Chapter 1: Intro & what is Property Dollar?
0:00Hi and welcome to Broker Tools, where we unpack the tools, systems, and strategies that help brokers optimize the way they work. I'm Katie, your host,
0:088 secondsand today we are catching up with Vishelle from Property Dollar. Property Dollar is the platform for mortgage brokers, first home buyers, and
0:1515 secondsinvestors who want to stay informed with what's happening in the property market.
0:1919 secondsIn this episode, we are going to explore how Property Dollar helps users keep up to date with the property values, equities, and market trends. If you have
0:2828 secondsbeen looking for an app to support your next property purchase, Property Dollar might be for you. Michelle, thank you for the app.
0:3737 secondsThanks for having us here. Looking forward to it.
0:4141 secondsThank you. And it's been good. Um, like always, we've always had these like pre-hats which have lots of words of
0:4848 secondswisdom in them. Um, and I think I let's I would like to take one of the pre-hats and bring it back into the beginning of
0:5555 secondsthis conversation. And I guess um talk about the journey that you were on to prop building out property dollar.
Chapter 2: The origin story: stocks vs. property portfolios
1:041 minute, 4 secondsYeah, sure thing. Um so Kerry look uh like I was talking to you about in the pre-hat thing as well that the idea behind property dollar was very simple
1:121 minute, 12 secondslike when I left the banking I was a avid trader in equities and uh my thought was that you know and this was long back this is obviously going back
1:201 minute, 20 seconds1015 years ago but the for for if you're someone who's trading in stock markets and you have a very simple dashboard you
1:271 minute, 27 secondscould have comrade or any one of those ones and in a very simple format um you're trading $45 $5,000 worth of shares is you can see how Commonwealth
1:351 minute, 35 secondsBank's doing, how BHP Bilton's doing, how you know origin is doing or you know you can see your stocks, you can see how they're performing, which one you want
1:431 minute, 43 secondsto buy, which one you want to sell. You can research the stocks very easily in that format and you have a clear visibility of your portfolio, right? And
1:501 minute, 50 secondsI used to get shocked at that time thinking for five grand worth of stocks you have a simple tool. For $15 million
1:581 minute, 58 secondsworth of property, someone who's got a $57 million worth of portfolio, the information is so staggered. Like you're going to the bank's websites to see how
2:072 minutes, 7 secondsmy loans are doing. Um you're going to core logic RP data, the custodians of data to see how the research is going on. I've got to go to real estate to see
2:162 minutes, 16 secondswhat properties are selling. I got to go to government websites to see what are the government offering me benefits whatever little they are. Uh and then I
2:232 minutes, 23 secondsgot to go to my property manager to see how my income expense my rentals going.
2:272 minutes, 27 secondsSo the idea was to having a single window view of your assets in a very simple format. The analogy or the the
2:342 minutes, 34 secondssimplicity we wanted to work on was let's get you a watch that tells you time, right? You got to have a simple dashboard that tells you or an app that
2:412 minutes, 41 secondstells you this is my properties. This is my equity. This is my portfolio value.
Chapter 3: Phase one: a single dashboard for property owners
2:452 minutes, 45 secondsThis is how the market is flowing through. And if I'm aware of that and if I'm aware of my current situation, then I can take some better decisions to
2:532 minutes, 53 secondsimprove my future. So that's in nutshell um the phase one of property dollar was designed um and phase two was
3:003 minutesessentially about now that you know what time of the day it is, you can better plan the rest of the day, right? So we then started embarking on how do we
Chapter 4: Phase two: tools for buy, sell, borrow, rent decisions
3:083 minutes, 8 secondsbuild some tools that can help you uh in a positive manner with your buy, sell, borrow, rent decisions. You know,
3:163 minutes, 16 secondsessentially the as you were mentioning earlier up the life cycle or the journey of a client from the time they decide to buy their first property to having a
3:243 minutes, 24 secondsportfolio, how we can positively provide them information. It's not so much about selling them an asset or selling them this but giving them the guidance and
3:323 minutes, 32 secondsproviding them information so they feel more uh empowered in in terms of making decisions that hey I'm more empowered I can ask better questions and I make
3:403 minutes, 40 secondsbetter decisions which will have a huge impact on their own portfolio and uh right now the buzz word is economy so the wider economy
3:493 minutes, 49 secondsso that so that that's essentially how we came up with the idea and we started building this thing nice and I guess this is really about
3:573 minutes, 57 secondsthe buyer's journey through property because you start way before they might even be ready.
