My guests in this episode are Angus Ferguson and Daniel Portelli, the cofounders of Real Time Agent, a point of sale platform that streamlines the sales process from end to end that makes it faster and easier to transact.
The company started in Melbourne as BidTracker - an app that helped agent capture bidding data about their auctions, autogenerated clearance rates and automated the reporting to major media publications.
They stunned the proptech community in November last year when they announced they had sold to Domain in a deal worth a total of $35m when it completes at the end of the 2021 financial year. But one of the most interesting things about their business is their almost forensic analysis of the time their platform can save a typical agent because it reveals just how much time we lose doing admin and paperwork.
(01:28): Angus runs us through the Real Time Agent elevator pitch(02:26): How small tedious jobs – like reporting auction results – can suck up an enormous amount of time for agents.
(03:31): Daniel explains how speeding up the signing process digitally also creates valuable data for principals.
(05:24): If you save 244 minutes per property and do 150 sales a year, you’ll save 76 days in admin. And how Angus used a stop watch to prove this out.
(08:02): Angus outlines how digital replaces the current manual process used by most agents.
(09:49): The evolution of BidTracker to Real Time Agent and why they changed their name.
(11:45): The Real Time Agent versus Docusign comparison.
(13:58): How the Real Time Agent integration with REI Forms and Forms Live works.
(16:25): Real Time Agent’s growth.
(17:47): Real Time Agent and the Domain deal.
(19:31): Does being part of the ‘green team’ affect how you work with the ‘red team’?
(20:47): Angus talks about the importance of tech being agnostic.
(22:32): Angus runs us through some case studies of how Real Time Agent works.
(24:36): Real Time Agent, RESO, Market Buy, Proposal Point – how do all these things fit together?
(26:56): The future for Real Time Agent
(28:31): Daniel gives his thoughts on change management in real estate and how to effectively introduce change.
(30:47): Angus explains the induction process used by Real Time Agent to make clients sticky to the platform.
(35:03): Angus discusses the future of real estate and how he sees it impacting the franchise model.
(37:31): Daniel discusses the importance of personal brands in the future.
(39:20): The role of AI in real estate of the future.
(12:49): The data that virtual tours provide to agents
(14:43): Virtual tours and videos are NOT the same thing. Tom explains the important distinction.
(15:08): Shoutouts to Matterport and Diakrit
(17:54): The user case for virtual reality in property management
(22:02): The future of virtual reality
(24:14): Only 3% of listings on the Australian market are currently using virtual reality.
(25:46): The return on investment for using virtual reality.
(30:15): Tom gets out his crystal ball and tells us about XR which comes after AR and DR.
(33:28): Using virtual reality to stand out as an agency.
Content marketing strategist, researcher, journalist and presenter specialising in the real estate industry. I'm passionate about proptech, digital disruption and all things property, big data, leadership and entrepreneurial ideas, have an MBA and specialise in social and digital media content creation and automation.