Property technology startup Hutly has acquired the PropertyData platform from the Real Estate Institute of Victoria (REIV) in a multimillion-dollar transaction that positions the proptech company for the national rollout of its contract management platform.
The transaction gives Hutly ownership of PropertyData’s proprietary platform which includes over 15 years of real estate rental and transaction data that will be used to deliver actionable insights, and that will be enriched in the future, leveraging technologies such as machine learning and artificial intelligence to enable predictive insights.
PropertyData reports over 96% of Victoria’s weekly sales and auction results and contains over 8.4 million property sales records.
Thousands of real estate agents use the PropertyData app every day to search properties and their histories, generate Comparative Market Analysis, and investigate trends in suburbs and regions. Print, online, and broadcast media outlets also rely on the data to report weekly sales results and quarterly medians. Over 17,000 people and organisations receive PropertyData’s market updates each Saturday evening.
Hutly Founder Jeremy Hastings is excited about what the acquisition means for the startup.
“We can now combine real-time contract data with historical property data and listings to offer Hutly users a first-of-its-kind experience that makes everything about researching, buying, selling or leasing a property online easier and faster for everyone involved.”
Mr Hastings is referring to the evolution of the Hutly Living Contract®; the company’s digital record that places the property at the centre of the real estate universe.
The Living Contract® digitally stores all contractual events on the blockchain over the life of the property and offers curated access for all property participants, including automated workflows and insights.
It has been a strong year for Hutly, who took over the REIV’s VicForms contract platform in March and embedded the company’s blockchain-driven digital contract signing on all residential sales and rental contracts.
The Hutly and REIV partnership has gone from strength to strength in 2021, and this transaction will further cement the relationship.
Hutly will continue to invest and drive the continuous innovation of PropertyData, making these services available to REIV members at a preferential rate, and supporting the REIV to achieve its value objectives to the member base.