TECH STORY
Stay in the loop
Innovation in Property Investing
GRANT SMEE
Property investing has come a long way in the last few years . This is partly due to digital technology and the rise of e-learning methods and tools that have helped to accelerate the industry that we are operating in today .
T he good news is that there is a wealth of ( often free ) resources out there to help make the journey simpler and to educate you throughout your journey . I truly believe that whether you ’ re buying your first or 15th property , there is always something to learn .
The Fundamental Truths of Property Investment
The first place to start when starting your Property Investment journey is understanding that there are no secrets , shortcuts , or ways to fast-track success . The road is long , are you committed ?
To be successful in property investment you need to know the following Truths :
• Have a clear plan . It is important that you start with a goal in mind . The goal must be clear and measurable where you are able to align your Property Investment Strategy to ultimately realise the goals you have set .
• Educate yourself . Once you have a clear goal , you need to educate yourself about the Property Investment Strategies that will help you realise those goals . By understanding the strategy , you will be in a position to choose the right strategy for your needs .
• Take action . You can read a book , watch a show , sit in a seminar , surf the web and research to your hearts content , none of this will take you any closer to actually becoming a Property Investor . Only by taking action , viewing properties , negotiating deals , signing agreements and going through the effort of securing finance will you understand what it takes to be a Property Investor .
• Review , improve , repeat – systemise . Continuously creating processes and systems , then reviewing and improving these helps you create a sustainable and profitable venture that over time could become a passive business investment .
• Remember , it ’ s a business . Treat your investment like a business at all times , be professional and become an expert .
• There is a downside & mitigating risk . As a business owner it is important to always realise there is a potential downside and as a business owner you need to do all you can to mitigate these risks . Rule number one of Property Investment , don ’ t lose money .
• Don ’ t buy into hype . Property won ’ t make you rich tomorrow , in fact , very little will . It takes time and effort to create a sustainable and successful business .
• Beware of the furu ( fake guru ) – there are many teachers that make their money from selling theory , selling a dream , only making money from teaching and not doing . Careful of who you follow , who you buy into , who you spend money with . Remember , there are no secrets , shortcuts or ways to fast-track success , don ’ t pay money if this is what you ’ re promised .
Digital technology at your disposal
In addition to mentors and friends who have done it all before , there is a wealth of credible resources out there to guide you on your investment journey . These include :
• Online tools
• Research tech – also known as proptech in this context .
• Business tech
• Education tech
A disclaimer . Before delving in to the world of “ proptech ,” I think it ’ s important to state my opinion on this oftenmisused term . My opinion is that most " proptech " is in fact not really anything other than tech enabled services rather than truly disruptive and innovative tech that is improving the industry .
However , proptech can be a valuable online resource for
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PROPTECH
Online is the new
Frontline
Commercial rentals comparator
T
echnology is here to stay and to change the way in
which industries operate. How we communicate,
work and shop has been changed dramatically over
the last six months and nothing can stop its progression. It
is argued that the key is having vision of how it can enhance
the lives of ordinary citizens. Quoin Online has focussed on
enhancing the experience of users in the sale and letting
of commercial property. The technology that has been
developed has completely transformed the leasing of
properties making the process accessible to all. The Quoin
Online comparator has created a commercial, online
property marketplace, allowing tenants and brokers to
choose from the various Landlord sales and rental options
that best suit their needs. With search optimisation, users
can fine tune their criteria and review properties that best
suit their needs, preferences, and budgets.
Research has shown that 61% of South African internet
users prefer to complete tasks digitally whenever possible.
Tenants looking for commercial space to rent therefore
would carry out the initial search online. The Quoin Online
comparator makes this easier for users by aggregating
vacancy listings from various landlords, allowing the users
to make such comparison themselves.
A matrix presenting the listed stock and supplying the
information needed allows flexible marketing to view
multiple offerings and allows the users to make a correct
and informed decision.
Why has there never been comparator for commercial
rentals before? Well, the answer lies in the manual aspect
within property. Brokers are the middlemen between
landlords and tenants. Brokers build a relationship with
tenants and seek new relationships by approaching tenants
to help find a new space to let that fits their requirements.
The brokers aggregate the data by obtaining the vacancy
schedules of landlords and then try a match the vacancy
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OCTOBER/NOVEMBER 2020 SA Real Estate Investor Magazine
to the tenant. However, there are some issues that come
into play. Some stock may be marketed better than others
which may lead tenants to rent a space that may not be the
best fit for their requirements. Landlords have no control
on how their property is marketed and information could
be disparate. Information may be limited as the property
market is heavily reliant on the information and role of
brokerages where physical viewings and communication
between tenant and broker occur.
What benefit is there to tenants conducting their own
research for new spaces? Tenants can be in control of
their decision-making process without bias input. The
information is always accessible as online creates the
efficiency to research at any time.
Why would landlords want their stock to be listed on the
comparator? In the current market, there is an oversupply
of commercial space that remains vacant for long periods
of time. Having all the stock listed in a central place makes
it easier to compare to other landlords pricing, incentives,
offering etc. The landlords are in control of the marketing
of their own stock. In the end the landlords want their
space let as vacant spaces cost more money.
In addition, Quoin posts area overviews of suburbs
which include public amenities, accessibility, shops
and restaurants and recreational activities. These area
overviews help tenants ensure their decision is based off
real market data and with the help of photos, descriptions,
vacancy details, additional rental documents, videos and
virtual tours, the tenants are less likely to waste time
viewing properties that are not the right fit for their
business.
SOURCE Quoin Online
SA Real Estate Investor Magazine OCTOBER/NOVEMBER 2020
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