17.9.21

The Propcast: Why Is Now The Time For PropTech In Australia?

The Propcast talks to Kylie Davis, President of PropTech Australia Association and Scott Willson, CEO of Forbury to talk about the trends in Australian PropTech adoption, along with the obstacles PropTech can face down under. They also discuss the mission of PropTech Australia Association, and we find out more about Forbury’s CRE valuation software which has now launched in the UK.

Click here to listen to this episode, and check out a preview of our chat below!

17.9.21

Key Insights From This Episode

  • I'm really looking forward to Australian PropTech’s potential to transform how we live and work and interact with the built environment around the world – Kylie Davis
  • It's not just about investment and dollars when we're talking about residential real estate, we're talking about the most important asset people have - it's people's homes and it's where their hearts and their families are – Kylie Davis
  • In the last 18 months there's a real awareness of, there are better ways to do things and actually it's not risky to do it. It's risky not to do it – Scott Willson
  • I'm excited how quickly Australian PropTech is growing. I'm excited about how our market is really of interest to overseas PropTechs – Kylie Davis
  • There will become a time when the effort that goes into avoiding the change, or avoiding learning the thing that you don't want to learn, becomes actually greater than actually just getting into stuck into it and embracing it – Kylie Davis
  • Don't underestimate how hard it is to get the true modern product market fit, and really understand what job you're trying to solve – Scott Willson
  • Big data's been around for a while, but I think we're starting to make sense of it – Kylie Davis

 

About Our Guests

Kylie Davis

https://www.linkedin.com/in/kyliecdavis/?originalSubdomain=au

Kylie Davis is a leading commentator and speaker on PropTech and innovation in real estate in Australia. She is the founder of the Proptech Association of Australia and has successfully established and sold two startups. Her most recent ventures have been HomePrezzo and Real Content which were acquired by ActivePipe in July 2020. Kylie has an MBA from the University of NSW and a 25-year career across media and big data, holding senior editorial and marketing roles at Fairfax, News Corp and CoreLogic. Kylie is an advisor on advisory boards including Cribz, Property Investment Professionals Australia and consults to the Real Estate Institute of NSW and OpenAgent. She was a finalist in the thought leadership category of the 2019 REB Women in Real Estate Awards

 

Scott Willson

https://www.linkedin.com/in/willsonscott/?originalSubdomain=nz

Scott is the CEO of Forbury, the market leading valuation platform for commercial real estate in Australia and New Zealand. Scott grew the Forbury business from the ground up, and as CEO he has developed analysts, software developers, and product, sales and marketing managers into a high-performing team. Using a highly analytical approach, Scott undertakes process improvement, forecasting and financial modeling, and strategy development. His ability to simplify complex information extends to his management approach. He is proud of Forbury’s achievements and status as the number one business of its kind in Australasia. Scott speaks passionately about this success, conveying the power of the Forbury product and the Forbury people. Scott holds an Honours Commerce Degree specialising in Operations Research.

 

About Our Host

Louisa Dickins

https://www.linkedin.com/in/louisa-dickins-ab065392/?originalSubdomain=uk

Louisa started her career in property working at a well-known estate agency in London. Realising her people skills, she moved over to Lloyd May to pursue a career in recruitment. She now is a Director at LMRE, who are a specialist recruitment firm driven by PropTech and recruitment professionals, and Louisa oversees their 5 core areas. Louisa co-founded LMRE and provides a constructive recruitment platform to the new disruptors in real estate. Louisa is also on the board of Directors at UK PropTech Association (UKPA).

About LMRE

www.lmre.tech

LMRE believe there is a better way to recruit. LMRE focus on a more comprehensive, client led focus delivering exceptional talent to the place at the time. They are passionate about the industry and passionate about people's careers. LMRE spend time with each client to become and an extension of the business, and their transparency and core values help them grow with the sector. LMRE simplify recruitment and innovate with our clients and evolve the people driven, PropTech community.

