FazWaz, a Thailand-based online real estate group, has recently launched a new app aimed at accelerating the digitalisation of the local property market.
Brennan Campbell, FazWaz chief executive, said the app will help real estate developers, institutional investors, banks and brokers better analyse the market and consumer needs through a base of historical and real-time data.
"Big data is becoming an essential tool for developers and projects to better take a forward look for new project unit configurations, pricing strategies and even ways to segment or remarket slow-selling inventory," he said.
FazWaz invested more than 15 million baht in the development of the app, which leverages data compiled over the past five years from the company's proptech online marketplace.
"Over the longer term, we look to democratise data for the entire property foodstream, including consumers," Mr Campbell said.
James Corbin-Mckenzie, FazWaz's chief customer officer, said with the lull in market supply and demand, "there is increasingly a shift from real estate product-based sales to a refocus on the customers".
"Taking this approach with an app allows us to push engagement to customers, more easily transition or qualify leads and measure performance metrics via daily active users."
Mr Corbin-Mckenzie said the Covid-19 pandemic has had a massive impact on project sales.
While sales once centred on high-profile shopping mall showcases, or brick-and-mortar showrooms waiting for leads, the market is now increasingly digital.
"Data doesn't lie and that's funda- mental to getting results in a downturn," he said.
Mr Campbell agreed: "Online condo sales have sharply risen, with every transaction element now doing digital -- be it online tours, virtual data rooms for due diligence, or dynamic priced auctions."
He said online search and transaction data was showing a "remarkable uplift" in resort markets such as Hua Hin.
"With the timespan of the pandemic growing longer, urban flight and domestic buyers acquiring second homes in lifestyle destinations is a market changer," Mr Campbell said.
The Insights app is now available free on both the App Store for iOS and Play Store for Android.
Future plans include integrating into the Insights app FazWaz's automated valuation model, a technology now used by eight banks to efficiently price properties in real-time for consumers, lenders and developers.
FazWaz and the Bangkok Post are partners to promote the country's largest selection of unique and verified direct properties for sale and rent in a single digital platform. See property.bangkokpost.com and property.posttoday.com.