Propseller, a Singaporean tech-based real estate agency, raises a $1.2 million seed round.

Propseller is a real estate agency based in Singapore.  It was founded in 2018 by Adrien Jorge, who acts as the company’s Chief Executive officer.  This company integrates tech platforms with an in-house agency to achieve more transactions faster. Today, it has attained transactions worth $1.2 million through seed funding. The amount raised included investment from Dot Property founder Ben Neve, XA Network, Iterative, Stein Jakob Oeie; the co-founder of Lazada, and Rapzo capital. Also, returning private investors took part, plus the other three undisclosed top investors.

This real estate agency made its last funding announcement in December 2018 and raised about $ 73700 in seed funding. Propseller associates its technology platform with its success in closing transactions. The technology platform assists in duties like performing property valuations, reducing the regular commission charges from 2% to 1%. The reduction is achieved because the in-house start-up agents close more transactions within a short time. Currently, the company handles around SGD$75 million worth of property yearly. Although COVID-10 has taken a toll on the economic sector worldwide, Singapore’s real estate market is expected to recuperate relatively fast. That is especially in the residential sector, where there is a record of increasing demand for foreign investments and new condominiums. Propellers’ revenue recorded a drastic fall with about 80% during the second quarter, but it is now rebounding.

During the COVID-19 pandemic, the company made several tech-based changes that enabled continuity in communication between propellers agents and their clients. They introduced tech-based services such as virtual viewing of properties and online dashboard, highlighting market information.

Property Guru is another real estate-focused start-up based in Singapore. Recently the company announced through the property listing platform an investment worth $220 million from TPG and KRM. That investment will be used in expanding the company into new south Asian markets. The company competes directly with 99.co .while the propeller competes with a company such as Ohmyhome. They both offer real estate agent services linked with tech-platforms. These companies provide alternatives in the real estate market of Singapore. The main difference between Propseller and Ohmyhome is that Ohmyhome offers FBSO transactions, also known as for sale by owner. The company also has a side product offering cheaper agent services rates than traditional estate agencies.

On the other hand, Propseller focuses on disrupting traditional agencies by offering tech agencies services. Unlike 99.co and PropertyGuru that does not deal with transactions but focuses on classified listings, Propseller doesn’t handle classifieds.

Today, the companies offering tech-based agency services is quickly taking the market share. In a country like Singapore featuring high property value and the requirement of high-quality services, digitization will be a requisite. That will place Propseller on the right end. For a business plan that will see you emerge, the top Pro Business Plans is here to help. Contact us today and talk with our expert. 

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