Chapter 5: First home buyers & the gamified education tool coming soon
4:044 minutes, 4 secondsYeah, it's it's absolutely true and uh like I I mentioned about the people with property earlier up. So I want to also emphasize on people without property.
4:124 minutes, 12 secondsNow right now there are there are a certain number of tools sitting within the property dollar app which people can use to figure out what's their borrowing
4:204 minutes, 20 secondsto research a suburb and stuff like that. But what we're rolling out is our next um roll out is of a beautiful game we have designed for first time buyers
4:294 minutes, 29 secondsto educate them. So we gifying the whole thing. So right now if you're a first- time home buyer you're so nervous. I mean if I was a first time buyer in the
4:364 minutes, 36 secondscurrent environment like globally what's happening around interest rates are going up. Hang on the government is is going helter to skelter to figure out how we going to support the oil prices.
4:464 minutes, 46 secondsIs this a is buying property should be the last thing on my mind or it should be the thing on my mind because we know with the cost going up it's only going
4:534 minutes, 53 secondsto get more expensive over a period of time. But how do I navigate this space?
4:574 minutes, 57 secondsA lot of the answers lie in not understanding the the global environment and the you know the national level economic environment. It's about having
5:065 minutes, 6 secondsvery simple plan and understanding how things work and that could be hey this is how the borrowing works. This is how much is going to be my repayment. This
5:155 minutes, 15 secondsis how what is my requirement as a family right now. This is a good suburb where I can afford it which has got this kind of demographics and this is my
5:235 minutes, 23 secondscurrent savings and if I do things diligently or over a period of time if I'm disciplined then I can eventually get into a market and what are the
5:315 minutes, 31 secondsgovernment benefits that I can avail. So we that's just one aspect of it and then comes the more complicated who's going to help me with the property contracts
5:395 minutes, 39 secondsthe exchange there are 100 200 pages documents. Well, what are the five things you need to be aware of when you're buying a property or when you go to auction, what do you be aware of? You
5:475 minutes, 47 secondsknow, do you need a pre-approval? What is this that? So, we just simplifying it to a point where a common uh person can
5:565 minutes, 56 secondsbe enough empowered to ask right questions that cannot be taken for a ride or taken advantage of. And if you can shorten the time frame of their
Chapter 6: The average first home buyer in NSW is 36 — and why that matters
6:046 minutes, 4 secondsjourney because I'm in New South Wales and it used to and it still shocks me that the average age of a first home
6:116 minutes, 11 secondsbuyer in New South Wales is 36. That's insane.
6:156 minutes, 15 secondsThat's insane. And we started working at the age of 17 18. So that's 18 years further down. And surely some people for
6:236 minutes, 23 secondsfor them it could be money that they don't have enough savings or they're not enough fortunate. But for a lot of other people it's not monetary. It's lack of knowledge. It's lack of lack of
6:326 minutes, 32 secondsconfidence and it's a very large decision. Buying property is not something which is going out and buying another dress. Um it's a very large
6:406 minutes, 40 secondsfinancial decision. So you want to be confident about it. But who's providing you that confidence? And with all due respect, you know, I often used to say the government should be doing this
6:486 minutes, 48 secondspiece of job because they should be running seminars. They should be running tools where they can educate people about it. But someone has to do it. We
6:566 minutes, 56 secondscan't always blame government. So we thought we should do that for for at least for the clients who are using our app. We want them to be in control, right?
Chapter 7: How brokers access and white-label the app
7:057 minutes, 5 secondsYeah. And um I guess explain how the applies. So um a broker comes to you and
7:127 minutes, 12 secondssays, "Hey um I'm interested in property dollar." What would that process look like for them?
