PropSocial
A crowdsourcing property platform aims to provide quality over quantity.
| Date | Investors | Amount | Round |
|---|---|---|---|
N/A | Early VC | ||
| Total Funding | 000k | ||
Operating in the Malaysian real estate technology sector, PropSocial, under the legal entity Prop Community Sdn Bhd, was established in 2014 to address a gap in the online property market. The company was founded by Magdelin Tan, who serves as the General Manager. Tan brought prior industry experience to the venture, having been the General Manager for Ocision Sdn Bhd, which managed portals like Propwall.my and iBilik.com, until its acquisition by The Star Publications in 2013. This background in the property portal space informed the strategic direction of PropSocial, which is backed by the investment company and incubator IdeaRiverRun.
PropSocial functions as an online listing and review platform for properties, differentiating itself by prioritizing consumer-centric information. The platform is designed to serve a wide range of clients including property buyers, sellers, investors, and tenants by providing a depth of data not typically found on traditional listing sites. A key feature is the aggregation of user-generated reviews and community feedback, offering unfiltered insights into properties and neighborhoods. This allows prospective buyers and renters to make more informed decisions based on real user experiences. The platform enhances property searches by providing detailed neighborhood data, such as the number of nearby schools, banks, convenience stores, and even ethnic breakdown infographics. To encourage community participation, PropSocial implemented a rewards system where users earn points for contributions like writing reviews, which can be redeemed for vouchers.
The company's business model is centered on generating revenue by selling advertising space to property agents and offering specialized marketing solutions to property developers. This model leverages the platform's user traffic to create value for real estate professionals. The portal also features tools designed to streamline the property search process. For instance, it has a system to reduce fake classified ads and offers discussion boards where users can seek advice from experienced agents. A notable feature introduced in 2022 is the multilingual functionality, allowing users to browse and post listings in English, Bahasa Malaysia, and Mandarin, a first for a Malaysian property portal. Another tool allows users to compare up to three properties side-by-side based on various criteria.
Keywords: PropSocial, Prop Community Sdn Bhd, Magdelin Tan, Malaysian property portal, real estate technology, property listings, consumer property reviews, neighborhood data, real estate advertising, proptech, property search, real estate data, IdeaRiverRun, Petaling Jaya, property investment, home buying, home renting, multilingual property portal, property comparison tool, agent marketing