PropertyNerd is a new Australian property information portal that prides itself on presenting unique property snapshots of the residential real estate market - it also plans to disrupt the residential real estate market in Australia.
The site launched last month and is geared to give residential real estate buyers and sellers tools to thoroughly test the market. It has finely calibrated filters to enable users to identify properties that are currently listed and also those which have been sold.
Founder and CEO of PropertyNerd David Forbes says the portal’s functionality sets it aside from some other players because of the way its information is presented.
“What that means is when you get search results, you don't lose sight of what it is you initially searched for.
"We did extensive beta testing, which showed that users want a different interface that allows them to see the search results and the search criteria simultaneously."
Forbes says the results for individual properties are presented in a graph to summarise information in a way so that “data can be understood very quickly.” The information also allow users to decipher how much a seller has previously advertised a house for and how long it was on the market.
How it works
PropertyNerd scans the internet everyday for property advertisements and sales notifications. It then filters out duplicates and corrects incorrect data, such as street addresses that may be misspelt.
“We’re not trying to replace the advertising portals,” Forbes says. The site is more of a bargaining tool to equip users with market information.
“This is a place to start and a place to finish; but, in between, the users would probably go to the other sites to be able to view more photos, read the agent's blurb or to see when a property is available for inspection.”
Users can specify price filters up to $50,000,000 with date filters ranging back as far as 2005. The filters allow the user to search for up to 10 bathrooms and bedrooms; just in case you're looking for that mansion you've always been dreaming of!
Forbes says properties that were listed or sold months or even years ago, can also be tracked and there’s the ability to identify which specific agent sold a property.
“Some portals may tell you what agency sold a property, but they won’t tell you which agent it was,” Forbes says. This is a very personal industry and often people want an individual agent acting for them.”
Plans for disruption – open bids
In the future, PropertyNerd intends to disrupt the residential real estate industry by allowing users to post bids on any property they like, whether it’s for sale or not.
“What we’re going to do is introduce sellers and buyers to each other. We’ll verify people’s identity and make sure they’re genuine; they’ll be able to place a bid on a property and say how long the offer is open for,” Forbes says.
“If the owner wants to negotiate, they can contact PropertyNerd and we introduce them to the buyer. We won’t get involved in the transaction.
“This will be a hugely disruptive force in the residential real estate industry, and that’s the next phase in our development.”