The Clock Is Ticking for Traditional Real Estate Models with Arrival of Proptech Startup Bluenest

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Amidst surging investor interest in the Singapore property market, Bluenest’s tech-based model streamlines the entire purchasing and selling process for consumers.

SINGAPORE – Media OutReach – Oct 31, 2019 – Seamlessness and transparency will soon become the new hallmarks of property transactions for savvy consumers.

Backed by Rocket Internet, tech-based real estate agency Bluenest eliminates the inefficiencies currently present in the purchasing and selling process.

“Property agents these days are like entrepreneurs, managing the entire customer journey themselves from lead sourcing to paperwork at varied commission rates,” says Bluenest founder Jeff Lim.

However, these one-man shows typically mean a long, time-consuming process for both agents and consumers. Real estate transactions can last around 6 months from start to finish, covering everything from house viewings to legal processes.

Bluenest’s A.I. and data-based platform closes the loop between buyers and sellers and aims to cut in half the average time it takes to transact a property.

The technology available to its agents also allows the firm to deliver greater cost savings to end-users. For instance, Bluenest charges only 1% in commissions for premium brokerage services compared to the standard market rate of 2%.

Like the owner-listing platforms that have grown in popularity in recent years, Bluenest’s goal is to enhance the transacting experience for consumers.

However, the company’s competitive edge lies in the advisory services that its agent pool offers. Using tech to automate the repetitive processes involved in the sale, Bluenest agents are better able to focus on advisory and can deliver a higher-than-average closing rate for their clients.

“Digital marketing is our strength,” Lim notes. “We market properties as an agency rather than as lone individuals.” This integrated approach enables them to help homeowners sell their properties at higher prices and in a shorter time frame.

The Bluenest platform is also designed to give sellers full access to the relevant data and incoming offers, affording them greater control over their transactions. That way, clients need not worry about under-the-table dealings by shady agents, as with the recent case of agent fraud in Singapore.

If the results are any indication, Bluenest’s approach of leveraging technology to change the real estate landscape seems to be working so far. The company closed its first deal in less than a week and has gained good traction in the island-state since its launch in September this year.

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