We recently spoke with CEO and Co-Founder of Propeze Gregory Melchior who alongside his CTO Ashwadh Bollini has created a new way to approach the Real Estate market. Their company Propeze is a one stop solution for your buyer, renter, seller, owner and sharer needs. The company uses AI, automatic and interactive 3D modelling and real time data analytics to provide a fast and cheaper way to do real estate transactions.
What is your business called and what does it do?
Propeze.com: we are an online software end to end residential real estate solution using AI, automatic and interactive 3D and real time data analytics.
What made you want to do this work?
We wanted to reduce the costly frictions of a traditional residential real estate transaction by creating this platform that will allow the home consumer (buyer, renter, seller, owner, sharer) to not only visualize their home in 3D in seconds but also to complete the residential real estate transaction online at a fraction of the cost and time. We give the home consumer the choice of either doing the entire transaction online through us or linking up with all their real estate professionals to do the transaction.
What problem does this solve?
For the first time, home consumers in the prebuild home industry will make one of their most significant financial purchases based not on a floorplan but on a 3D representation of their home that is interactive. Also, it removes the costly frictions of a traditional real estate transaction. Home buyers will now virtually see prebuild and resale homes online, customized staging to their tastes, as opposed to physically going to numerous sales centres and staged resale homes and try to piece together the offering. We allow the home consumer to tell their own story.
Who are your clientele/demographics?
Millenials and the next generation of home buyers that are native to 3D and technology.
How does your business make money? How does it work?
All the real estate professionals are on our platform on a monthly subscription basis. Also, we have an online fully transparent auction system that developers and/or home owners can use to auction their home at just 1% commission. All furniture retailers and manufacturers that are on the platform pay us a fee for any furniture/home decor sold on the platform. Online real time bidding of postal codes to be the preferred real estate professional of choice for that particular area.
Where in Toronto can we find your profession?
Our office is at 207 Queens Quay West, the Terminal Building, Suite 419.
What is the best question a prospective customer could ask a member of your profession when comparing services?
There is currently no comparables for the home consumer. The home consumer signs up for free and can chose any 3D listing and visualize their home and/or upload any floorplan and see it in 3D in seconds.
What is the best part about what you do? What is the worst part?
Best: We accomplished building an algorithm in less than two years with a team of only 5 professional developers where the odds were firmly against us. But through ingenuity and grit we have created a platform that is so incredible, manifested in our home consumers reactions when they go through the experience.
Worst: Budgets and pro formas
What is your favourite joke about your own profession?
Did you hear about the last remaining unit in the apartment building? It was last but not leased.
PAY IT FORWARD: What is another Toronto business that you love?
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To learn more about Propeze, visit their WEBSITE.