Singapore-based Propseller uses data to take the hassle out of real estate transactions

Headquartered in Singapore, proptech startup Propseller is on a mission to make real estate transactions more efficient and data-driven for sellers and buyers alike. Its platform is able to tell users the likelihood of a conversion each step of the way. Today Propseller announced it has raised $12 million in Series A funding led by Vertex Ventures Southeast Asia and India. 

Other investors participating in the round include returning backers Hustle Fund, Iterative and Rapzo Capital, along with new investors Partech, ICCP SBIT, Vulpes Ventures and Redbadge Pacific. It also includes several prominent proptech founders, like PropertyGuru’s Jani Rautianen, OpenAgent’s Marta Higuera, Homeday’s Steffen Wicker and Tushar Garg of Flyhomes. 

Founded in 2018, Propseller will use its Series A to scale its business model, expand its offerings (including adding services like moving) and enter overseas markets. It currently has about 50 employees, including 20 salaried real estate agents (or consultants, as the startup calls them), and plans to hire 200 more people for its marketing, operations, product, engineering and sales and real estate teams. 

By using technology to make the real estate buy/sell process more efficient, Propseller is also able to charge only 1% commission rate, as opposed to 2% for traditional real estate agencies, its founder and CEO Adrien Jorge told TechCrunch. 

Jorge became interested in real estate while growing up in Nice, France. He says people from his family either became engineers or real estate agents, and he noticed that the latter group made more money than the engineers. Curious, Jorge joined his mother’s real estate agency at the age of 14 and stayed there until he was 22. But when his grandfather asked if the wanted to take over the business, Jorge decided not to.

READ:   The ultimate guide on how to customize your iPhone running iOS 16

One of his reasons was that the traditional real estate agency model was hard to scale and very manual, and often charged commissions that are hard to justify. Instead, Jorge went on to work for tech companies, including six years at Groupon, where he was in positions including general manager of Southeast Asia. 

While looking for investment opportunities, Jorge experienced the hassle of buying real estate in Southeast Asia. For example, he says that property prices are often high, but service from traditional brokerages often leave much to be desired. He attributes this to the fragmentation of Southeast Asia’s real estate market, with 200,000 agents across Southeast Asia, who close on average only two transactions per year. 

As a result, Jorge saw an opportunity to build a platform to help people sell their homes more quickly, with transparency and the least amount of hassle. 

The reason why Propseller calls its licensed real estate agents consultants is because the company’s automation gives them the time to work on client relationships. On average, Propseller’s consultants close about 55 sales transactions per year, which also means they make more revenue. 

“We are very likely the only company in Singapore to tell you what is the expected conversion rate of buyer leads coming from PropertyGuru or,” said Jorge. This means when a lead is generated, it can be tracked from start to finish, so sellers and consultants know how likely a successful closing is at every step of the process. 

READ:   Apple issues third developer betas of iOS 15.6, iPadOS 15.6, tvOS 15.6, watchOS 8.7

Viewings generally take place offline, but Propseller also makes video and VR viewings for each property. Sellers can stay on top of the process with a dashboard that shows them what channels their property is being distributed on, inquiries generated, scheduled viewings and offers. 

The COVID pandemic has made people more willing to buy large-ticket items online and many who will continue work from home are seeking larger property. As the pandemic subsides gradually, Jorge believes these trends will stick around. 

The company’s main competition are the 34,000 independent agent in Singapore, who own about 99% of the real estate market share. Proptech competitors include Own My Home, and Blue Nest in Singapore, Red Fin in the US and Flyhomes to a certain extend, Jorge said. 

Propseller is settings itself apart with an end-to-end real estate transaction platform, Jorge said. “We have broken down every step of the process, recording everything that happens and we are able to record data that no one else has and identify how that process can be optimized to get the best results.” 

In prepared statement, Vertex Ventures Southeast Asia and India managing partner Carmen Yuen said that Propseller is “revolutionizing the way we transact our homes in a more cost and time-efficient, using technology and data. We’ve followed the Propseller team for more than two years now, and they have demonstrated impressive resilience and growth over the years.” 


(Visited 1 times, 1 visits today)

Only authentic Gist, News and Gossips around Nigeria.

Related Posts


U.S. antitrust officials ask to be heard in Epic vs. Apple appeal

AppleInsider is supported by its audience and may earn commission as an Amazon Associate and affiliate partner on qualifying purchases. These affiliate partnerships do not influence our editorial content. The US Department of Justice has requested to participate in the appeals hearing regarding Epic’s case against Apple’s App Store policies. Apple and Epic Games are


Tesla ordered to tell laid off workers about lawsuit

A U.S. District Court has ordered that Tesla must tell employees about a lawsuit alleging the automaker violated state and federal law by requiring workers to sign separation agreements. Two former Tesla employees filed the suit in July, alleging that the company required them to sign releases in exchange for less severance than federal and


iPhone 14 reactions, best iOS 16 features, and how to benefit from Focus Filters

AppleInsider is supported by its audience and may earn commission as an Amazon Associate and affiliate partner on qualifying purchases. These affiliate partnerships do not influence our editorial content. Everything you need to know about the iPhone 14 Pro launch and that 48MP camera, plus what’s best in iOS 16 — and in the forthcoming


Autonomous electric truck company Einride rides into Germany

Autonomous and electric truck maker Einride is rolling into Germany, representing its first new market in Europe outside its native Sweden. Founded out of Stockholm in 2016, Einride has raised some $150 million in funding to commercialize a cab-less autonomous cargo truck, one that can be controlled remotely if required by human operators. It’s a


Original iPhone stars in Stephen King’s ‘Mr. Harrigan’s Phone’

AppleInsider is supported by its audience and may earn commission as an Amazon Associate and affiliate partner on qualifying purchases. These affiliate partnerships do not influence our editorial content. Netflix released a trailer for “Mr. Harrigan’s Phone” and it modifies the timeline of the original story so the main characters each have an original iPhone.


Tencent lays off nearly all of staff at its gaming site Fanbyte

The first rule of conducting layoffs is to not be a jerk about it. The second rule is to make sure the social media manager you just laid off doesn’t still have access to your accounts. Today, Tencent violated both of those rules as it laid off nearly all of the editorial staff at Fanbyte

Leave a Reply

Your email address will not be published.