7:187 minutes, 18 secondsFair enough. So I'll go one I'll take the liberty of going a step backward uh Katie to explain this more. So, Profit Dollar is an app which as of today
7:267 minutes, 26 secondsanyone can download from app store and play store. We got close to 16,000 users on the app already. Uh in last year or
7:347 minutes, 34 secondsso, right now people can download the app, they can upload the information and they can start playing and they can start seeing what all is the app is
7:427 minutes, 42 secondsuseful for them. From a broker's perspective, we when we built this app and I'm going to take you back on a journey. When we built this app, we felt
7:507 minutes, 50 secondsthat the key stakeholders of the property market including mortgage brokers who play a very important role, I guess 70% of the lending is done
7:597 minutes, 59 secondsthrough them. We thought if we can also help them in some shape and form where they can help their client and it helps
8:078 minutes, 7 secondstheir business in totality, then it'll be good. And that's where the concept of white label uh white labeling the app
8:158 minutes, 15 secondscame out. So right now what we have is an opportunity for a broker to offer this app at a click of a button. Offer
8:228 minutes, 22 secondsthis app to their client and the client can download the app. The app is for all good reason looks like a broker's app.
8:298 minutes, 29 secondsTheir colors, their logos, they can connect it. They're connected to their clients through the app. Um they can send them notifications and so forth. So
8:358 minutes, 35 secondsthat's how in simple terms um how the journey works for a broker. He can offer an app. It's their app, not a proper dollar app. and they they feel and the
8:458 minutes, 45 secondsclient gets a great experience of nice and I guess what we're ultimately explaining here is that property act dollar as a standalone product is
8:538 minutes, 53 secondsavailable for users who are already on their property journey and they can download it and re and use it as is as a
9:029 minutes, 2 secondsproduct. But if brokers are looking to add extra value to the client journey and support those who are not quite
9:119 minutes, 11 secondsready yet, they can invest in having a self-branded one and they therefore own that life cycle journey through that process.
Chapter 8: Using Property Dollar as a lead nurture tool
9:209 minutes, 20 seconds100%. You you hit the nail on the head Katie there because look, okay, let me let me put it this way. The uh talking about the because I've spoken to now
9:299 minutes, 29 secondshundreds of brokers in the last year. I didn't know that many brokers before.
9:329 minutes, 32 secondsI've got lots of good broker friends now, which is great. Uh, but the brokering industry is getting so competitive at the moment. So competitive, there's so many people entering the the mortgage profession.
9:429 minutes, 42 secondsThe banks are trying everything to win the books back and say, "Hey, come direct to the bank." They're already fighting the brokers out there, right?
9:499 minutes, 49 secondsWith all these AI and tech tools out there and the data sitting out there, the clients are going, I already know which bank is going to work from my compare site or here and there, right?
9:589 minutes, 58 secondsSo as a broker we what the way we were thinking was that the ecosystem the ecosystem is not just mortgage it is
10:0610 minutes, 6 secondsproperty and mortgage because no one gets up like I was saying earlier no one gets up in the morning and say hey I need to I need to borrow $ 1.5 million
10:1410 minutes, 14 secondsloan that's exciting no everybody gets up and say I need to buy that property near the beach or near this or near mountains or whatever that is. So the
10:2110 minutes, 21 secondsexcitement comes with property loan is just merely a conduit to make it happen.
10:2610 minutes, 26 secondsIt's a it's a it's just a support element. Now, as a broker and I think whatever little interactions I'm having
10:3310 minutes, 33 secondswith these broker group to stay relevant, we need to be able to add a lot more value going forward. And here you become almost a companion to your
10:4110 minutes, 41 secondsclient or your lead. What what you got through a property app, you providing them something which is going to be of tangible benefit for them with their
10:5010 minutes, 50 secondsproperty journey. And they got it. they connected with you and they're thankful to you not just because you got them the best rate in the market which every
10:5710 minutes, 57 secondsbroker was going to claim but you also empowered them with their property journey right so that's where this plays
11:0411 minutes, 4 secondsa very very critical role um and from our experience of um rolling it out with few broker groups at the moment u
11:1211 minutes, 12 secondsbrokers are very sharp we didn't even see the use of the property dollar app at the outset in that format like I said earlier up like you know sometime people
11:2011 minutes, 20 secondsare aware there's a problem and you solve them and sometime you take a product and they go oh you know what we can use it for this as well right another use of it comes through so we
Chapter 9: Post-settlement relationship retention
11:2911 minutes, 29 secondsalways thought that initially that property dollar is going to be a tool which will be post settlement tool because we realize that the brokers or
11:3811 minutes, 38 secondswhen they settle at loan relationship is done you've done a loan and the next app the first app your client is going to
11:4411 minutes, 44 secondsdownload is a bank or a lender's app so relationship is moved from you to the lender and lender is going to do everything possible to build more relationship directly with the client.
