PROPPY MAKING WAVES IN REAL ESTATE
When K3 Legal client, Proppy launched in mid 2016, the online property platform caused ripples in an industry that hadn’t notably changed in decades. Since then, those ripples have grown into waves and Proppy is now on target to foment permanent change in New Zealand’s real estate market.
Tyson Walker, Proppy’s Managing Director and Co Founder says, “It’s always tough being a new player in an established industry, but our aim is to change the industry for good and I believe we’re making progress. We’re a disruptor and people are starting to take notice and realise we’re here for the long game.”
Proppy is still the only company that lets customers complete the entire property sales process online, offering a faster, cheaper and more transparent alternative to office-based agents. With its listings up 400% versus the same 6-month period last year, revenue on the same trajectory, and just over $77 million listed and 35 properties sold since opening – Proppy’s message that ‘there’s a better way to buy and sell property,’ is clearly getting through.
This current success is all the more impressive, given that Tyson and his wife and Co-Founder Hannah, came up with the groundbreaking Proppy concept without any professional background in real estate. Inspired instead by their own personal experiences as frustrated buyers, they asked K3 Legal Director Mark Kirkland to lend his expertise in developing the idea and making it ready for market.
“It was extremely difficult, but Mark helped us get all our ducks in a row. He and the K3 Legal team checked all our processes, making sure we were meeting all REA requirements along with the legislation around house sales,” explains Tyson. “Mark was instrumental in helping us sort out the nuts and bolts of Proppy, and was great at challenging our vision and making it work within the NZ legislation.”
Since those early days, Proppy has continued to claim its place at the industry forefront – most recently with the launch of a new online negotiation tool. The new tool means that negotiations for non-auction properties no longer need to be conducted off-line. So, no more agents driving paper around town and definitely no more faxing or scanning documents late at night and potentially slowing down a sale.
Instead, sellers can view and manage multiple offers from an online dashboard - negotiating in their own environment and in their own time. “We even had a buyer purchase a property using his mobile phone whilst sitting on the side line of his son’s swimming lessons,” says Tyson. “The ability to negotiate anywhere is a game changer and the way of the future.”
With continued growth and new developments on the horizon, Proppy seems set to continue making waves. “We currently have 18 Local Proppy Experts throughout New Zealand and are continuing to grow and expand in different areas,” says Tyson. “We’re excited to make Proppy available nationally and we’re already working on new technology to advance the Proppy platform even further. Our smart developers are working hard behind the scenes to get everything completed, so watch this space.”
K3 Legal has worked in assisting a range of new businesses with setting up and maintaining online platforms and new technologies, to pave new legal and regulatory ground. If you need help with ensuring your new business is set in sound legal foundations, get in touch with our team on 09 366 1366, or fill in the form below.