The Real Estate Institute of Victoria has joined forces with PropTech business PointData in a move that will enable agents to drill down to street level to generate market insights.
The innovative AI-driven technology will enable REIV members to have more in-depth conversations with potential buyers and sellers about the market in their area at a finite level.
PointData Founder and Chief Executive Officer George Giannakodakis said the advanced technology and analytics with Micro-Market Price Index would give REIV agents a leg up on their competition and provide a better experience for their clients.
“This new AI-driven technology will be able to track markets at a neighbourhood level,” he said.
“At the moment you’ve got hedonic indices from a range of data providers in the market, and they track suburbs, but even within suburbs you will have submarkets.
“For instance, if you lived in Sydney, a corner of Surry Hills might behave more like Potts Point than the industrial side of Surry Hills.
“So we track those markets at that really refined level.”
With the Micro-Market Price Index, Mr Giannakodakis said agents could track three month, six month, 12 month or five year trends.
“They will be able to track short and long-term trends,” he said.
“It is about being able to talk to vendors specifically about their neighbourhood, what it has been doing and what it is likely to do.
“It gives them a new and different slant to be able to talk to vendors and to buyers.”
REIV CEO Quentin Kilian said the uniqueness of the data would bolster REIV’s data insights and give members an edge to help drive listings via stronger conversations with vendors.
“AI technology is transforming real estate, providing real-time data and analytics that enable agents to make informed decisions, and PointData is at the forefront of this new paradigm,” he said.
“This technology is unlocking new possibilities, improving efficiency, and ultimately delivering a better experience for buyers and sellers.”
The REIV and PointData will launch a new publication for members called ViewPoints and Mr Giannakodakis said another key element would be the technological ability to unlock the full potential of residential property through it’s planning algorithms.
“We’ve got what you call planning algorithms and what they do is, they take the rules, the planning code policies and zoning rules and they convert them and do an automated feasibility to tell you whether it is a developable site but also how many they can put on there and the types of development, including whether its a duplex, road dwellings or group dwellings,” he said.
“Usually an agent would have to do all of that research themselves and right it all up, but this would be completely automated.
“Given that around 60 per cent of listings are not listed as development sites, agents can use our Development Report to update their listings, show the full development potential (STCA), increase the market traction of the property, and ultimately secure a better price and increased speed of sale for their vendors.”
Mr Giannakodakis said across Australia, two million development sites are mapped, including 510,000 in Victoria.
“Every day we track those,” he said.
Mr Giannakodakis other new tools would be rolled out for REIV agents in the coming months.
