- Hutly has paid a multimillion-dollar sum for the Real Estate Institute of Victoria’s (REIV) PropertyData platform
- The property technology startup says the deal prepares it for a nationwide rollout of its contract management platform
- The new partnership follows an REIV and Hutly collaboration that began in 2020 to relaunch VicForms, a digital compliance platform
Hutly has purchased the PropertyData platform from the Real Estate Institute of Victoria (REIV) in a multimillion-dollar deal.
The property technology startup said the deal prepared it for a nationwide rollout of its contract management platform.
Hutly now owns PropertyData’s proprietary platform, which includes more than 15 years of real estate rental and transaction data.
The startup says it will use the data on the platform to “deliver actionable insights, that will be enriched in the future, leveraging technologies such as machine learning and artificial intelligence to enable predictive insights”.
PropertyData has more than 8.4 million property sales data and reports on over 96 per cent of Victoria’s weekly sales and auction outcomes, according to Hutly.
The company will make PropertyData’s services available to REIV members at a discounted rate, with the real estate body to “continue to influence the platform’s future strategy”.
The new partnership follows an REIV and Hutly collaboration that began in 2020 to relaunch VicForms, a digital compliance platform.
Jeremy Hastings, the founder of Hutly, is ecstatic about the acquisition’s implications for the company.
“We can now combine real-time contract data with historical property data and listings to offer Hutly users a first-of-its-kind experience that makes everything about researching, buying, selling or leasing a property online easier and faster for everyone involved,” he said.
The company operates the Hutly Living Contract service, a digital record that stores contractual events on the blockchain.
“Hutly’s growing team of proptech specialists, smart contract technology, and continuous innovation make this a strategic partnership that will increase value for REIV members and PropertyData customers for years to come,” newly elected REIV president Adam Docking said.
“Deep integration with VicForms, user-friendly data insights, mobile-first technology, and cost-effective access for REIV Members are at the core of this agreement and we look forward delivering the benefits to our base.”