11:5411 minutes, 54 secondsRight? So we thought we will create a bit of a friction there and we will provide broker with their app. So the relationship stays with the broker. But
12:0212 minutes, 2 secondsthen what happened was some of the broker groups were very clever. What they decided to do was as part of the
12:0912 minutes, 9 secondslead generation as the new leads come through and those leads that don't connect or convert straight off and they
12:1612 minutes, 16 secondsneed to spend next three months doing their paylips or this or they need to save more money or have genuine saving they started to offer the property
12:2412 minutes, 24 secondsdollar app as part of the nurture to their leads so they stay within the ecosystem over the next three six months
12:3112 minutes, 31 secondsand no one's try to uh it's it' be quite a bit of friction or or hurdle for anyone to steal that relationship because as a broker you're helping me
12:4012 minutes, 40 secondsnow. Yes, you're going to do my loan in 3 months or 6 months time but for the next 6 months you're connected with me now. Not just sending an email that the
12:4712 minutes, 47 secondsinterest rates have dropped or gone up but helping me with my property journey and you can send me a notification and you can stay in touch and front of mine you know and that and they will do more.
12:5812 minutes, 58 secondsSo that's the very very um very unique use case that I've came out of it. Nice. It's almost like a habit tracker.
13:0613 minutes, 6 secondsLike you never like those who are committed to their Fitbit watches, this is a property version of that.
13:1213 minutes, 12 secondsAbsolutely. Absolutely. Absolutely. I was going to show my hand there. I've forgotten my one today. Long day.
13:1813 minutes, 18 secondsI'm not a Fitbit girl, but I do know the um I do love a little habit tracker. Um
13:2613 minutes, 26 secondsI'm more Yeah, I'm more like a journalally kind of habit tracker.
13:3013 minutes, 30 secondsAnyway, fair enough. Fair enough. That's but ultimately that's what property dollar is doing. It's almost giving them like
13:3713 minutes, 37 secondstheir own version of a journal or a tracker for their kind of growth projections as they are on this journey of property.
13:4513 minutes, 45 secondsAbsolutely. Absolutely. So, so yeah, essentially that's that's the whole idea that you're not only able to impact them when they are looking to buy their first
13:5313 minutes, 53 secondsproperty, but as they go further down, the equity gets built because you also as a broker, we provide you a dashboard where you can track your clients and
Chapter 10: The broker dashboard: 13 live data points on your client book
14:0114 minutes, 1 secondunderstand how your client book is moving. So the whole concept of backbook we kill it with the live book. So all your data is live. You get to see all
14:0814 minutes, 8 secondsthose different permutation combinations. There are 13 different data points you track whether their LTV is changing, where their rates are changing, their equity is growing, their
14:1614 minutes, 16 secondsportfolio is growing, all of that. Um, and the better part is if the if the client makes any amends or changes in the app, they flow through back. So you
14:2414 minutes, 24 secondshave as as good a data as you need. Um, and as your client is embarking on their next journey or buying another property
14:3114 minutes, 31 secondsbecause they built the equity again, you are the key beneficiary of it. And plus through the app, if the client decides
14:3814 minutes, 38 secondsto refer the app to someone else, then you certainly got another referral coming out of it. That's a very powerful feature of the app because you've done a
14:4614 minutes, 46 secondsgood thing by your client. You really want to reap the benefits and nothing better. And I always read that in the email. The best compliment you can give
14:5314 minutes, 53 secondsus is a client referral. It's not just a compliment because you you are sitting in your client's hands. They're checking
15:0015 minutestheir all their property journey through that. At a click of a button, they can refer this app to someone else. And you just generated another lead.
15:0815 minutes, 8 secondsYeah. And and it's kind of low cost. Low cost, no cost. Absolutely. Absolutely. Anything they're paying you.
Chapter 11: App walkthrough: portfolio, equity, suburb data, calculators
15:1615 minutes, 16 secondsAbsolutely. Absolutely. Yeah. I would I would you know at some point of time I would want to show you the app how it looks like and so you can see for real.
