husband and wife team (seemingly the perfect combination with one an ex-banker, the other the CTO), we sat down with the later, Yuet Whey, to discover more:

What is the story behind DREA? Was it a lightbulb moment or a slow burn idea?

The idea for DREA started 3 years ago when I was looking to buy my first home in Singapore and was actively seeking information on the real estate market. I wanted a way to search for homes that would give me a minimum of 3% rental yield. However, it would require crunching through thousands of data points on Excel, a daunting task to many

Even as I shortlisted homes, I realized that there was an information gap in the market for real estate insights and more importantly, insights that could be accessed easily on-the-go. I then set about to create the first ever Digital Real Estate Assistant (hence the name DREA) that would offer any daily buyer, tenant, seller and landlord access to high quality, instant real estate information that is at the same time, easy to understand.

Tell me about the process of building the site (ie. first while working on it on the side, then to moving full time)?

When my partner and I first started designing and building DREA, we focused primarily on the consumer lens. Each time we had a house viewing or visited a show flat, we would think about what we would like to have as buyers and tenants. We then proceeded to create them. Being in the shoes of a consumer allowed us to identify gaps in the market and more importantly things that matter to the consumers. For example, the ability to search homes by drive time and the ability to get instant property insights such as supply risk and pricing around an area.

The product development process was exhilarating. We were essentially imagining possibilities, and then making them come to life. We took time to build up a truly differentiated and proprietary data set that went beyond common real estate data like prices. We also spent time talking to others and getting their inputs. More importantly, we took time to properly understand the industry to refine our business model. That is how we concluded on the need to shift away from the already commoditized market for posting online real estate classified listings.

I left Investment Banking when I knew we were ready to hit the market. Running a company is an entirely different experience from Banking. There was no one to tell me what to do. I had to learn new skills, set goals and be disciplined.

You are a husband and wife team – how does that work?

We complement each other by leveraging on each other’s strengths. It is not always easy and we recognize how critical it is to maintain clear boundaries between work and home. We constantly remind ourselves that the objective of working together is to build towards a common goal and (simple as it sounds) be happy. The focus on a long-term shared goal helps us look beyond individual moments of conflict which are unavoidable.

What are the key features your site offers in terms of market research?

  1. Location-based insights: anyone can flip out their phone anytime and instantly discover suitable units nearby, show flats nearby, prices in the area, supply risk and more.
  2. Natural Language Search: redesigning how one searches for information or homes by streamlining a wide range of search parameters into a simple and intuitive user experience. For example, try searching for price trends in District 9 or find me a 3 Bedroom for sale under $1.2m with a yield of >2.5%
  3. Price Trends and Supply Risk: ability to instantly retrieve detailed district-level price trends and triangulate it against upcoming supply in each district.
  4. Forward-looking SIBOR Rates: we offer consumers the ability to discover where SIBOR rates will be in 3 months time based on market expectations.
  5. Comparable Condos: DREA is designed to help consumers identify truly comparable condos (beyond area) in terms of tenure, age, price, drive time to your office or even walk time to MRT.

Where does your data come from?

We pull together data and content (housing, demographics, transport, interest rates) from multiple avenues including DREA’s proprietary dataset and from public sources like Urban Redevelopment Authority into a single source to enable new forms of instant analysis and insights on the property market.

What features do you offer to agents?

  1. For agents, we offer the ability to select, target and actively reach out to potential home buyers or tenants based on their housing preference. This is a 180-degree shift from the “post listings and wait for leads” business model adopted by most real estate portals.
  2. In addition to that, we offer agents a full suite of information and analysis so that they can address every client ask. In the past, an agent may need to spend hours pulling data from URA and then analysing them just to find out something as simple as future supply in a given area. Today, DREA processes all this and presents this to an agent in a matter of seconds. In a market where there are more than 20,000 agents, the ability to provide fact-based answers at the snap of a finger is a tremendous competitive advantage for agents.

How do you compare to property portals like property guru / iproperty?

We have a different business model and revenue model. For DREA, our content and information tools drive traffic. DREA is not about listings and we do not have to first build a large inventory of listings before we can attract users to our site. Users come to DREA mainly to assess whether a property is in a good location, has good amenities nearby or whether it is appropriately priced.

Similarly, DREA monetizes subscription to content services and for the purchase of detailed property insights reports. For us, listings are free and forever will be. We are currently testing other products which are unique to DREA and will be rolling them out to the market soon

What stage are you at in terms of funding / revenue / growth?

We are currently in the middle of discussions with several Series A investors and we are already revenue generating thus far.

What is the long term ambition (5-10 years)?

We envision a future where every consumer walking into a show flat or house viewing will look to DREA for information. And that they will use DREA to differentiate facts from sales-pitch, ask educated questions and use it to negotiate effectively.

On the commercial front, we see ourselves being a global player who has materially accelerated the shift in real estate advertising spend from traditional to digital. Our goal is to be a sustainable and profitable business.

What’s the hardest thing about being a startup in Singapore?

Competition for talent. We compete against MNCs, SMEs, larger tech companies and other startups for talent. With the lean business model most startups have, it has become increasingly difficult to attract the talent startups require to scale quickly and efficiently.

