Ep. 113: Nurturing the future of Proptech and the potential of Generative Ai, with Peter Schravemade

Peter starts by outlining the role of the Proptech Association in uniting property technology companies, allowing them to share ideas and collaborate. The network provides a platform for discussing various topics, including ethical and moral questions, fostering a safe space for open dialogue. He notes that Australia’s proptech industry is highly respected worldwide, thanks to industry regulations that safeguard users against fraud and misappropriation.

Reach Australia was established to invest in early-stage property technology companies, aiming to support and mentor young entrepreneurs. As the first fund of its kind outside the United States, Reach offers an accelerator program designed to identify and nurture promising proptech startups. It provides valuable content and facilitates strategic connections. Peter underscores that their primary focus is addressing significant industry challenges, such as the ongoing housing crisis.

Given his leading role in the proptech sector, Peter has unique insights into the growing influence of AI. He encourages listeners to embrace generative AI and explore its potential to boost productivity. His perspective is both encouraging and enlightening, suggesting that AI will play a critical role in the industry’s future.

This discussion offers a compelling look at the evolution of the property technology sector—a field that’s becoming increasingly important but often remains misunderstood. Peter’s insights and expertise will leave you intrigued and eager to explore the possibilities that lie ahead.

Here at MCG, we are passionate about creating a forum and education series for property owners and investors. We do depreciation differently, and offer a set rate for Replacement Cost Estimate reports. A first in the industry. Join our clients saving more on their tax today https://www.mcgqs.com.au/

Peter starts by outlining the role of the Proptech Association in uniting property technology companies, allowing them to share ideas and collaborate. The network provides a platform for discussing various topics, including ethical and moral questions, fostering a safe space for open dialogue. He notes that Australia’s proptech industry is highly respected worldwide, thanks to industry regulations that safeguard users against fraud and misappropriation.

• Lay of the land of proptech in Australia
• The role of the Proptech Association of Australia
• The reasons underlying Australia’s comparative advantage in proptech
• The evolution of venture capital firm Reach Australia and how it’s supporting the next generation of proptech entrepreneurs
• Docusign – a case study
• Listening to user feedback to build better tech solutions
• The potential for better tech in the property transaction space
• What can we expect from the growth in Artificial Intelligence (AI)
• Peter’s advice for investors when thinking about AI

“It’s just a safe space to discuss things that are relevant and issues that are going on in the property technology landscape, and allows us as an industry I think to be better at what we do” 2:50

“For some time America has viewed Australian property technology in particular as being very mature. There is an underlying theory or an underlying belief that if a company can make it in Australia to a certain level they will do very well in the States” 4:10

“If you have any kind of professional manager in play there will be multiple, I’m going to say between 10 and 15 forms of property technology that sit inside what they do and that could be anything as simple as the marketing of the property that you own all the way through to how the transactions managed” 10:26

“Behind the scenes if you’re buying investment property particularly off the plan, one of the areas it’s been really slow to get good technology and is kind of very individual, is the handling of the sales process and the way that’s managed” 12:08

“In the area of property investment if you’re doing it properly and you’re working with someone who you know is experienced, they’ll follow you the whole way through the board and they’ll get a team of players in whether that be conveyancers or mortgage brokers or property managers or building and pest inspectors” 14:59

“AI in itself, it won’t change the world but some of the newer forms that are coming through in generative AI has opened our mind and we don’t have enough imagination to understand the possibilities of what it could actually do” 20:29

“We’re entering an age where it is now over to you to find the answers to the question that you need. We’re probably going to stray away from textbooks because they won’t move fast enough for what we do in schools. The person who is able to find and solve problems of their own, whatever the issue is, so the end destination and they need to get to that, are going to be better in any kind of market, it doesn’t really matter what it is” 30:18

Are you a fan of The Geared for Growth podcast? If the ideas and tips we share in each episode are inspiring you to become a more knowledgeable property investor, subscribe to the show and leave your honest review to let us know!