Transforming Neighbourhood Vigilance into a Real Estate Game-Changer
Sydney’s real estate dynamo, Tori Huxtable, never expected a casual drive to Armidale to culminate in a groundbreaking proptech venture. It was during this trip, amidst the festivities of a birthday party, that an idea sparked which would revolutionize the real estate landscape.
Tori Huxtable reflected on her day, having completed her property viewings. She found herself fixated on discovering the sale price of a particular property, knowing it could significantly impact her own listings. Craving that information in real-time, she pondered its potential influence on her business strategies.
Turning to her tech-savvy friend, Tamsin Lapointe, Ms. Huxtable posed a simple question: “Could you become my eyes at auctions?”
This seemingly innocuous conversation sowed the seeds of a game-changing real estate application, which would come to fruition within a year.
Over the past decade, Ms. Huxtable and Ms. Lapointe had observed a troubling trend in the real estate market: an increasing number of properties were being sold without price guides, while many sold prices remained undisclosed.
As Tamsin Lapointe and her colleague delved deeper into the issue, they began to realize its significance. They noted that prospective sellers were left in the dark about prevailing market prices, which only exacerbated an already challenging situation.
The duo attributed this trend to heightened competition among real estate agents, fueled by the influx of newcomers attracted by the industry’s lucrative prospects.
In discussing the heightened competition among agents, Tori Huxtable noted that the landscape has become significantly more intense. With an increasing number of players vying for a share of the market, agents have become more guarded with information, leading to a frustrating lack of transparency for both buyers and sellers.
Enter Auction Snitch, a pioneering platform aimed at reintroducing transparency into property pricing by crowdsourcing insider information.
For every property listed on Domain, users of the app can contribute price guides, sales results, and auction outcomes, thereby bridging the information gap prevalent in the real estate market.
“We meticulously track listing details, agent information, and updates provided by our users. Whether it’s a revised price guide or changes in auction status, we ensure that every detail is captured, preserving a property’s sales history.”Tori Huxtable
By making this information accessible to the public, Auction Snitch prevents crucial data from vanishing into obscurity, thus fostering a more informed and efficient property market.
“Our goal is to align price guides more closely with actual sales results, thereby narrowing the chasm between seller and buyer expectations. Greater transparency is the key to achieving this balance.”Tamsin Lapointe
While initial downloads have predominantly come from Sydney, Ms. Huxtable and Ms. Lapointe are confident that Auction Snitch’s comprehensive coverage of Domain listings will soon attract users nationwide.
Tori Huxtable observed that at every auction, there’s typically a curious onlooker keen to share insider knowledge. She emphasized the potential of harnessing this innate curiosity as a means to effectively cover every auction in Australia.
As Auction Snitch continues to gain traction, it not only empowers individuals with vital real estate information but also reshapes the dynamics of the property market, one insightful contribution at a time.