A social network for property hunting has launched a Tinder-type property match feature that gives users the power to swipe yes or no on real estate listings.
Soho launched the new feature on SohoApp.com four weeks ago and CEO Jonathan Lui said the number of swipes has grown 30 times.
He predicts at this pace, it could overtake traditional search in the first quarter of 2020.
“It turns out Tinder-style swiping is actually the best way to look at property. It saves you time and stress, whether you are buying or renting,” Mr Lui said.
The mobile app allows buyers and renters swipe right to bookmark a listing they like, swipe left on listings they don’t like, and swipe up or down to put a property on their ‘maybe’ list.
Users can also tap or click on the property to see the full listing details and all the photos.
“The feature is backed by algorithms that suggest appropriate properties based on your profile and preferences,” Mr Lui explained.
“It’s a great way to find wonderful homes in suburbs where you might never have discovered them.”
He said the new feature also helps vendors and agents because it gives them much more information on how the market is reacting to their listing than they can get from other portals.
“They get live feedback on their property. It’s not just views and enquiries but also whether people like, dislike, or ‘maybe’ the property when they view it.
“That is crucial information that allows vendors to decide if they should aim for a higher price, for example, if demand is high. We can also aggregate the data for individual listings to give live demand data at a suburb level. Of course, in all of this, we protect users’ identities and information.”
Soho also plans to release ‘sponsored matches’, where agents will be able to promote properties to buyers and renters with profiles that match their listings.
“That will be much more cost-effective for agents,” Mr Lui said. “It will also ensure we only show relevant listings to property hunters.”
