Australia's first dedicated real estate social media platform followit will launch nation-wide via a webinar this week following its initial debut in 2015.
Followit, which supplies live property information to any smart device or laptop via an “Instagram-like feed” has been valued at $20 million following a successful capital raise of $2 million.
Its founders use the Instagram analogy because rather than following friends or celebrities, you follow the houses, streets, or suburbs where you want to live.
After a successful testing phase in its home state of Sydney and Perth in Western Australia, the startup plans to roll out across real estate offices throughout the country on Wednesday June 15.
Followit was the concept of Peter Grant who wanted to create a live platform that brought about a sense of transparency and honesty to real estate.
The prevalent reliance on social media not only for every day lives, but also for businesses was also taken into consideration by the founders who decided the delivery of live information was the only way to achieve their goal.
The followit technology aims to eliminate the common communication issues that real estate is riddled with, and in doing so, improve agents relationships with their customers.
It aims to deliver real-time information to the public from the real estate industry, like the stock exchange does for shares.
Since its initial testing phase, 2,285 agents have registered to use followit including LJ Hooker, Rain & Horne, Century 21, Belle Property, Professionals, First National, Real Mark, Abel McGrath, Acton, Remax, Peard and Cunninghams.
On the Northern Beaches of Sydney alone 75 per cent of offices are believed to be using followit on a day-to-day basis and more than 1,000 real estate agencies are expected to take part in the webinar launch.
Followit managing director Tony Moussa says the buzz around Australia from real estate agents has been immense.
“They wanted a more effective way to communicate with consumers and I feel we’ve delivered," Moussa says.
“Followit cuts through the clutter and improves the overall real estate experience for buyers and sellers. It offers what no other real estate technology in the country can – real time communication.”
Moussa adds the company is also working closely with Macquarie Business Banking, which is making the technology available to its database of clients nationally to support their businesses.