MARKET OUTLOOK, REAL ESTATE TECHNOLOGY
MRI Software | February 27, 2023
One of the leading software solutions in real estate, MRI Software, announced it completed the acquisition of the $93.4 million stock of PropTech Group. The Foreign Investment Review Board (FIRB), Australian Competition and Consumer Commission (ACCC), and Federal Court of Australia approved the highly anticipated transaction, first announced last year.
Australia's property technology (PropTech) industry has experienced extraordinary growth in recent years due to an influx of new providers and innovation. By acquiring PTG, MRI enhances and expands its MRI LivingTM suite of residential sales and property management solutions, automating and simplifying all consumer touchpoints within the real estate industry.
It is recommended that the agency professionals continue their work with their respective PTG or MRI contacts. The PropTech Group initially traded as PTG on the Australian Securities Exchange (ASX) in November 2020 with a suggestive enterprise value of $27 million outlined in its Prospectus. MRI has acquired it for $93.4 million, equal to a nearly 250% increase in value in the past two years.
Senior Vice President and Executive Managing Director for MRI Software in Asia Pacific, David Bowie, said, "This acquisition brings together two innovative PropTech companies dedicated to providing the greatest possible value to real estate agencies across Australia and New Zealand." He added, "The residential real estate industry is now a step closer to having a holistic operational view of consumers throughout their property life cycle."
(Source: Cision PR Newswire)
About MRI Software
MRI Software, is a top real estate software solution provider that transforms how communities live, work and play. Its open and connected AI-first platform empowers owners, workers, and occupiers in residential and commercial property organizations to revolutionize in rapidly changing markets. It has been a pioneer in the PropTech industry for over fifty years, offering two million+ users globally. Through a rich partner ecosystem and innovative solutions, the software provider provides real estate companies access to accomplish their vision of building flourishing communities and more substantial businesses.
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REAL ESTATE TECHNOLOGY, HOME AND DESIGN
FirstClose | February 02, 2023
To help home equity lenders select and integrate their preferred settlement service vendors into FirstCloseTM Equity more efficiently, the company has launched its next-generation Vendor Gateway.
FirstClose Equity is a one-of-a-kind home equity origination solution that streamlines operational touchpoints while improving borrowers' overall customer experience. The platform's end-to-end solution comprises a borrower-facing point-of-sale solution that provides consumers with fast online feedback on their home valuation, accessible home equity, loan possibilities, and credit decisions in minutes. Also, lenders may be able to finish the process from application to closing in 7–10 days, while the average in the industry is 45–60 days. This is possible because of automated workflows that include the ordering of settlement services.
Lenders and their vendor partners can both significantly benefit from using FirstClose Gateway. One of the many benefits is that it will reduce vendors' time to get their products on the market. It will also make things better for borrowers by giving them consistent data and making sure their orders are filled. Also, it will make contracting and managing vendors easier by letting FirstClose equity lenders connect with their preferred providers under a single agreement, with a single bill and a single point of contact.
Ramiro Castro, Chief Product Officer for FirstClose, stated, "We designed the Gateway to give lenders greater control over the home equity process: everything from the customer experience they deliver to their operational and risk management choices."
"While our latest release includes a core set of vendors that are accelerating the origination process, our platform is vendor agnostic," Ramiro Castro concluded.
(Source – Cision PR Newswire)
About FirstClose
FirstClose, Inc., based in Austin (Texas), is a national provider of fintech solutions for a home equity line of credit (HELOC) and mortgage lenders. The company aims to help mortgage lenders improve profits while decreasing expenses. This is made possible by FirstClose's technology and relationships, which allow lenders to help their borrowers better, minimize closing costs, and shorten closing timeframes.
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REAL ESTATE TECHNOLOGY, REAL ESTATE INVESTMENT
Cresa and 4SITE by CORT | February 07, 2023
On February 06, 2023, one of the world's largest occupier-centric commercial real estate firms, Cresa and a provider of a sensor-based workplace occupancy and space utilization platform, 4SITE by CORT, announced their partnership. The two combined will help office occupiers optimize their workplaces.
Many occupiers are looking for ways to reduce underutilized space and real estate spending, as projected by economic headwinds and promoted by the pandemic in a trend. Cresa and 4SITE both acknowledge the importance of cost-effectiveness for businesses, but they also advocate for a more rounded strategy for optimizing workplace environments, one that considers the wants and needs of both employers and workers.
Cresa and 4SITE's partnership is ingrained in a shared commitment to help occupiers make decisions about their workplaces and using data. 4SITE's wireless sensors are the first of their kind, providing an easy-to-implement plug-and-play option that is both cost-effective and reliable for respondents' right to privacy. With 4SITE, you can track occupancy in real-time and get reports and dashboards that break down utilization averages and peaks, compare utilization across different types of spaces, and more.
Additionally, Cresa's Workplace Solutions Team will provide expert analysis as an add-on to the technology, where the experts leverage the data gleaned from 4SITE's sensors to shed light on how office space can be reduced or reorganized more efficiently. As a result, both partners give occupiers a competitive edge, one that reduces costs and improves the employee experience to bring people back to the office.
About 4SITE by CORT
Based in Chantilly, Virginia, 4SITE is wholly owned by CORT Business Services, a Delaware corporation. 4SITE was created to help office occupiers effectively and efficiently understand the use of office space and provide the required data to assess future office space requirements. By tracking how much space is being used, CORT and its clients can adapt to the needs of a rapidly changing workforce. A 4SITE workplace occupancy study that includes accurate and proactive information can help promote a healthy facility by providing the correct information on how space is used.
About Cresa
Founded in 1993, Cresa is a global commercial real estate advisor. The company specializes in delivering fully integrated real estate solutions and represents occupiers. To think beyond space, enhancing and strengthening the quality of life for clients. Its services are provided across industries, including Workplace Solutions, Consulting, Lease Administration, Transaction Management, Project Management, Technology, Investment Banking & Capital Markets and Portfolio Solutions. In collaboration with London-based Knight Frank, Cresa employs 16,000 people across 380 offices in 51 countries to provide customer service.
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