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While most startups put their focus on discovery of properties through listings, Getplace connects users looking to buy or rent properties with real estate brokers. Think of it as an Uber for house hunting.
Much like the ride-hailing app, a person simply inputs their ideal property requirements (rent or buy, property type, area, and budget) and their request gets pushed to realtors on Getplace through its matching algorithm.
The app prioritizes brokers who will be able to help the client best and allows the parties to chat, share pictures and other media, and arrange a viewing right within the app.
Also similar to Uber, it has a rating system for weeding out bad property agents.
This “listingless” approach might be appealing for people who have a clear idea of the property they would buy, but how about those who are still deciding and would like to browse through possible options?
Getplace makes money by getting a percentage of the broker’s commission on a sale. There’s no fee for brokers. Since its launch in July, the app has processed over $400 million in requests from prospective renters or buyers, but Tim declines to share how much of that was converted into a sale, as well as other financial details such as the company’s revenue.
Getplace, registered in Singapore, selected the Philippines as its launch market due to the growing property demand in the country. The company will use the capital it just raised to expand next year to new markets such as Singapore and Indonesia
This is an excerpt from Tech in Asia. You can read the full article here