Online Marketplaces covered 88 property portal product updates in 2022, a slight decrease from 2021's 118. However, there were several updates that stood out and captured our attention. Let's take a closer look at these exciting developments from the past year.
Boomin's 'SmartVal' Tool Shows Promise
Boomin, the now-defunct UK challenger portal, introduced the SmartVal tool in partnership with TwentyCi. Despite Boomin's closure, SmartVal's usage figures were finally released in May 2022. These figures revealed that over 20% of homeowners who received a SmartVal went on to list their property with an agent. The tool set itself apart by allowing users to input their address and additional information, which was then sent to a network of agents who had 15 minutes to respond personally. This unique approach helped agents engage with customers earlier in their property journey.
Casavo Expands into Portugal and France
Casavo, one of Europe's largest iBuyers, made significant strides in its expansion plans. In January, Casavo entered the Portuguese market with a goal of purchasing up to €100 million worth of real estate. The company then expanded to Seville in Spain in May and acquired Proprioo, making its mark in the French market. Casavo aims to achieve a 5% market share in France's major metropolitan areas by 2025.
Daft Introduces Real-Time Offers
Irish portal Daft incorporated real-time offers into its platform, allowing buyers to place and track offers using any device. This transparent feature provides all prospects with real-time information about ongoing bids. Estate agents have reported significant savings in admin time and increased efficiency since the launch of Offers by Daft. Properties utilizing the Offers product have also received seven times as many views compared to those without.
REA Group Introduces 'Power Buying' in Australia
REA Group, known for its ambitious endeavors, launched a new marketplace that facilitates faster transactions for buyers and sellers in Australia. The introduction of the American concept of "Power Buying" allows buyers and vendors to proceed with a deal without depending on the traditional chain. REA Group partnered with Bridgit and CampaignAgent to offer funding options and interest-free loans to expedite the buying process.
Lifull's Virtual Reality Experience in Japan
Japanese tech company Lifull introduced Flying Homes, the first virtual reality app in the portal space. With Flying Homes-kun BETA, users can explore digital replicas of Japanese cities and virtually tour property listings based on accurate floor plans. The launch aimed to provide individuals with limited mobility or distance constraints a unique and accessible house hunting experience.
Zillow and CoStar's Next Generation Listings
Zillow and CoStar, competitors in the United States, intensified their rivalry with their versions of "next gen" listings. Zillow's "Zillow Surfing 2.0" incorporates machine learning to generate interactive 3D replicas of properties, significantly reducing the need for in-person viewings. CoStar's "Listings of the Future" offers similar features, including 3D tours and walkthrough videos, enhancing the user experience.
PropertyGuru for Business Expansion in 2023
PropertyGuru launched its B2B arm, PropertyGuru for Business, in December. While specific products and services are yet to be announced, PropertyGuru's CEO, Hari V. Krishnan, has promised a suite of new features to match the booming technology trend in Southeast Asia. This move positions PropertyGuru as a leading player in the Asian real estate market.
As the property portal landscape constantly evolves, these updates have introduced exciting possibilities and improved experiences for users and industry professionals alike. With new advancements on the horizon, the future of property portals is undoubtedly promising.