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Finding our ideal homes is a tedious process, and home research still relies heavily on digital classifieds.
"Classified ads are an 18th century concept and their digital incarnation still involves individuals having to comb through an overwhelming number of listings to select some relevant options," said Gerald Sim, CEO and co-founder of the AI-powered real estate portal MOGUL.sg .
"There had to be a better, ad-free way to bring house hunters and property owners together," he added.
The co-founders of MOGUL.sg are either former real estate agents or have worked for real estate developers. Therefore, they best understand the weaknesses of property search and wanted to use technology to eliminate the inefficiencies.
Give other real estate portals a run for their money
40-year-old Gerald was previously CEO of a regional real estate developer and trained accountant.
Gerald Sim / Photo credit: MOGUL.sg
His close friend and co-founder Julian Cho is a trained software engineer and a practicing real estate agent.
He has also held technical positions at several Fortune 500 technology companies including Apple, Electronic Arts, and Samsung.
Both had a clear goal in mind: to see technological advances in the real estate sector.
They pumped in S $ 3 million and started the real estate portal MOGUL.sg in November 2018.
Photo credit: MOGUL.sg
MOGUL.sg uses artificial intelligence, location data and geotechnics to optimize the home buying process.
At the beginning, MOGUL.sg was dismissed by many as just another platform for listing properties.
The reality, however, is that our proprietary keyword search, geospatial data, and underlying AI capabilities make matching house hunters and property owners easier and more accurate.
– Gerald Sim, CEO and co-founder of MOGUL.sg
How it works: when an owner or agent lists the property's zip code, MOGUL.sg aggregates all of the property's surrounding facilities based on location data verified by 40 Singapore government agencies.
This helps make these conveniences searchable as keywords or key phrases.
"We also conduct research to create and add over 5,000 custom keywords that further describe the characteristics of a property, such as" "Terrace", "West view", "Pool" etc. "explained Gerald.
For example, typing "near the north-south line" will display all property listings within half a kilometer of a train station along the north-south line from SMRT.
In combination with a second key term such as “near the supermarket”, the system can filter out houses that are more than 300 meters away from a supermarket.
Photo credit: MOGUL.sg
The more keywords or key phrases that are added, the more precise and detailed the search becomes.
Their unique search method and filter sequence help homebuyers find what they are looking for instead of scrolling through pages of search results.
There was a time when you needed to know the exact wording of a website's title to find it and your search results were full of spam. For most of us, using Google over other search engines is a breeze because of the quality and sophistication of the underlying technology.
MOGUL.sg works in a similar way to provide useful and accurate search results – but for real estate listings.
– Gerald Sim, CEO and co-founder of MOGUL.sg
In addition, real estate agents and apartment hunters do not have to repost repeatedly to improve their listings or look for new options.
The platform's AI notifies both parties when a new and relevant match is discovered.
First 3D viewing technology of its kind
MOGUL.sg may have started using geo and AI technology to create a real estate listing and search platform, but that's just the beginning, Gerald said.
He announced that the company will be showcasing OneMap3D Beta – the first virtual 3D feature of its kind – at the upcoming 3D Virtual Property Expo.
Held October 15-17, it is the first virtual real estate event where users can see what vacant real estate will look like when completed.
3D model and view of GuocoLands Midtown Modern project that has not yet been created / Photo credit: MOGUL.sg
Home buyers will enjoy immersive 3D tours of newly launched but yet-to-be-built condominium projects and the surrounding area.
You can enjoy the view from each floor and walk around the property's neighborhood to explore its amenities.
Navigate the neighborhood around each featured object / picture credits: MOGUL.sg
This could potentially change the traditional concept of showrooms.
After the exhibition, individuals can continue to rate the presented residential and business projects on the MOGUL.sg website until December.
This is because the use of 3D geospatial and modeling technology on the platform is still in beta and will be further developed before the official launch.
Following this, we believe our technology can improve other parts of the home buying process.
One example is determining the valuation of a property under current market conditions, particularly if they are within the same building but on different floors or have different cladding to ensure fair and transparent pricing for the benefit of home buyers.
– Gerald Sim, CEO and co-founder of MOGUL.sg
For this reason, Gerald plans to introduce new solutions every six months to address such problems.
Seeing gold during Covid-19
In August, Singapore recorded its highest new home sales in eleven months amid the Covid-19 pandemic.
For MOGUL.sg, user growth has increased tenfold in the last three months.
This contributed to a record S $ 25 million worth of real estate transacted through the platform within two weeks of the breaker period.
Image: The Asia Property.com
According to Gerald, this could be due to buyers viewing real estate as a more stable investment than the financial markets, or simply “pent-up demand” for the circuit breaker.
He added that MOGUL.sg has also generated "six-figure" monthly revenue and that new monthly users are currently averaging 70,000.
Resolving pain points in the buying process
Home buyers often take the time to look at multiple options and only feel disappointed when they find that what they see is not what they expected.
Also, they're not sure if a property they like is affordable because the information in the listings is inaccurate.
Home buyers also typically spend time visiting an off-site showroom before visiting the property's actual location. This results in them spending an average of 6 months or more trying to find an ideal spot.
This was before Covid-19 when there were no restrictions.
The trillion dollar real estate industry is still very much lagging behind in technological advancement.
These AI and 3D capabilities can improve the search process with more accurate data, eliminate the need to be physically present at home while viewing, and potentially reduce the time it takes to buy a property.
Selected image source: MOGUL.sg
