Property buyers, sellers and renters are set to benefit from faster and better real estate experiences across Australia thanks to a range of new innovations developed and unveiled this week.
Real estate agents and other property professionals teamed up with technology experts and others from REA Group – publisher of realestate.com.au – to solve real industry challenges at the annual Hackdays innovation event this week.
The winning idea was a digital tool designed to dramatically speed up the time-consuming task of creating an information memorandum, which contains detailed information about a commercial property going to market for potential investors.
Grant Turner from Ray White Commercial CSR Group led the winning team and said there was so much talent across their team, with everyone stepping in to play a part.
“To think we started at the beginning of the week with just an idea, and we finished the week with a win,” he said.
“A highlight of the Hackdays experience was absolutely the team that turned it into a reality.
“We were able to present something that the judges fell in love with, which was something special.”
The winning team for this year’s Hackdays innovation competition. Picture: Supplied
The project set out to enable faster work, without compromising on the quality of information, giving owners, investors and tenants greater confidence in the commercial property opportunities heading to market.
There was a wide range of innovations created during the week, including a project that could answer residential rental enquiries and manage inspection demand automatically.
The rental enquiries project, which was led by Lorraine Johnson from Ray White Upper North Shore, won second place in the competition.
Ms Johnson said it was a surreal feeling to take out the second spot.
“Hearing our team’s name called out was surreal, it was just the culmination of all the work that had gone in and the amazing results, so I’m still in shock,” she said.
“The best part of Hackdays was that my idea actually became real.”
The project used automation and AI to free up property professionals to focus on better service, while continuing to help renters feel informed and owners better understand demand for their properties.
A Ray White Mildura-led project designed to create listings based on what genuinely engages buyers rather than relying mainly on habit or instinct won third place.
Ray White Upper North Shore’s Lorraine Johnson said the best part of the event was watching her idea become a reality. Picture: Supplied
All up there were 10 projects led by real estate and property groups across Australia’s residential and commercial property markets, with all groups taking home a grant.
The first-place winner received a $30,000 grant, $20,000 awarded to second place, $10,000 to third place, and each remaining participant receiving a $5,000 grant to further support their innovation.
Other projects included a project led by PropertyCo for a tool to move listing intelligence upstream before publishing to improve trust with sellers and raise the quality of listings reaching buyers.
LJ Hooker United Group created a project giving vendors a data-backed pricing reality check to help sellers feel more confident and help buyers experience a healthier, more transparent market.
Ray White Commercial’s Grant Turner said it was special to present something that the judges fell in love with. Picture: Supplied
The My Bay Realty team worked on a digital tool to see market movements as they happened, to help agents guide sellers with confidence and make better-informed decisions.
McDonald Partners Real Estate worked on a project to turn location competition into a live market monitor to help agents and their clients respond earlier to changing conditions.
On the new homes front, the Stockland team collaborated on a tool created to continuously optimise project and listing content in order to connect buyers with relevant information.
The CPG Estate Agents team set out to build a project making the house-and-land journey easier for customers to understand and navigate visually, giving buyers the full picture and help them decide faster.
Lastly, the Metropolis team worked on a project to turn project profile enquiries into actionable insights, so they could respond to customer needs better and create stronger experiences for future buyers.
REA executive general manager – sales Gerard Connell said the Hackdays event showcased the company’s in-house expertise, bold ideas, passion and creativity.
“REA Hackdays is an iconic moment in REA’s calendar with our teams coming together to
accelerate innovation for our business,” Mr Connell said.
“This year was something extra special, where we had 10 customers working in partnership with REA. Our customers know the industry – they know their businesses, their clients, their pain points, and have great ideas.
“Having customer participation for the first-time allowed us to unlock new areas of growth, fresh perspectives and work on ideas that can help lay the foundations for features and experiences that have the potential to add genuine value to our customer and consumer experiences.
“Providing our people with the opportunity to step away from their usual routines, collaborate across teams and locations, and explore ideas that could create better products and experiences is ingrained in our innovative culture.
“We saw rapid innovation on display with exceptional winning ideas that will pave the way for our industry.”
REA Group has run Hackdays for the past 16 years, turning ambitious ideas into practical solutions for real estate agents, home buyers, sellers and renters.