 

Resources Mentioned

LMRE website www.lmre.tech

Forbury website www.forbury.com

Proptech Association Australia www.proptechassociation.com.au

Link to Kylie’s articles: www.proptechassociation.om.au/author/kyliecdavis

  

Episode Transcript

Louisa

Hi everyone and welcome to The Propcast. My name is Louisa Dickins, host of The Propcast and co-founder of LMRE, the global PropTech recruitment and search consultancy. In this podcast we will explore how the digital evolution of the real estate industry is impacting the property market. The aim of each episode is to introduce you to a PropTech innovator and discuss how their work has created a shift in focus when it comes to digitizing the built environment. On today's podcast, we will be speaking with PropTech Australia founder, Kylie Davis and Kylie’s fellow board member and CEO of PropTech Australasia’s leading CRE-valuation software company, Scott Willson. So welcome to the show guys.

 

Kylie

Hi Louisa, great to be here

 

Scott

Hi, great to be on the show.

 

Louisa

We'll be chatting through the trends in PropTech adoption and obstacles down under, what the mission of PropTech Australia association is, and we'll also be learning a lot more about Forbury’s, CRE-valuation software company, which has launched over here in the UK I think it was this year. Congratulations on that, but first of all, a quick introduction. Kylie is recognized internationally as a thought leader on content marketing, property industries, and of course, PropTech. Which as I mentioned earlier, she is a founder of PropTech Australia association, which is a national member association that is a champion of the real estate technology industry and a leader driving the PropTech conversation. On top of all of this, Kyle founded Real Content, as she saw a need for quality articles and information about the property industry for use by real estate agents and mortgage brokers.

Kylie has had a very, very successful 25 year career working as a senior editor at the Sydney Morning Herald and Sun Herald and News Corp, where she was the network editor of real estate, managing a team of 50 journalists, which sounds crazy and I'm sure extremely hard work for more than a hundred newspapers and websites nationally. And this media experience has been backed by four and a half years of working as Head of Real Estate and Content Marketing at CoreLogic, which is Australia's largest provider of property and data analytics. Kylie also impressively has an MBA from the University of New South Wales, and is the author of seven landmark reports on customer experience in technology and real estate. And last but not least, she has also been a co-founder of a PropTech startup HomePrezzo, on the board of PIPA which is Property Investment Professionals Australia, and finally an advisor to careers in AI for Real Estate Institute of New South Wales, so wow.

 

And Scott, it's time for your introduction as well. So Scott is the CEO of Forbury, which is Australia leading CRE valuation software company. He's created the business from the ground up and is thrilled to operate the global scale from his hometown in New Zealand, which is where we are speaking to him from. Now with an honors Commerce Degree specialising in operations research, Scott began his career building student models for the public sector New Zealand. Across a broad range of industries, he developed investment frameworks, profitability, forecasting models, and a reputation for being highly analytical. During his time in the UK, Scott developed senior management skills and built change management experience into his repertoire. At Forbury he has developed analysts, software developers, product sales and marketing managers to a very high-performing team, which has led to his global expansion, which we will hear a lot more about later. And Scott and Kylie are friends for probably I'm sure sometime, and he also supports Kylie as a board member of PropTech Australia. So now I've given both our special guest introductions, I’d love to hear a little bit more Kylie about how you got into this space. I'm sure lots of people know the business CoreLogic, but specifically how you go into being a founder, journalist, everything?

 

How did you get into the PropTech space?

Kylie

Well, gosh, I won't go back that far. So my background is in marketing and media and when I was at News Corp, one of the really fun things I did was I taught my team of 50 journalists in the real estate team how to use data to cover property market. So we embarked on this program to teach them how to use data to report about the market, because this old idea that, house for sale wasn't really very exciting news, that's what we do in real estate. So we wanted to make it more interesting. And as part of that, we rolled out CoreLogic's data across all of the newsrooms across the country. And after five years of doing that, the CEO of CoreLogic reached out to me and said, Look we've got lots of data and we know it tells a whole lot of stories, but we don't know how to do that, do you want to join us and take that on as the next challenge?. So media, big data, were where the career opportunities were, I jumped ship and went to went to big data. It was all upside. And while I was at CoreLogic looking after the real estate solutions, we could see that the industry was under enormous pressure to change and to disrupt, and we could see that.

