Let’s face it: real estate hasn’t changed all that much in decades. Sure, we lost the golden jackets, some of us the bus bench ads, and MLS is no longer an index in your trunk, but overall the process has largely remained the same. Enter Avesdo. This week, Avesdo and OffPlan’s CEO, Tyler Proud joins Adam & Matt to explain how technology is finally changing the game. Want to buy a condo? Click here. Need to make a deposit? Add payment here. Want to review the disclosure statement? Yeah, you get the drift. Join us for a futuristic voyage into the not so distant future of our industry. Your next new condo investment is only a click away… a left click, Granny, not a right one.
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Who is Tyler Proud?
Tyler is the CEO of Avesdo. He was previously one of the founders of Dye & Durham, a technology company specializing in automating real estate conveyancing. He joined Avesdo in the early stages of the Company to run the operations side.
Avesdo is a real estate technology company developing sales software for real estate developers. They focus on the nuts and bolts of the sales process, including preparing contracts, working with purchasers to complete contracts, managing new home inventory, providing performance analytics and internal workflow. The Company has also introduced a front-end e-commerce product called, OffPlan. This is currently being rolled out to allow customers to put down a credit card to reserve a pre-sale home.
Avesdo is working to develop a system that will provide the means for purchasers to perform all the steps to purchasing a presale condo from their own couch. This would include all steps right up until the time they obtain the keys for newly completed home. This technology is soon to come.
What excites you about Fintech in the real estate space?
Tyler is a late stage founder of Avesdo. He was originally attracted to Avesdo because he respected the other founders of the Company and their capabilities. He also saw many gaps in the real estate life cycle that technology could automate and improve. This would include things like applying for a mortgage, getting information about a property and other areas. These challenges are predominant in the built market, but they are even more prevalent in pre-construction. Avesdo has already made some major progress in the presale market and this is their focus. The technology is not currently applicable to the resale real estate market.
Why has the real estate industry been slow to adapt new technology?
The OffPlan product has been developed to initially focus on real estate agent. It provides a particular set of tools that will be helpful to real estate agents generally. When you have an industry that is highly successful a has a healthy profit margin already, there may be a disincentive for change or to ruffle feathers. COVD-19 has caused people to readdress how they do business because it introduced factors that showed people that they needed to adapt to become more efficient and more effective. OffPlan will allow the tools for real estate agents to interact and share with buyers remotely, where the buyer can do many of the steps from their couch at home. Making a process easier will make people happier. The buyer will be happier with the time saved, the real estate agent and developer will also be happier to be connected with the buyer in real time and create efficiencies in the sales process.
Can you tell us a little more about OffPlan?
The OffPlan software includes 2 core pieces of functionality that have been rolled out to real estate agents and developers. The first is that it is a marketplace for licensed agents to log into to see homes available for sale from developers in the area. This allows agents to be in the know about what is available for sale and obtain images and floorplans. It also gives them an option to email the information on the homes directly to their potential buyer The second piece is that OffPlan can be linked directly by developers to their website for buyers to have the OffPlan experience directly from the developer’s website.
What is the long-term vision for this technology and how it will change the real estate industry?
People are more and more open to a technological development in real estate. Millennials are more comfortable than any other generation to buy real estate online without having a chance to touch or feel the product before they purchase. Real estate agents will continue to have a place in the real estate industry because they are experts on the product and the areas and neighbourhoods. This expertise, combined with the technology, will be the future of real estate sales. Technology will improve the process but will not replace real estate agents or replicate the personal experience they bring to the process.
Who are the major players in online real estate sales?
Zillow is one company that has had a head start in real estate sales online. They are focused on serving the real estate agents that pay for the real estate sponsorships on their platform and they will not be interested in disrupting the agents. A firm like Amazon doesn’t have a stake in the market yet and no relationships with agents to lose. Amazon would be more likely to introduce automation to the real estate market that could really shake it up. This is a tough aspect though because we are dealing with large transactions where people have a large amount of equity tied to their home. Sellers specifically may need to have a real estate agent to be the expert to help them sell their home and provide piece of mind.
What are the challenges Avesdo has faced in the real estate industry?
The number one challenge is getting developers to embrace change. Some of the larger developers in the industry are resistant to change or slower to adopt technology than we would like. Generally, developers are very happy with the software when they adopt it but moving them in the right direction has been a challenge.
The Company also faces regulatory challenges associated with real estate. Ensuring we can meet the regulations of the industry has been a challenge and we have relied on real estate leaders and others to make sure we are addressing these regulations correctly.
Right now, OffPlan is not open directly to consumers, but it will be sometime in the future. It is available to real estate agents and developers, who can share with consumers.
Favourite neighbourhood in Vancouver: Coal Harbour and Kitsilano
Favourite bar or restaurant: Blue Water Café in Yaletown
One book you would recommend everyone read: Thinking Fast and Slow by Daniel Kahneman
One piece of advice you would give your 18-year-old self: Don’t be afraid to take risks – jump off a cliff and build a parachute on the way down.
Something you have purchased for under $1,000 that has changed your life: TRX Suspension Training system for home workouts
Find out more about Avesdo.