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New models in global real estate tech

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Everywhere you look this is significant innovation occurring in the real estate space. In this session, Mike DelPrete looks at new models that are gaining traction and disrupting real estate agents, and how property portals around the world are adapting to these changes. Finally, Mike dusts off the crystal ball and looks at the future of the online real estate industry.

Publié dans : Technologie

New models in global real estate tech

  1. 1. New models in global real estate tech 8 March 2017 Mike DelPrete
  2. 2. A bit about me • Former head of strategy at Trade Me. • Traveling the world looking for new models that are getting traction, and looking at portal strategies. • Currently writing, consulting and advising. • Based in New York.
  3. 3. Today we’re talking about • Growth strategies of leading property portals • The new winning models • What this means for the industry
  4. 4. Growth strategies of leading property portals
  5. 5. Property portals in mature markets are big business…
  6. 6. …with big profit margins.
  7. 7. They’re still growing fast; plenty of runway for core advertising business.
  8. 8. Nearly all of them are expanding across the value stream, providing more services to consumers and agents.
  9. 9. • Aggressive; seed through full acquisitions • Focus in adjacent services – “one stop shop” • Full acquisitions: building audience and plugging market gaps (NYC) • Operates businesses as stand-alone entities • Conservative – no acquisitions • Focus on core proposition • Blended; minority through full acquisitions • Will fully integrate businesses or operate at arms- length They have varied M&A strategies; there’s no winning formula.
  10. 10. Audience Extension Agent & Partner Tools Rentals Consumer Focus
  11. 11. Industry disruption is not going to come from the big portals.
  12. 12. While best positioned to disrupt the industry, portals are the least likely to because agents are their biggest customers.
  13. 13. Disruption will come from startups.
  14. 14. The new winning models
  15. 15. FSBO Online Agency Disruptive I’ve seen three models getting traction globally…
  16. 16. I’ve seen three models getting traction globally…
  17. 17. • Comfree is a FSBO operation in Canada. • 25% market share in Quebec. • Lists over 40,000 houses annually. • Average revenue of ~$1,000 USD per customer. • Around 400 staff, mainly in call centres.
  18. 18. • Purplebricks is an online agency out of the U.K. • Around 2.2% market share in the U.K. market (~25k houses annually). • Has an online platform and service centre to support local property experts. • Recently expanded to Australia and announced plans to enter the U.S.
  19. 19. • Opendoor buys and flips houses. • Has raised over $320M and valued at over $1B. • Incredible customer proposition through reducing friction. • Charges a fee of 9% -- higher than the 6% average in the U.S.
  20. 20. Opendoor is up to 2% market share in Phoenix, and growing quickly.
  21. 21. And it sells houses for a median average of 5.5% higher than it buys them for.
  22. 22. While it sounds niche, Opendoor is gaining significant market traction, with a realistic path to $1B in annual revenues.
  23. 23. Similar models are popping up all over the globe. $30M $32.5M $5M+
  24. 24. The successful models all share several traits: • Majority of staff are customer facing. • Obsessed with customer service. • Tech-enabled, not tech-led. • Not just about price; offer a better experience.
  25. 25. Technical vs. non-technical staff ?
  26. 26. Technical vs. non-technical staff
  27. 27. The successful models all share several traits: • Majority of staff are customer facing. • Obsessed with customer service. • Tech-enabled, not tech-led. • Not just about price; offer a better experience.
  28. 28. What does this mean for the industry?
  29. 29. These new models will disrupt the industry • The models have proven traction and consumer demand. • They will slowly disrupt the industry. • Copycats will pop up in all markets, not just mature markets.
  30. 30. Disruption will come from well-funded start-ups, not incumbents, portals, nor niche players.
  31. 31. The impact on property portals • New models still need to advertise on property portals. • Extremely unlikely that portals and new models will compete. • Consumers want choice; portals need to cater to these new models to remain relevant.
  32. 32. Five years from now… • A more fragmented industry with a focus on consumer choice and increased value. • Agents aren’t going anywhere. • Property portals secure in position as best place to advertise a home for sale.
  33. 33. Five years from now… Now Future Today 5 years FSBO Online Agency Disruptive Traditional Agents Traditional Agents
  34. 34. Five years from now… • A more fragmented industry with a focus on consumer choice and increased value. • Agents aren’t going anywhere. • Property portals secure in position as best place to advertise a home for sale.
  35. 35. www.mikedp.com

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