15:2215 minutes, 22 secondsYour audience can see for real that how um you know how it looks like how and it's it's a very simple interface. No complicated graphs and craziness out there where your clients lost out there.
15:3115 minutes, 31 secondsWe build this with the proviso that someone who's we do get a lot of migrants. Someone who's been in Australia for 3 four years looking to
15:3915 minutes, 39 secondsbuy their first property. It should be as simple for a person like that. Do we have people on the platform who got 24 25 properties? They are very avid investors and they're using the
15:4715 minutes, 47 secondsplatform. So it it it stress tests the both side of the spectrum from a simple buyer to a very astute investor.
15:5515 minutes, 55 secondsNice. Well, did you want to actually just go through that process so that people can have a gander at property dial?
16:0316 minutes, 3 secondsSo, what I might do is if uh Katie, you okay, I I'll show them the dashboard, a very quick snapshot from where they can click a button and then they can launch
16:1116 minutes, 11 secondsthe app invitation to their client and as the client download the app then I'll show you how the app looks like looks like. Perfect.
16:1816 minutes, 18 secondsAwesome. So, here we have the example of connect 360 dashboard um in front of you Katie. So what we have is whole bunch of
16:2616 minutes, 26 secondsgraphs that giving you a visual of your complete book complete mortgage book. So you know essentially how many clients
16:3516 minutes, 35 secondsare with what lenders your PNI interest only loan interest rate fixed rate and stuff like that. What I want to highlight is for example you can see
16:4216 minutes, 42 secondshere you got nine clients here with half a million to $1 million equity. You can click on it and this dashboard obviously helps you to take certain kind of
16:4916 minutes, 49 secondsactions. Send them text messages, emails and pre-mplated stuff. By using the same dashboard, right, we can actually invite
16:5816 minutes, 58 secondsany of your clients to download the property dollar app. So that's the crux of it. So this dashboard becomes your launchpad and from here we can actually
17:0817 minutes, 8 secondsinvite people to the property dollar app. The reason we do that is that once they download the property dollar app,
17:1517 minutes, 15 secondsthe data from this dashboard moves into the property dollar app. So essentially what I'm trying to say is that if you got a client who's got three loans with
17:2317 minutes, 23 secondsyou, three properties, three loans, you don't want your client to download the app and then enter the data in it. What we want to do is we want to really
17:3117 minutes, 31 secondsimpress them. And I'm going to stop the screen share here. So what we really want to do is from the dashboard when you invited a client to download the app
17:3917 minutes, 39 secondswe want them to just go to click on download they download the app and the data from your dashboard pre-populates into the app and they go wow I've got a
17:4717 minutes, 47 seconds$3 million $4 million portfolio these are my loan uh situation and stuff like that so we want to give them an experience rather than going and input
17:5417 minutes, 54 secondsdata back again. So that's the purpose of having the dashboard and then you have the client-f facing app. Now, what I'm going to do is very quickly show you
18:0218 minutes, 2 secondsthe app side. So, what we've done here is Katie, just to play around, we we it's not a white level version, but we
18:1018 minutes, 10 secondsdid some overlays to help you see how a white level app looks like, right?
18:1718 minutes, 17 secondsSo in this case, I know you're not a mortgage broker, but Katie, if you were a broker and you had your clients and imagine one of your client who's a high
18:2418 minutes, 24 secondsnet worth client with few properties out there, you actually just click of a button, send them an invite to download your app and when they go into app
18:3118 minutes, 31 secondsstore, play store, download the app. You can see here your logos, your colors, they are reflecting here and uh if they click on a property, then because you
18:4018 minutes, 40 secondsthe one who's given the app, your profile will sit in here. Obviously you're not John Smith but you will have your details sitt in here and they can contact you from this part as well and
18:5018 minutes, 50 secondsthen you can send them notifications here as well. Different kind of notifications can come in. So that's the connect that you have built. But really what the app does is that you know all
18:5918 minutes, 59 secondsmy properties are showing here my portfolio my equity shows up here and I get to see my outstanding loans and
19:0619 minutes, 6 secondsmarket value. And this is a very simple overlay. And then if I go into individual property um I get to see my I
19:1319 minutes, 13 secondscan do my income and expense from here by taking a picture of the bill create tax reports all of that happens here.
