Hong Kong-based start-up Property Raptor aims to become a unicorn, or a company worth at least US$1 billion, by automating the process of buying property.
Its customers will be able to use its artificial intelligence and blockchain-based system for as little as US$49 a month, as part of its basic package. Founded two years ago, the company has about 15 clients so far, all of them property agencies or developers, with another 70 potential customers waiting in the wings.
“Our goal is to be Hong Kong’s first property technology unicorn. Since we have come to the market, I can already see that our team, our investors and clients from all over the world have a shared vision about digitisation of this sector,” Justin Lau, Property Raptor’s chief executive, said. “Our mission is to be the dominant driver for change, and for Raptor to be the global platform for the real estate industry.”
Get the latest insights and analysis from our Global Impact newsletter on the big stories originating in China.
The company is in the process of raising series A financing, and did not reveal its current valuation, or the timeline for achieving unicorn status.
Property Raptor said the coronavirus pandemic presented an opportunity for the accelerated adoption of digital technology by the real estate industry, given that social distancing measures had led to fewer flat viewings and reduced face-to-face interactions between agents and clients.
From voice-activated lifts to augmented reality, coronavirus spurs use of proptech by real estate sector
Its customer relationship management system seeks to help property developers and agents increase sales in a more efficient way. For example, housing options for potential buyers will be determined by AI matching technology. A list of available properties will be emailed to buyers based on their preferences by the system, until they have found one that matches their needs and budget.
“The way I would describe it is, if in a restaurant it typically takes seven steps to get a dish out to a diner, this system will get the dish out in fewer steps,” Chris Liem, the owner and principal of property agency Engel & Volkers, a pioneering user of Property Raptor, said.
“The system reduces the time spent on administrative work by agents for clients,” Liem added. Engel & Volkers is providing feedback to Property Raptor, whose other clients include Hong Kong-based brokerage Ricacorp Properties.
Proptech has the potential to create a multibillion dollar market as China looks for new growth engines
Property Raptor’s system will also automatically update listings as and when they are sold, saving time for both buyers and agents. The company’s ambitions extend beyond Hong Kong and its system is available for use by property developers and agents worldwide.
More from South China Morning Post:
- China and Hong Kong are becoming global heavyweights in the emerging ‘proptech’ field
- China embraces use of proptech to improve office design and efficiency
- US proptech fund Fifth Wall attracts strong interest from Hong Kong, Asian developers