Real Estate Agents
Residential

Real Estate Agents: 4 Strategies to Bullet Proof your Future in the Face of Disruptive Technology

Real estate agents worldwide need to face the future. Technology startups are targeting the home buying process, aiming to reduce transaction costs by moving the process online and at the same time potentially rendering the traditional real estate agent role redundant.

In April 2015, a PWC report on the future of the Australian workforce listed the top 20 jobs most at risk from technology over the next 20 years. Bookkeeper was no. 1 with a 97.5% probability of being automated, while real estate agent was no. 12 at 85.2%. The reason is simple: the role agents perform can largely be replicated online (just like the traditional stock broker).

Websites like https://www.solopro.com/ (US), https://www.emoov.co.uk/ (UK) and http://www.hello.com.au/ (Australia) all promise to help sell properties for a fixed fee. They arrange photos, floorplans, website listings and assist with documentation. All you need to do is handle inspections and final negotiations. As the difference between 2-3% of the sale price and a flat fee of a few hundred dollars is significant, these platforms are inevitably going to increase market share, putting pressure on the traditional agent model.

This doesn’t mean all agents will go out of business. There is a human side to real estate that is hard to replace. But the need to stand out becomes critical. As sellers weigh up the benefits of traditional agents versus their digital competitors, each individual agent’s value proposition will need to be crystal clear.

  1. Record and promote your results

The most persuasive argument in favour of a human agent is that your knowledge of the market and negotiation skills results in higher sales prices. So prove it. Become a data junkie by recording every sales price and how it compares to the area average and the set reserve price. Better yet, if an online platform is selling properties in your area start recording their sales prices so you can compare against them too.

Nothing is more powerful than being able to say to a potential seller ‘yes, I am more expensive than a website, but my results outperform the market and here is a summary to prove it.’

Google-backed https://www.homelight.com already ranks agents on their performance – time on property on market, time spent with client, sales price etc. Go up in the rankings and referrals come your way, go down and work starts to dry up. This is a sign of things to come so own your data, work on it if you need to and prove your worth.

2. Build your profile online

The book Reputation Economy (http://amzn.to/1QUDYVY) predicts a day where our online reputations will dictate our success and in many ways that day has already arrived. Two agents, one with an excellent profile on their company website, full Linkedin summary, some professional videos on youtube and even a personal website using something like https://branded.me/. This agent posts relevant articles on Linkedin demonstrating deep market knowledge with an eye on future trends and really understands their target market demographics by communicating with them online.

The second agent has achieved good success the normal way. Hustle: phone calls, working their lists, following up leads and hitting targets. They have a good profile on the company website but there is little other about them to be found online.

The other thing the first agent has done is identified agent comparison sites early as a fantastic opportunity. Sites like https://www.ratemyagent.com.au from Australia are like tripadvisor for real estate agents. We all know how tripadvisor has influenced the hotel booking process, and it is now no different for home sellers. You should aim to top the rankings. Treat every client like a hotel guest and get every client to rate you. The future importance of these sites cannot be underestimated.

Now think about the potential seller, focused on achieving the best possible price for their largest asset and desperate not to choose the wrong broker. Faced with these two agents, the decision is obvious based on 5 minutes of online research. Agent one is knowledgeable, tech savvy and has a large social media following they can leverage to sell the property, while agent two may have all the right credentials without the online proof to back it up.

3. Make real estate technology your business

The good news is that while some companies want to replace agents, there are even more companies trying to help them. This creates an opportunity to leverage new products to offer services the online sites can’t.

Homepass.com.au is a mobile app that significantly increases the productivity of the home inspection process. It checks people in/out, records their details, sends documents and tracks their visits. This helps you to approach the buyer with more targeted properties, increasing the chances of sale.

Upnest.com is a US based company allowing agents to compete to work with potential sellers. This is a lead creation platform which gives you access to pre-qualified buyers and sellers.

Curb Appeal (http://www.curbappeal.pics/) makes taking professional photos using your iphone possible. This can in turn help to reduce your costs, delivering savings you can either pass onto your clients or book as increased margin.

Sites like Disrupt Property track these startups making it easier to keep up to date with new products

4. Get International

There are a growing number of platforms allowing overseas buyers to access western markets. Juwai (http://www.juwai.com/) is a dominant one for Chinese buyers giving them access to Australia, the United States, United Kingdom, Canada and so on. It’s like Zoopla or RightMove but just for the Chinese. Listing your property is easy and most online agents focus on their domestic market portals so this is another route to show potential clients that you have access to more potential buyers so you are worth the commission.

It is still early days for the growing middle class of countries like Brazil, Indonesia, India and China in terms of overseas property so get yourself acquainted with these sites and you will be ready to ride the wave of cross-border investment.

The bottom line is that residential real estate is getting more competitive. It’s always been competitive but it’s been an even playing field between agents. Now, the internet has introduced a no frills version which will appeal to anyone who thinks they know the price of their home (that’s a lot of people). Traditional agents aren’t going anywhere, at least for a while, but their success will increasingly rely on being able to differentiate themselves. Ironically, it’s technology that allows them to do that.