Jonathan Lui, the CEO of SohoApp.com and co-founder of Airtasker, has announced the launch of a new feature on their social real estate platform. The Property Match feature enables users to swipe left or right on real estate listings, similar to the swiping mechanism used on the dating app Tinder.
SohoApp.com is a property hunting social network that boasts over $2.2 billion worth of registered buyers searching for opportunities, more than 50,000 app downloads, and 7,000 agent profiles. Lui, a Sydney-born entrepreneur, has co-founded several successful ventures, including Airtasker, which has raised $65 million in investment and has 2 million users. He also established Tank Stream Ventures, a $20 million venture capital fund, and Tank Stream Labs, a network of startup co-working spaces in Australia with over 700 members.
Jonathan Lui, CEO of SohoApp.com and co-founder of Airtasker, explained that their new feature allows buyers and renters to easily bookmark listings they’re interested in through swiping. On the mobile app, users can swipe right to bookmark a listing, swipe left to reject a listing, and swipe up or down to add it to their “Maybe” list. The feature functions similarly on the web, with users clicking buttons instead of swiping.
Users have the option to tap or click on a property to view its full listing details and all accompanying photos. According to Lui, the feature has been received positively by consumers, leading to a 30-fold increase in swipes over a four-week period. It currently accounts for 12% of search and may overtake traditional search in the first quarter of 2020. The swiping feature is the most efficient way to view properties and saves time and stress, whether one is buying or renting.
The feature is supported by algorithms that suggest suitable properties based on user profiles and preferences. It is a great way to discover wonderful homes in suburbs that one may not have found otherwise. The feature benefits vendors and agents because it provides them with more information on how the market is responding to their listing than other portals can offer. They receive live feedback on their property, including views, enquiries, likes, dislikes, and “maybes.” This information is crucial in determining whether they should aim for a higher price or make other changes to their listing. The data can also be aggregated for individual listings to provide live demand data at a suburb level. Users’ identities and information are protected throughout this process.
There is no concern that other portals will copy this feature as they charge agents for the best positions in their search results, making it costly for them to switch to a similar model. In the near future, sponsored matches will also be introduced. Agents will be able to promote properties to buyers and renters with profiles that match their listings. This will be a more cost-effective approach for agents and ensure that relevant listings are displayed to property hunters.
Search by Station: Sohoapp.com recently unveiled its latest feature, “Search by Station,” enabling users to search for properties located in close proximity to their desired transit stations.
According to Lui, the company’s representative, when viewing a property profile, the closest stations will be shown alongside the profile picture. This allows users to quickly assess the property’s listing photos, price, number of rooms and parking, address, and the nearest transit station. The introduction of “Search by Station” simplifies the search process.
