'Matchmaking' home buyers and sellers

Lee Meixian

Last October, Singapore-based, AI-driven proptech startup UrbanZoom announced the launch of UrbanMatch. The digital “matchmaking” service provides personalised home recommendations that best fit the criteria set by home buyers.

How this works: A curated, private list of properties posted by verified home sellers and exclusive listing agents are sent through automated messages via WhatsApp to home buyers.

This screening process is driven by smart algorithms similar to those used by dating apps.

The launch of UrbanMatch followed an investment of $1 million by Mainboard-listed APAC Realty, which operates the ERA brokerage brand, in the holding company of UrbanZoom.

With this, the proptech startup gains access to ERA agents' network of about 1,000 listings of homes for sale in Singapore. These include Housing Board flats, condominiums and landed homes.

UrbanZoom founder Michael Cho says the technology will complement listing portals in the market. “I think people will obviously still use listings portals, but using this service will expose buyers to a bigger universe of property listings.”

This is akin to how using multiple dating apps might give one access to a wider pool of candidates and therefore a higher chance of a successful match.

The concierge may also include suitable properties from major listing portals at the users' request, adds Mr Cho.

Sifting out window-shoppers

UrbanMatch uses a set of criteria to verify the list of properties on sale by direct home owners or exclusive listing agents, as well as the genuine intent of potential buyers.

This service is offered free to both home sellers and buyers, but buyers have to pay a deposit that ranges between $100 and $300, depending on their budget — fully refundable anytime upon request — to differentiate themselves from window-shoppers.

Mr Cho says: "Home sellers are often frustrated with window-shoppers with no genuine interest, while home buyers are put off by duplicate or even fake listings on public portals. This lack of trust leads to time- and energy-consuming searches, very much like poor dating matches."

It is for this reason that UrbanMatch first screens and verifies the authenticity and intent of both parties. The service further leverages machine-learning algorithms, like those used in popular dating apps, to prioritise matches based on an understanding of the individual user's preferences.

"The net effect we hope to achieve is a high signal-to-noise ratio in the matches we make, and ultimately a faster route towards actual transactions."

This article first appeared in The Business Times on Oct 18, 2019.