- A Sydney startup is looking to make it easier for younger generations to invest
- Tech uses AI and aims to digitise the whole property investing experience
- Company is looking to raise company to spread its service around Australia
Sydney-based proptech startup PropHero is looking to modernise the buyer’s agent industry using Artificial Intelligence (AI) and a fully digital experience for property investors.
The founders believe that property investing can be a world of the unknown for the younger generation, who are then locked out of all its benefits.
“Data and AI are changing the world, and this is also true for the property market. Our models are using millions of data points to find tomorrow’s next hot areas and properties. Our results after 6 months of operating are excellent and we are confident this will transform the industry.”
Mickael Roger, PropHero co-founder
Co-founder Pablo Gil Brusola said the company is using its online platform to make property investment attractive to a new category of investors.
“Most of our clients are in their 20s, 30s and 40s. They want simplicity, speed and transparency, and they often do not trust traditional players. We are making property investment attractive and fun for these people,” he said.
Millennials – born between 1982 and 1996 – are starting to accumulate savings and are increasingly turn to ‘rentvesting’ as they are priced out of major cities.
This new breed of investors is time-poor, digital savvy and is used to making fast and simple financial investments from their phones or tablets.
The traditional method involves potential investors either spending months on listing websites and Saturday morning inspections or going with a buyer’s agent.
Make it simple
PropHero was launched with the ambition to make property investment simple, time-efficient and more profitable by using proprietary AI algorithms and an online platform providing a turnkey property investment service.
The company is aiming to reduce the time required to invest in property by 90% while achieving superior performance in the investments they make through their AI. They have also won a place onto the Antler early-stage Venture Capital program.
“I was blown away by the amount of data and insights they have. We bought our investment property knowing precisely why we were making an excellent deal. Their process is also very smooth through their online platform, it makes the entire journey stress-free,” said Cindy, an eastern suburbs’ property investor.
“I was a bit stressed about making a mistake with my first investment in Australia. I loved the clarity, simplicity and analytical rigour of their work,” said Laetitia, another recent client.
PropHero is currently focusing on Queensland and New South Wales markets, and following an upcoming capital raise is then looking to expand nationally.
