REALas

REALas was a property technology firm focused on the Australian real estate market, specifically addressing the common issue of property underquoting by agents. The company was founded in 2011 by Josh Rowe and David Morrell, a veteran buyer's agent known for his advocacy against misleading price guides. Rowe, an entrepreneur with extensive technology experience, served as the CEO. The venture was established to provide prospective home buyers with more realistic and accurate predictions of property sale prices for both auctions and private sales.

The core of REALas's service was a proprietary algorithm developed in collaboration with data scientists at RMIT University. This algorithm analyzed a variety of inputs, including historical property data, local market knowledge from real estate experts, and crowdsourced data from buyers themselves. A key feature was its ability to dynamically adjust predictions in response to new market information right up to the point of sale. The platform claimed its predictions were, on average, within 5% of the final selling price. Users could access these price predictions for free through the company's website and iPhone application, helping them make more informed bidding and purchasing decisions.

In October 2017, REALas was acquired by ANZ Bank for an undisclosed sum, a move intended to bolster ANZ's digital offerings for customers navigating the property market. Following the acquisition, REALas continued to operate as an independent, wholly-owned subsidiary, with Rowe leading the business within ANZ. The acquisition provided REALas with greater resources for technological development and raising market awareness. However, the REALas.com service is no longer operational. Josh Rowe departed ANZ in February 2021, having integrated the REALas platform with ANZ's home loan business.

Keywords: property price prediction, real estate technology, proptech, algorithmic valuation, Australian property market, home buyer tool, real estate data, auction price prediction, ANZ acquisition, Josh Rowe, David Morrell, RMIT University, real estate analytics, property valuation, housing market data, sale price accuracy, underquoting prevention, real estate information service, fintech, data science