 

Certainly, we had a very inspirational CEO at CoreLogic in the form of Graham Mirabito who has a million ideas a minute and a very good technology spotter and investor and still is. I think he's now kind of investing in an awful lot of tech on the side. So he was constantly introducing these businesses. And I could see that there was all this new technology coming through and that we were moving from fixed computing to cloud computing, and all this innovation was happening. And so I wrote one of the first reports on it, which was “The Future of Real Estate in Australia”, and we looked at all the top trends that were affecting the industry and how they were changing the way that real estate agents were working. And that's how I got into PropTech. And during that I met a young guy called Nathan Krisanski who had this really cool piece of tech called HomePrezzo. HomePrezzo turned data into videos, and then we worked out how to turn it into articles, which got me really excited as a former journo. And when I left CoreLogic they said, come and join us. And so that's how I got into my second PropTech. So we joined Real Content and HomePrezzo together, and we sold that to ActivePipe back in June.

 

Louisa

Well, congratulations on that. We'll go into the trends of what you see when you first published that report and what you guys are now seeing in Australasia in terms of PropTech, but before we do that Scott, tell us a little bit more about how you came to founding Forbury which. as you mentioned is launched in the UK June this year?

 

What is the founding story of Forbury?

Scott

Absolutely. So Forbury was actually started by another gentleman by the name of Steve Surridge, who I've had the pleasure of working with in previous roles before Forbury, and another director who had advised them at the start as well, Peter Rose they're both now in the business One hitting out pad growth if it's in the UK and the other is the chairman of the business, but the story of Forbury really goes back a long time to 2002, when Steve was consulting in the industry in Sydney. He landed a gig with Savills in Australia to help them build out a valuation solution that they could take across the country that they could give to valuers to use operationally in their day-to-day jobs right across the country, and the process to get a lot more consistency in how they were running valuations risk-based exercise.

So he conducted that consulting engagement and not long after it finished he moved with his family back to New Zealand, hence the air New Zealand connection. And what happened is a lot of Savills competitors one by one started reaching out to Steve and asking if he could build a similar model for them. And kind of as a side hustle that lasted for quite a long time, he went and built these other models for JLL and Colliers, and I think he helped Knight Frank with their model as well. Around 2013 when we were kind of getting Forbury together, I guess was kind of the Genesis of taking that to a product based initiative. And so we had a number of other groups that were a bit smaller, didn’t have the same consulting budget as some of those big property agencies that. But the same requirements, the jobs they were looking to do with the solutions were fundamentally the same, so they we're reaching out to Steve. Steve was desperately trying to get more of his life back in the evenings and so the idea of productizing the solution came about through Pete's suggestion. And at that point in time, I was in between roles and based on our previous work experience together, Steve asked if I wanted to lead it up and really start the ball rolling on what could be an enterprise that needed kind of someone to concentrate on it for six months. So that's how I got involved and we went from there.

 

Louisa

For those listening, I heard about Forbury product from actually a friend of mine who worked for Argus software and she was going in for a pitch to a big old company. And she lost it to Forbury and that's how I first heard about it. And I was like, oh, who is that? And then I think I harassed or messaged Scott on LinkedIn saying I heard about your business and it’s doing something pretty game-changing, but that's basically how it came about. That's how the introduction came between Scott and I. Now let's talk about a bit more about the trends you guys are seeing in your side of the world in terms of PropTech. And it'd be great to get your opinions because Scott, you're very much in the CRE valuation space, that's heavily growing. Maybe you can talk about what changes you've seen in adoption, specifically to do with your vertical, but I'm sure you've got opinions on others?

 

What are the trends in PropTech Australia?  

