So far in this series of posts profiling up-and-coming PropTech innovators in the PiLabs accelerator programme, I have spoken with Daniel Mohamed of Urban Intelligence, Savannah de Savary of IndustryHub, and Thijs van der Burgt, of OfficeApp. Today, I chat to Gavriel Merkado, the CEO of Realyse, about PropTech, PiLabs, and Big Data.
- Part one – Urban Intelligence – pulling important built environment data together in one place
- Part two – Industry Hub – finding the industry people you really want to know
- Part three – Get Office App – creating an engagement platform for all things office
- Part five – Candarin Home – providing greater understanding to student relocation
1/ What made you apply for the PiLabs accelerator in the first place and what is your ultimate ambition during the time you have there?
There’s that old African proverb that says ‘if you want to go fast, go alone, if you want to go far, go together’. Joining PiLabs is about making that transition. We have built something which has not been done before and now it’s about bringing that new technology and new way of thinking to the property industry. PiLabs with their expertise and specialisation in this sector are an obvious partner to help make this happen, building a strong foundation four our business to address this change.
2/ Tell me what Realyse is all about? What are you trying to do?
Realyse at its core is about building better markets; clearer more transparent markets where participants aren’t handicapped by information, but instead are enabled and empowered by data to make faster, easier and more accurate decisions. What we do is combine a big data service with analysis, via our custom platform, to developers, investors and agents showing them exactly what is happening in the residential property market around the country.
What this means is that market participants, no matter their size, scale or industry can see immediately when trends are beginning, where new opportunities are emerging and how risks may affect their activity. They can do all this anytime, anywhere, even on mobile devices! Ultimately the system can be used either to lead decision making, by preselecting areas and opportunities, or it can be used it to validate opportunities and strategies as they arise.
3/ Do you feel the property market has a good understanding as to a/ what Big Data is all about and b/ how it could benefit them?
Seeing the older legacy research systems which some of our clients previously used, it was clear to us that the property market has not yet had the opportunity to benefit from Big Data. However the property market is changing, and our view is that it will follow a similar path to other industries which have in the past reached the same inflection point, where new technology enters the market and the market evolves. Part of our goal is to ensure that the industry understands the benefits of using new technology such as ours to provide immediate clarity in decision making. But its not just about speed and clarity, this is a highly competitive market and systems such as ours can give users a significant advantage in identifying opportunities ahead of the competition, like our slogan says ‘see the market, before the market’.
4/ Which data do you feel is most impressive in your service and why? Can you give us some examples?
Ultimately it is our users who decide what is most impressive, by how they make use of the system and what data is most valuable to them in their business. We’ve had quite a few ‘eureka’ breakthrough moments, just by thinking differently about how to approach a problem, which has led to some interesting results.
For example some of our proprietary supply and demand indicators, have been shown to be great at forecasting price changes ahead. We also found a way to accurately measure population changes in any area of the country, 40x faster than previous methods, so developers and investors can see where people are moving to and from, and start planning accordingly.
5/ What are the challenges you face as a business in this space to achieve your ambitions?
Our view is that what we are doing is about ‘evolution’ not ‘revolution’ and our ambition is to build better markets, so the challenges we face are in that context. Often the challenges faced by a newcomers to a market are the same; getting users to change their behaviour (there are still plenty of people using the old Nokia 3310 phones!) and ensuring that a product or service really fits with a client’s requirements.
We’re sure that the competitive advantages gained by the early adopters of this new generation of data systems will encourage others to change their behaviour and through an evolutionary process with our clients we can be sure that our products and services really fit with their requirements.
Following our beta launch with a handful of companies who gave us invaluable feedback we are launching the new version of our system to the market which will begin going live this month. We look forward to helping our new clients see the market, before the market!
Stay tuned for my final interview tomorrow, with Ting Zhao, the Founder and Director of Candarin Home Ltd.