Singapore-based digital property agency Greyloft, which describes itself as a full-service technology-enabled property agency, has concluded a round of seed funding of S$1.5 million ($1.1 million) from DSG Consumer Partners, Wavemaker Partners, Cub Capital, Tigris Capital and JFDI.
The venture provides online tools that aid customers in renting a property, starting from online research through to paperwork and post move-in support.
It also provides offline services such as a team of licensed in-house property agents to assist customers in shortlisting properties, coordinating viewings, negotiating terms and moving in. Some of the features it offers includes neighbourhood guides, a property discovery platform and price trends comparison data to aid decision-making.
Siddhesh Narayanan, Co-founder and CEO of Greyloft, said, “There are a lot of players in the market addressing property listings. Once renters or buyers see the listing online, they have to rely on multiple agents for the rest of the process.”
Narayanan adds, “Moreover, property portals have no control over these agents. As a result, they often go through a disjointed end-to-end experience which Greyloft aims to address. From property discovery to house selection and paperwork, we want to ensure that our customers sail through the entire house-hunting process seamlessly.”
Given the proliferation of data, Singapore reflects a market where there are multiple sources of information, necessitating a need for curated information resources on a single platform. This sees Greyloft recruiting additional data scientists and researchers to aggregate and present relevant information out of the various data sources regarding Singapore’s property market.
The startup is building and training its own team of in-house agents to ensure customers receive high quality advice and a consistent experience, in addition to being equipped with customised tools to simply and manage their work processes and deal flow. Currently serving the rental market in private residential properties, it also intends to expand into the sales segment.
Deepak Shahdadpuri, managing director of DSG Consumer Partners, stated: “They build the next generation digital platform to manage the cumbersome real estate transaction process. Greyloft has developed a set of tools that automate much of this process and bring a level of transparency that is absent today.”
“Greyloft’s mission is to make the end-to-end process simpler through more sophisticated data and analytics. We are using Singapore as a test bed for the new product before looking at other markets in Southeast Asia,” he adds.