Scott

Yes sure, just to fast forward to where we are today, we, we provide solutions regionally primarily, and those regions that we cover on Australia, we have customers in Singapore, Japan, Hong Kong, New Zealand, and more recently we've launched in the UK as well, which is a focus for us at the moment. We serve two key segments within it. They're both kind of in the investment management space, so it's valuations that are performed usually by a third party, so one of those property agency firms. Or it’s an owner of commercial real estate, and they've tended to use our software for understanding the transaction value of buying or selling a commercial piece of real estate. So whether that's a large shopping center, an office building and industrial logistics pack, now the institutional grade assets that we see. From a trends perspective, I think it's been really interesting watching the space evolve over the last eight years. What we've seen a lot of in this part of the world around investment management software has been kind of two things. First, a lot of software that was built for other markets and often a long time ago.

 

So, Northern hemisphere based solutions that have been picked out by groups in Australia more broadly and to varying degrees of success implemented in the market as well. Because they haven't always been quite fit for purpose and often very old technology as well, a lot of the market has resorted to using spreadsheets for what would typically be using as an enterprise solution for a software solution like Forbury. So it's been a really interesting time to work in the market because on one hand all the disincentives to adopting new technologies in place in this segment, combined with all the solutions and work practices. So I think what's really happened more recently in the last 18 months is a real awareness of, there are better ways to do things and actually it's not risky to do it. It's risky not to do it.  

 

Louisa

Have you found that there's some classic well-known names who are a lot more open to try new technology? Because we've heard that these guys will do it, but still thousands of businesses waiting for them to actually have the approval for product. And it's like all these PropTech businesses are all pitching to the same ones and we just need to get a few more open to piloting.

 

Scott

Yes, I could write the book on this subject. Yes, I think, I think it depends on what you're pitching and also where you've come from. I touched on it before, it's an area where change is hard to adopt inside many big owner groups and that's largely because the risks of getting it wrong and magnifying. If you get an estimate on an investment proposition wrong by what could be a few basis points, that translates into a compounded and capitalised impact for you if you're buying an asset or if you're selling it. So as a result, there's almost these incentives that apply that prevent risk taking. You add to that the fact that a lot of the property industry tend to work on a relationship basis. So they'll often because of this risk based way of working now, try and really lean on connections. People go forward with in the past trusted advisors for example, to help them and coach them through technological change. So if you're coming at the industry from the outside, there’s a bit of an uphill challenge to kind of get a bit of a sense of how to actually work within it. I think some of these bigger groups that do have a lot of processes around adopting and using new technology can sometimes make it quite hard for themselves, but I’ve also seen a mix of approaches right across the spectrum, really big groups that can be quite entrepreneurial in the way that they think about onboarding change, right to banks that will prevent this type of thing quite explicitly in the procurement process.

 

Louisa

Yes, we've seen we've a rise of roles in the larger real estate businesses in the innovation, the data technical solution side, they've risen by 100% this year so that will finally get budgets, help them integrate, help them try.. But then some are saying, why fix something that ain't broke which must be really frustrating for you guys. Kylie mentioned earlier that you were one of the first to write a report on trends and PropTech, you've read and analysed a lot of data within real estate, let’s compare when you first got into this space, what trends did you see to see then and what have you seen now in terms of PropTech?

 

How have the trends in PropTech differed over the years?

Kylie

I think that the trends that we're seeing are still playing out. So big data's been around for a while, but I think we're starting to make sense of it. And the rolling out and the acceleration of AI and voice and how it's starting to really change we do and how we do it and what it makes possible. What I find really interesting because Scott's coming from the commercial side and my background is more in the residential side of real estate, it's that they're two really connected but different markets. In the residential real estate market you deal the PropTechs that I know really well, dealing with a very disparate market of lots of little, smaller businesses that are like small, medium enterprise SMEs, compared to the big end of town. So the opportunity in the residential space and the challenge in the residential space for PropTechs is to win enough customers that can keep you going at a price point that will support your business, compared to the issues that the PropTechs that are working in the commercial space have, which is they need a really long runway because it takes a long time to close those deals while they work their way through the politics of different organizations and building those relationships.

 

So we see the same kind of trends around data, around mobile and technology that is transportable across different devices. We see the same trends around using things that were previously just reports or flat data becoming actually live data sets. We see all those trends happening. We see that happening in the financial and the commercial end of town. It's just the speed of adoption based on the politics and the leadership of the organizations and the number of organizations is very different.

