PropTech’s Digital Solutions Impact on the Smart Urbanisation in the 2021 New Normal!
Property Technology, or PropTech, is the use of information technology (IT), or digital solutions to help government, companies and individuals to research, plan, buy, sell and manage real estate.
ProSales Solutions, a successful Malaysian PropTech Property Digital Solution has been developed to streamline and connect processes for stakeholders and participants in all stages of the real estate ecosystem, including consultants, developers, agents, banks, buyers, sellers, solicitors, building, community managers and more.
The fast adoption of digital transformation, caused by the pandemic, has facilitated a wider implementation of PropTech solutions within the built environment ecosystem. PropTech digital solutions providers have been adding virtual functions into their platforms to allow a full respect of all SOPs enforced to control the spreading of Covid-19.
Malaysia, Smart City, PropTech Digital Solutions and The Future of Smart Urbanisation
ProSales contributes enhancing the ongoing development of Smart Cities in Malaysia through smart digital solutions reducing the need of physical meetings while visiting sales galleries of development projects, communicating with the developer’s teams and, receiving the keys of newly completed properties. ProSales has played a strategic role in the transformation of the urban environment into a more digitalised and connected reality.
Within this transformation, a key role has been and is played by the primary Real Estate market where developers, consultants and construction companies needed to interact in a virtual manner, through digital solutions, to keep on delivering without delays the under-construction projects while remaining in touch with the market and reaching out to potential buyers.
ProSales, initially developed as a marketing and booking platform, once the first Movement Control Order (MCO) kicked in, added numerous features becoming a full flagged PropTech digital solutions providing an end-to-end platform for all users, ProSales Solutions. It has been the first Property Digital Solutions generating leads through inbound marketing, educative content, e-funnel and an innovative property infinity loop where property and people are getting closer in a smart and safe way. Once leads are generated, ProSales, via immersive and interactive features, nurture them till the final step of their property buying journey.
ProSales Property Buying Digital Solution
The first approach is through Pro360 and ProCRM features. The first being a contactless and virtual marketing & sales tool where leads are warmed up and then, via the latter, passed over to Agents who, through a project’s microsite, show their prospects a 3D virtual sales gallery, go through project’s information and, moving forward on the ProSales Solutions platform, start the process to close the deal.
As we all know, securing a mortgage is the biggest challenge for the potential home buyer! ProSales, collaborating with Finology, has added a Loan Pre-screening function, Loanplus, where prospects verify their ability to secure a loan before confirming the purchase. The final step of unit confirmation starts with its selection, where ProSales, with a real-time digital sales-chart, has eliminated risks of double booking.
Next, the buyer fills the e-booking form, sign it, provides proof of identity and starts the loan application. If needed, ProSales also provides e-contract and e-signing features. An integrated billing system, ProBilling, allowing direct generation of all bills related to progressive payment and its possible integration with existing accounting systems, is the latest feature of ProSales Solution.
Finally, ProSales Solution, via ProFix, allows the delivery of completed projects avoiding queuing up at the management office for keys’ collection and unit’s defect checking process. Defects are reported and followed up with both project team and contractors allowing a smooth repairing process while avoiding physical contact.
Thanks to ProFix, and despite all the 2020 MCOs, developers have been able to deliver thousands of residential and commercial units in full respect of social distancing SOPs.
ProSales Milestones and Past Achievements
Thanks to the above, ProSales experienced exponential growth of its market share for the past 2 years stepping from 12 projects and 2,000 users in 2019 to 85 projects and more than 12,000 users in 2021. Revenues followed this impressive growth and are now set to greater heights through future regional expansion plans.
In the past 20 months ProSales Solutions has set up in its online solution almost 45,000 residential properties, with a value above RM40 billions, for its developer clients. In addition, 10,566 units, as at today, are set up in ProFix with vacant possession being delivered to purchasers in a contactless manner! Property sales wise, ProSales managed 5,245 lead-to-sale conversions totalling RM2.7 billion sales revenues for its developers clients.
Property digital solutions generate huge quantities of data. ProSales captures, analyses and presents combined data set through a real-time dashboard allowing developers to read market direction, predict behaviours and make data driven decision for their upcoming projects.
Malaysia and Beyond, Future Expansion in SEA
ProSales Solutions, designed to be easily adapted to specific market requirements, is now ready for expansion in the Southeast Asia region. The growing demand for PropTech digital solutions in regional markets, is the main driver of this scaling-up plan. ProSales is leveraging on cooperative integration with regional solution providers to ease its growth.
ProSales has also participated in numerous Pitching Battles in the SEA region. It has always been able to get shortlisted within the best. These results and the growth rate mentioned earlier have raised ProSales’ confidence to open opportunities for funders and VCs willing to contribute in writing future success stories.
Interested in being part of our journey as team member, local or international partner or funder? Get in touch with us today!
About The Author
Chuah, a software engineer holding a master’s degree in Technology Management (Staffordshire University, UK) has assisted property developers in their digital transformation adoption process through implementation of PropTech solutions.
CEO of ProSales since 2015, Chuah has led the development, proof of concept and subsequent commercialization of ProSales Solution, a brilliant, user-friendly and impactful End-to-End Property Digital Solution. He is recurrent speaker in local and international events, anchor host of a Malaysian Property Talk-show and a contributor to PropTech publications!
Chuah advocates PropTech adoption in the property ecosystem and his favorite quote is “Innovation, creativity, and motivation make digital transformation happen!” ProSales, where property meets real technology!