Singapore-based property agent comparison service startup Propseller has announced the closing of a US$1 million seed funding round from industry entrepreneurs and senior executives.
Among those who joined the round were local entrepreneurs Yang Bin Kwok and Erwan Mace, founders of Zopim and Muslim Pro respectively, PJ Vandepitte, the COO of Foodpanda, and real estate industry veteran Yvan de Rham.
Propseller has said that it will use the fresh fund to accelerate the company’s growth, and develop a “transparent approach” technology that will allow users to select agents by considering independent reviews and the agent’s track records.
“Too often, owners waste time with unprofessional agents not delivering,” said Adrien Jorge, founder and CEO of Propseller, highlighting the pain points property customers often encounter. According to him, the issue would be with “transparency and accountability” missing in the industry.
Propseller was founded by a former Groupon senior executive and property investor Adrien Jorge with a team of seven. It claimed to have reached a combined property value of S$500 million (US$365,000) within 12 months of its operation, 30,000 registered property agents later.
Propseller works by letting users compare individual agents and doing so by collecting, verifying ratings, and analysing historical transaction data of around 500 handpicked agents from any Singaporean agency. All this will be presented to the users in a list of the best three to 10 estate agents matching the criteria.
On property tech scene, Propseller sees its service as “complementary” to the property listing portals. “PropertyGuru or 99.co are presenting properties to buyers and tenants. But for this to happen, the owner first needs to find an agent who will then advertise the unit on property listing portals, that’s the part we facilitate,” said the team.
Prior to this approach, the company supported the launch Real Estate “Industry Transformation Map” by Singapore’s government in February this year, following closely to the address made by Singapore’s second minister Desmond Lee about the need for more property agent’s track record’s transparency in the country.
Image Credit: Propseller