 

Louisa

The residential market in Australia, isn't it all run by auctions, it's pretty hot?

 

Kylie

So we do have a really big auction markets. They're about 30% of transactions nationally, they are a fantastic barometer of how our residential market is performing and it's like our favorite spectator sport. It's the only spectator sport that unites the whole nation. Every single weekend it's literally reported like sports results so every Australian has an idea as to whether the market is up, whether it's down, whether it's really hot, whether it's cooling off based on auction clearances, and whether things are selling over and above estimated price.

 

Louisa

So every neighbour's comparing what the house is worth on their street? You love talking about auctions, we love talking about the weather. Now you're both involved in the PropTech Australia Association. Kylie talk us through a little bit about that, the set-up of it, the mission and Scott what's your role in it as well?

 

What is the mission behind PropTech Association Australia?

Kylie

Yes. So we set up the PropTech Association back in February last year, because we felt that there was so much PropTech that was starting to come onto the market that we needed an industry association that would help us understand who was who in the zoo. So while the real estate agents at a residential level, the real estate REI’s, while the property owners have like the property council of Australia, they're representing their interests in the market. We've gone from a position where there was about a 100 up to about 650 PropTechs in the last five or six years. And that number is, is growing exponentially every week I find in applying to join the association. So we know it's growing really quickly.

What we all need to do though, as individual PropTechs one of the challenges that we all face is that if we are as individual PropTechs trying to convince potential clients as to the value of innovating generally, and the value of the vibe of our technology and what it does, rather than talking about specific product specifics, then that is actually a way that the broader property and real estate industry can divide and conquer PropTech, by making us all individually responsible for convincing people that innovation is a good thing. And that's just crazy. So what we want to do as an association is to have a bigger conversation about the value of innovation, what good adoption looks like how to minimize your risk, what are the big trends coming through that you should be paying attention to if you're a property owner or a real estate agent. And we want to basically do the air cover so that our technology businesses or the technology businesses that we're associated with, find it easier to go out and sell their products and to get really sticky and to grow faster and scale faster. 24.13 end

 

Louisa

So Scott, you can probably help answer this. You have international PropTechs because we're seeing lots of US business coming to UK, or Forbury coming to the UK, I'm board director of the UKPA so we're encouraging and help get more PropTechs to launch. Scott, what's your involvement within PropTech Australia Association? How does Forbury benefit from it?

 

How does Forbury benefit from being involved in PropTech Australia Association?

Scott

Sure. So toward the end of last year, we, we looked around and thought that there needs to be more representation of these great success stories that have really popped out of Australia in particularly around PropTech. And that's when we found Kylie and PropTech Association Australia and with Kylie through other channels and forms in the past. And what really attracted me to getting involved was the fact that our organizations not for profit, it's really trying to provide that air cover that it Kylie described before. And I felt that by being involved personally in the endeavors, I could help lend a little bit of help on the commercial side. And also help tell those stories about those PropTechs that are emerging out of Australia and are doing amazing things.

 

We've got companies that are very similar I think where there's big tech companies looking to get more exposure in Australia, right through to startups looking for representation, and help and resources on understanding how they can learn from groups that have been there done that. So what really attracted me what I see as a win-win, I felt like I have something to offer around my experience in commercial real estate and technology development in Australia, and also I think PropTech Association Australia can help us and been a big support. And within Forbury we can providing the elements of support to that cause as well. So it's been a really great relationship and as evidenced by the expanding membership base as well that Kylie has been able to develop. It's been a real success story.

 

Louisa

Well congratulations to you, Kylie. We've mentioned a couple of times you have launched in the UK, and you've grown across Australasia, you mentioned a lot of the APAC markets. How does it compare to launching over in the UK? It’s a lot further away, is that challenging due to different market product market need? How did you go about it?

 

How has Forbury found launching in the UK PropTech market?

