Property24, the real estate arm of online seller OLX, has been busy a lot, lately. Manila Standard reported that it entered into a partnership with the Urban Land Institute (ULI) to know more about the proper application of technological innovation. It is also studying the correct way of injecting disruption of the technological scale in its business in the real estate industry.
The real estate firm has been confident in its business despite the challenges bought about by the current trend. The rise of prices in the property market hasn't slowed the property firm down, Rappler noted. Property24 still possessed some confidence heading into the middle of 2019, with purchases and rentals expected to pick up more.
The firm's head of real estate, Tina Bautista, said that the increase in rentals and purchases were still expected based on what they called the 'intrinsic value of the property.' According to her, the choice of the right property will only help its value go up. Most property listings--in the 70% to the 80% range--had been listed 'for sale' while the rest has been designated as rental properties.
OLX merged its property listings with Property24 in 2016, when it saw the value of innovation. That did wonders, as it increased both user interest and the listing volume of properties. Bautista said that the firm had its eyes set on inquiries and listings outside of Metro Manila. Currently, interest from outside the capital is only at 40%. They want to move it up to double this year.
The growth of Property24, its partnership with the ULI, and its moves in Metro Manila are all directed towards growth and making the most of real estate technology. The feeling of confidence may have led to more expansion. One such expansion happened in 2017 when Property24 moved into Cebu to sell out more properties.
My Cebu PH reported that Property24 is focused on creating 'value for the money' of its subscribers. This was the vision of OLX operations director and head of real estate Ferdie Perez, who also added that the moves were directed towards affordability--giving value to the absolute peso amount rather than the actual price of the property.
Joining ULI's 'The FUTURE SUMMIT' was only the first of Property24's move into the property market. With more time, and more development expected to happen in the property sector, expect OLX's property arm to take in more innovation and technology as they go into places outside the national capital.
