In May 2020, PropertyGuru introduced StoryTeller, an app that allows users to visit properties through
virtual reality technology. Once a customer is interested in buying, they will be connected to a booking agent as well as a payment gateway that allows the buyer to make a payment for the initial block, Krishnan explained.
Services like StoryTeller are powered by FastKey, an in-house cloud platform that provides real-time data-backed
inventory management and support to different administrative tasks such as unit booking, paperwork generation, and deposit collection. According to the company, the software digitizes and automates the entire property sales process from
project launch to close of sale. The platform has already been used by over 100 property developers in Southeast Asia, said the firm.
Last April,
the proptech firm also expanded into home finance, with the launch of PropertyGuru Finance, an online mortgage marketplace that allows users to compare and select loan options with the advice of experts, according to the company. To run this
service, PropertyGuru has partnered with major banks in Singapore, including Citibank, UOB, Standard Chartered, and Maybank.
The new platform monetizes
through commissions obtained after mortgage fulfillment and through advertising. So far, PropertyGuru Finance has generated over a billion Singaporean dollars (USD 741.6 million) in the loan book within a year, according to Krishnan.
PropertyGuru expects to generate up to 96% of revenue in 2021 from its digital marketplaces, while fintech and data services will account for 4% of
revenue, according to the company. Last year, the firm logged a USD 10.9 million loss, down 62% from USD 29 million in 2019.
Becoming a single
source of property data
PropertyGurus vision goes beyond the property classifieds business. The firm wants to become the leading property data
provider in the region. We want to become the single source of truth when it comes to real estate data in Southeast Asia, Krishnan said. Revenue from data services is projected to rise from USD 1.2 million in 2021 to USD
11.8 million in 2025, while its fintech revenue is expected to jump from USD 1.9 million this year to 16.2 million in 2025, according to the company.
To follow this goal, the firm has been active in its acquisition strategy. In August, It completed the acquisition of Australian real estate classifieds
portal REA Groups assets, which operates portals in Thailand and Malaysia. Previously, in November 2020, it acquired Malaysian property data firm MyProperty Data.
Disrupting the real estate industry doesnt come without challenges, according to Krishnan, due to heavy regulations that affect the sector. Unlike
entertainment or e-commerce, the regulatory drag in the real estate business sector is relatively higher in Southeast Asia and the world, which slows the industrys digital transformation,
Krishnan explained.
As a technologist [myself], it is a fair criticism that we [the industry players] arent moving fast enough. The risk of
getting it wrong in our sector can be much higher than in any other field. If you mess up, you could create tremendous damage to the whole society, the CEO said.
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