Scott

Yes. Well it didn't quite find us, we were quite proactive in selecting the UK as our next market. What we found during the lockdown quite early on last year was that we had a lot of inbound inquiry out of the UK. And so pretty common it was for me to jump on calls around about this time, and speak to people that were meeting through our network, who were just looking to find out more about what we had. And through just discovery calls, we were learning that our approach was quite relevant, that there was a lot of interest in it, but the products we had were quite specific to how groups in APAC really consider an investment proposition in commercial real estate. So we hired a consultant, Katie Midlock I think you've met before Lu, and Katie undertook a market study for us to really determine the feasibility of our entry into the UK. So around about September last year on some really encouraging signs where we appointed Katie our Head of UK, and really have targeted since then an opportunity that we believe exist around the transaction space and the United Kingdom.

 

What's quite clear is that very similar to Australia, a lot of people using spreadsheets for what is a really important process. Through using different spreadsheets from different authors, you get all the risk associated with that. So rather than fronting with our Australian products and saying, here's how it is for us at Forbury, we've taken a step back and said, actually that that's not how things are done in the UK. We've come to that naive. So we've really taken our time to craft an offering that's quite relevant and specific to how transaction analysis is conducted in the UK. Quite a few consultants we went through a product localization and engineering phase in the beginning of this calendar year. And since March, we've been working to pilot customers on really validating and proving that solution.

So we're at a point now with huge amount of confidence based on that feedback and based on some early signs that are quite encouraging as well. We're really launching at this point. And around the time zones and the personnel, we've now got three. So in addition to Katie, we also have a customer success person and recently appointed today a sales manager, who's UK based as well. So we have a team of three that that's really supporting at expansion efforts in that time zone. And then we've got our like engineering and marketing results back here in New Zealand that's really helping to meet that market effort outside of the time.

 

Louisa

Oh, congratulations with that growth. And I think so often we hear of international PropTechs coming into the UK market, we've had the same thing for the US and APAC people not conducting the full market research and going in too hot, too soon. And first impressions count, and when you're piloting someone, you've got to get it right the first time because they'll go to someone the next time. And we've had a bunch of the REIMtech CTOs on here, who said know people want us to try their PropTech but they never understand, what is the actual value proposition here? What was the problem they're trying to solve? Does it fit our business and, then they waste their time when they're interviewing or piloting as well. So it's a two-way street, but it sounds like you guys have done all of that. So fingers crossed for the next coming years as well. Who knows, maybe the US is next for you. But we're coming to the end of the podcast. L is touch on what's the main lesson you've learnt in your career, M is mentioned to anyone, a product service, R is what's the most rewarding part of work in PropTech or working within the PropTech Association, and E is what are you most excited about?

 

What’s been the main lesson you have learnt working in PropTech?

Scott

I think specifically in this role it's be humble. The last 12 months especially has taught me this, It's very easy when you're promoting a product or a service to drink the Kool-Aid and believe you're really onto something. And that you've solved different problems and I think what I've really learned and what I think is really important, especially for startups in the spaces, don't underestimate how hard it is to get the true modern product market fit, and really understand what job you're trying to solve. And keep going with it because even when you think you’ve solved it, you just find out more about it and you really can use that to dig into the deeper segment. So it’s that humility and really asking questions and fronting with what you can back.

 

Louisa

Is there any person or product you'd like to give a shout out to? Maybe it's a couple of PropTechs on your side of the word?.

 

Scott

Yes. We do a lot of work in New Zealand with a company called Re-leased they provide property management challenges solution. There's a lot of big established groups out there that have been providing property management solutions for a long time. But what we really like about working with Re-leased is that it's built from the cloud first and they are very deliberate about what opportunities they pursue. They've also helped us immensely with introductions into the UK market. And Richard Kennedy in particular has been really helpful.

 

Louisa

Richards fantastic. Okay what's the most rewarding aspect of working in this space other than being an amazing founder?

 

What is the most rewarding aspect of working within PropTech?

Scott

I think it's the unset potential of it. If you look at what's happening in VC markets globally, it's just going crazy. And I wrote an article a few weeks ago that one in five dollars that VC is putting into it, is going into FinTech at the moment. And while that's a really deep, huge bank sector which is just right for disruption, I think real estate and particularly commercial real estate is pretty similar. You're dealing with the world's largest physical asset class $31 trillion US dollars, and largely hasn't been disrupted by technology for the most part. And then the investment management space is very similar to FinTech from a perspective of investment. So the thing that excites me the most is just the huge amount of opportunity in this space, that is unbelievable.

