Australasia’s largest real estate agency, Ray White, has just invested $3m into Sydney-based proptech company NurtureCloud, to both improve its own network’s offering as well as being part of exploring international opportunities for the product.
The investment in NurtureCloud, founded three years ago by serial internet entrepreneur, Adam Rigby, means that Ray White agents will have the highest level tech at their fingertips – ultimately spending significantly less time on administration tasks like call logging, diary and workflow management and paperwork – and allowing more time for working personally with vendors and buyers. Meanwhile vendors will also have access to a dashboard that provides cutting-edge real time information on all aspects of the sale progress keeping them informed at all steps along the way.
Ray White Managing Director, Dan White, who will become Chairman of NurtureCloud, said that NutureCloud’s mobile-first platform offers agents a significant advantage in an industry that is poised to benefit from improved data-driven sales management and best-in-class vendor experiences.
“We are delighted to be investing in Adam and the NurtureCloud team, and their unique mobile-first end-to-end platform, developed over the past three years. They are a hugely capable team and have found unique solutions for agents to be more productive whilst simultaneously being able to deliver a much more transparent experience for vendors and buyers. It will be a great addition to our technology offering”.
“Our plan is to collaborate with the NurtureCloud team and customise the product to suit our network and rollout in stages over the next 12 months. We expect to see strong improvements in productivity, conversion rate across every step of the sales process,” said Mr White.
“On top of this, NurtureCloud’s vendor and buyer platforms will enable our members to deliver best-in-class customer experience now and into the future, keeping up with other industries”
NurtureCloud’s technology was incubated inside of the national fixed-fee agency Upside and utilises data, automation and market intelligence to improve vendor, buyer and agent outcomes. To-date NurtureCloud has worked exclusively with Upside but are now expanding into the wider market, starting with industry leaders Ray White.
NurtureCloud CEO and Founder Adam Rigby said that NurtureCloud has already proven its worth, drastically improving the efficiency and conversion rate of agents who are part of a remote or distributed sales team.
“The real-estate industry has lagged behind many other industries when it comes to technology and advancements in large-scale enterprise-wide sales management and distributed sales teams. Most real-estate specific software is built around the needs of a single local office and misses the mark when it comes to using metrics to improve the performance of an individual or team,” said Mr Rigby.
“We are tremendously excited to see the impact of NurtureCloud within Ray White who are already technology leaders in the industry. Their input into our product will be of great assistance and a catalyst for expansion within Australia and other international markets. We strongly believe that Ray White is the perfect partner to help achieve this vision”.
NurtureCloud, through a 3-year incubation, has been developed as an enterprise-level platform that combines the functions of CRM, marketing automation, transactional and lead generation tools into one. By doing so it improves prospecting, nurturing and sales management for agents and provides an unprecedented level of management reporting and insights.
NurtureCloud uses propensity modeling to drive agent/vendor interactions, guide conversation content and determine how and when customers should be marketed to. By coupling its own data with industry trends and sales data, it improves the quality of agent/customer interactions and limits the inefficient, non-revenue generating processes that agents carry out every day.
It is also the first real estate platform to include buyer and vendor portals which pulls and collects data from NurtureCloud, agent websites, and databases, and the major portals, providing customers a level of transparency never previously experienced.