 My name is Ed, or commonly known as Ed at MaxProp, I'm the CEO of MaxProp Digital and excited to talk to you today about the shift towards a digital mindset in technology and how to make money out of knowing a buyer or seller. So you would have heard the phrase data is the new oil and I'd like to just go through that and unpack it a little bit. So what is data? You know it's a phrase we hear a lot, but essentially it's information. It's information that broken down in a digital world is down to zeros and ones and it flows through everything we do, everything we say, everything that people do is essentially a form of information. So if you're walking down the street and there's a CCTV camera that's filming you and what you're doing, that's information and how you behave is information that can be used by whoever it's relevant to. So if you walk into a shop and one minute again walk out of it, that's information for that shop. Clearly you didn't stay very long. So data is like the new oil and the reason for that is you can make money out of data, but just like oil it needs to be refined. So you can't just take oil out of the ground and sell it. It's not going to work, no one's going to buy it, but once it's refined into petrol and put into a vehicle it certainly can be be sold and it can be used very efficiently and can make make a lot of money. So how do we refine it and how is it used? I think that's where the massive companies, technological companies around the world are busy working out ways on how to refine this data and if you think of companies like Facebook and Google those are the companies that are really doing it properly and however there's a lot of opportunities and that's what I'd like to talk to you about today is you sitting with some data which you can make money out of and I'll show you how to do that before the end of this presentation. So data in the property industry context, what is that data? What is that information and what can we do with it? How do we use it and how can you make money out of it? So knowing or being a buyer or seller is commonly known as the lead and at Maxwell Digital we've launched a program called the connector program where you'll be able to make money out of knowing a buyer or seller and before the end of this presentation I'll show you how to do that. So listing information, that's what you'll see on private property, that's the details of a property and when you start searching 80 to 90 percent of people will go into their browser probably Google and type in property or home to buy in whatever area you're looking in and the first portal to pop up will be private property and you will then start searching through the listings there and then contact the practitioner from there. So that's the listing information. The next step in the process is you would enter into a sale agreement and and purchase the property. That information then goes to a conveyancer and the conveyancing process starts and eventually when it transfers into your name that information then sits at the deeds office and there are companies that take that information from deeds office and they refine it just like the oil gets refined and then they set it as reports back to banks, back to real estate and then there's property management information. So sectional title schemes, homeowners associations, body corporates, there's a whole lot of information that is getting used there in terms of managing property and then there's the classic facilities management and property management that generates a huge amount of information and then a not so well known area of property called precinct management is a massive opportunity for data in the future. So precinct management is the management of a specific geographical area. It's generally involved in managing the security, cleaning and greening, placemaking and making that precinct more livable and then as a result the value of the property increases as you attract better tenants and better landlords. So there's a huge amount of information that that is getting generated other precincts and I think there's going to be big opportunities for big data in the space in the future. One of the precincts is as I started off with with CCTV you know there's going to be a lot of information that will be used there in the future on consumer behavior and maybe you know in terms of precinct certainly monitoring crime and and monitoring how people are behaving within a precinct and that will be very informative to companies going forward. And then APRs is an as an enabler so what is an APR? An APR is generally it's a connection between two digital systems. If you think of it like a a host path between a tap and another tap and the water flows through that's the data essentially flows through these connections and systems that have APRs are able to link up and that's what we're seeing in the digital world is a whole lot of systems that are busy linking up to create a bigger system and and flow the information and refine the data to a point that it can get used and be valuable to the end user. So at Microsoft Digital we've both what we call the digital office which has APRs and we are we are able to to connect to to any system going forward now and in the future and we're very excited around the potential that this presents in our business. So where's the end game you know we hear about artificial intelligence and robots robotics we have bots we talk about machine learning and let me take you through some of that so so where's the end game with all of this specifically with machine learning and with the data that's around specifically on social media there is a sense that that you could collect that data and start predicting how people would behave so for instance you could collect information or Facebook and be able to predict whether that person is getting ready to bar or to sell and these systems are are getting developed and so you're starting to qualify the lead before the lead even knows that they're ready so and then you know the next step to that sort of thinking is bots and machine learning you know you'd get contacted by what you wouldn't know whether it was a person or a machine I mean right now when you talk to someone on the phone do you know whether you're talking to a machine or a robot and quite honestly it's the lines are getting blurred you know they're making the the robots so human like and their responses and even to the point where they're empathizing with customers that very soon you're not going to be knowing if you're talking to a human on the other side of the line or whether it's a machine and as a machine with machine learning what machine learning is is it's essentially computers using algorithms that that learn from each other and an example would be um how someone responded to a question and not just how someone but maybe a thousand people responded to a question and the best answer for that and all the the computers could share that knowledge with with each other so um quite a quite an interesting topic and I could go on a long time about that um and while practitioners will be involved in the process transaction for a long time so yes there's all this technology there's what I've been speaking about machine learning and robotics but at the end of the day property is an emotional bar it's something that is not done very frequently maybe just a couple of times in a lifetime and as a result people want to deal with people in the transaction and so that's why I believe property practitioners are going to be involved in the transaction for a very very long time at some point in the distant future maybe maybe not but certainly in my lifetime I think property practitioners are going to play a crucial role and and the reason for that is that uh people want to deal with people when they need to trust the process and and that's what we've done as well with MaxProc Digital as we build tools to enable the practitioners to deliver a very good high quality service to clients um and be able to enable them to do their job which is which is help people through a very what can be a very scary process of buying or selling their property so how do you make money out of your data well we're very excited to launch the connector program at this virtual property show and what is the connector program well it's simply do you know a buyer or a seller of property in your network or their friend or or even family and what you can do is you can go onto our our website at MaxProc.digital.com and you can register yourself for free and register your buyer or your seller we will then very far that the order buyer or seller and that you have referred them we then uh work with a buyer and seller and if we're able to conclude a transaction we will then pay you a fee so you simply have to have to log on full out the the necessary information we verify it we do the rest of the work and then once we've concluded a transaction uh your phone goes pinging and money goes into your bank account so if that's something that interests you please go onto our web page and find out more and that's essentially a way of you monetizing your data so that's information that you hold you know a buyer or a seller that's data and it's worth money it's information that that's certainly we want to to assist you with and and assist the buyers and sellers with thank you very much it's been a great pleasure to talk to you this morning I hope you found the talk interesting and I look forward to engaging with you during question time thank you