For the latest episode of this bonus series of the property investing journey, Mike is joined by Rhys Rogers, CEO and co-founder of Before You Bid, a one-stop Proptech solution for all pre-purchase requirements for residential or commercial properties.
Before You Bid is based on the popular ride-sharing model, where users cut the cost of pre-purchase inspections such as building and pest reports by sharing with other potential purchasers of the same property.
With the property market showing signs of continuing its upward trajectory, costs for these important tools can run into the thousands if you’re looking at more than a couple of houses. Before You Bid saves time and money by sharing valuable resources and encouraging purchasers to undertake thorough due diligence and not to take risks by cutting corners.
In this episode Mike and Rhys discuss the burgeoning Proptech sector and what AI means for the future of real estate. They also cover the appetite for capital funding in Australia and Rhys’ own experience in setting up Before You Buy.
Rhys steps through the practical application of the product, and explains exactly how the costs are shared. He also delves into his top tips for pre-purchase inspections and shares his thoughts on what users should keep in mind as they rely on reports for purchases.
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“I wish I got this before, because I don’t think necessarily I wouldn’t have bought the property but I certainly wouldn’t have paid the price I paid for it and when you do find they’ve got bigger issues, the vendor or the agent are usually pretty willing to come to the party” Rhys 1:55
“When we started out years ago only those under 40% of properties were getting professionally inspected, our latest analysis suggests about 60% because of what we’ve been doing” Rhys 3:29
“I think the Australian market for venture capital and investment family offices is pretty good we’ve found, you’ve got plenty of people or approaching you and wanting to be involved” Rhys 8:12
“There’s actually no real expiry for a report from an insurance perspective but they’ll just say ‘look don’t make it available for resale or make it very clear that this report is kind of expired’.” Rhys 16:06
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