 

Louisa

Kylie, the biggest lessons learned in your career?

 

The biggest lesson learnt in your career in PropTech?

Kylie

So the biggest lesson that I've learned in my career is that there will become a time when the effort that goes into avoiding the change, or avoiding learning the thing that you don't want to learn, the effort that goes into avoiding it becomes actually greater than actually just getting into stuck into it and learning it and embracing it. And I think that's a great metaphor. Everybody's fear around PropTech because we spend so much time trying to hang on to the old ways of doing things. But actually in the meantime, it just gets easier and the effort that we have to put into doing it the old way actually becomes harder than just learning the new tech to make our lives easier and streamlined a lot more, so that that's been one of my biggest lessons that just suck it up princess and do it.

 

Louisa

Hopefully people listening will take that onboard as well, especially the real estate community. Now anyone you might want to give a shout out to, maybe some success stories from your PropTech Australia Association?

 

Kylie

Yes, look a couple that I would like to give a shout out to in the residential and commercial space, one that's operating in the UK, BoxBrownie is one of our most successful residential real estate techs. They are photo editors that specialize in property, photo editing. So they can renovate living rooms just from a couple of photos taken from your phone and they can turn the rain off and turn the sunshine on. They can put sunsets behind it, they're an amazing company that have done extraordinarily well globally across some Southeast Asia, the US and the UK. I'd also like to give a shout out to Activepipe because they are one of Australia's most successful PropTechs as well and rapidly scaling. And another one that's coming to the UK soon, I know in the commercial space is AI Assets. They have some great technology that helps property surveyors and property owners captured capture the data of their buildings and make it a lot easier to run asset registers and life do life cycle.

 

Louisa

Awesome. Thank you for that, and what's the most rewarding aspect of working in this space? Maybe it's getting more rewarding now. It's finally growing and taking off.

 

What is the biggest reward of working in the PropTech space?

Kylie

I think it's always been really rewarding. I think there's something really exciting having an idea and watching a turn into a company. And I think from the PropTech Association, watching founders who's got an idea, turn it into a viable business and then watching them grow as humans and as leaders in that space. Because if you want to do anything to challenge yourself, set up your own business or set up your own tech company and try and fund it and grow it, and win your first set of clients and then scale it, that's a great way to really set yourself some personal challenges.

 

Louisa

That’s definitely no easy feat. I feel like I've aged a lot in the last like two to three years from that, but it's really rewarding. Last but not least, what are you most excited about the future of PropTech?

 

What are you most excited about for the future of PropTech?

Kylie

I'm just really excited about the association and the work that we're doing to grow the sector. There's so much potential if only there was no limit to the time or the resources that we had, people time and money that we had to do it. But I think I'm excited how quickly Australian PropTech is growing. I'm excited about how our market is really of interest to overseas PropTechs. And I just want to see the sector do really well because we work in a space that’s not just an investment. Like I get quite cranky at the commercial side of town because it's not just about investment and dollars when we're talking about residential real estate as well we're talking about the most important asset people have, and it's important not just from the money side, but because it's people's homes and it's where their hearts and their families are. So I think we should working in extraordinarily exciting space and I'm really looking forward Australian PropTechs potential to transform how we live and work and interact with the built environment around the world.

 

Louisa

So thank you both for joining me on the podcast and looking forward to catching up the after the show. Thank you for joining us this week on the podcast and a big thanks to our guests and our sponsors CREtech and Reimtech. Make sure you visit our website www.lmre.tech where you can subscribe to our newsletter, keep up with our industry news and events or if you’re looking for your next career move it’s all on there. The Propcast can be found on iTunes, Spotify and YouTube where all good content is found. Whilst you're at it, if you found value in the show, we'd appreciate if you could spread the word and tell and friend about it or even write us a review, and I’ll catch you next week.

 

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