19:1919 minutes, 19 secondsYou get your suburb level highlights you get highle view of your depreciation um anything and everything about your properties here. Your suburb level data
19:2719 minutes, 27 secondscomes in here. Your recent sales um as a property enthusiast whatever information I need about my property uh it sits
19:3619 minutes, 36 secondsthere. my calculators around stamp duty, government benefits, portfolio goals, I want to add suburb watch list, you know,
19:4419 minutes, 44 secondsall of that information, your reporting functions. So, we really summed all of that elements, different parts of your journey in the property industry into
19:5319 minutes, 53 secondsone app. So, now the better part is that if I make any changes in here, for example, you know, my interest rate has
20:0020 minuteschanged, but on on your end, you don't know my interest rate has changed. So I can go if I go as your client here and edit the interest rate. You have open
20:0920 minutes, 9 secondsbanking abilities. But even if your clients don't take up on the open banking because we know that the takeup's not there. And if they go if they want to change the interest rate
20:1720 minutes, 17 secondsotherwise as well without connecting they can still change the interest rate here to say okay I'm changing it to 5.4
20:2320 minutes, 23 secondsto 5.6 and go save. Guess what the interest rate just changed within your dashboard as well. So you now got a bit
20:3120 minutes, 31 secondsmore realtime view of your client as well. Okay. So that's that's where the Prop Dollar app um comes into play. And
Chapter 12: Intent nudges: knowing when clients are ready to buy again
20:4020 minutes, 40 secondsif you have a client who's going to look at buying another property at some point of time and play around with different tools, you can have some behavioral
20:4720 minutes, 47 secondsobviously we are very much protected in terms of what information can flow back.
20:5120 minutes, 51 secondsBut certain intent nudges can flow back into your dashboard to give you a sense that some of my clients might be interested in buying another property or
20:5920 minutes, 59 secondsselling a property as well, which is very very powerful. Um, essentially because
21:0621 minutes, 6 secondsit's a much more proactive way rather than you getting to know that your client has already sold the property after your trail stops or your pay money coming uh money stops coming in, right?
21:1521 minutes, 15 secondsyou rather be in the up in the driver's seat to to help your client with and understanding they might be looking to buy anything else or upgrade or or downgrade uh with their own property
21:2421 minutes, 24 secondsdecision. So that's where it comes in. I would take the screen away not bore you with the prop dollar app. I keep seeing it every day all the time. Uh but yeah,
21:3321 minutes, 33 secondsessentially um this is the this is the journey where um profit dollar plays a critical role. Now you can see and as
21:4121 minutes, 41 secondsthe game goes in for first time buyers who are nervous buyers they always need handholding you're really positively impacting them with their property
21:4821 minutes, 48 secondsdecision while you're helping them with their financial uh you know outcome.
21:5421 minutes, 54 secondsNice. And I guess because we are dealing with personal and private information how does that work for data safety and
Chapter 13: Data security, ISO certification & AI governance
22:0322 minutes, 3 secondssecurity? So um it's a very very very important question Katie and hence I'll I'll I'll answer that in two parts. One
22:1122 minutes, 11 secondsis about what all we deploy to manage that safety of the data or the security of data and privacy of data and um it
22:1822 minutes, 18 secondsgoes without saying that and everybody possibly is got to have these. It's got the encryption military grade encryption built into all the things that have been
22:2622 minutes, 26 secondsthere. the the um the head of product for our business is worked for multiple banks over the last 20 years as key
22:3422 minutes, 34 secondsarchitect. So the architecture of our technology is also pretty much designed in a fashion that it is lot more
22:4122 minutes, 41 secondsfollowing lot more stringent and and and the best practices. Other part of the situation is that we have third party
22:4822 minutes, 48 secondswho does audit on us part of our ISO certification. We are ISO certifi certified as well. So we do pen pen testing and all the other things that we
22:5622 minutes, 56 secondsneed to do to ensure that is done. But it all comes down to basic practices as well. As much as we can have the technology side of it, it is the it is
23:0523 minutes, 5 secondsuh it is not just I won't use the word intent. It is about how seriously you take this stuff that's more important and coming from banking background and
23:1323 minutes, 13 secondsand most of the people in the business are from tech side. We understand how big a role it can play. Hence even when we are talking about AI uh which is
23:2223 minutes, 22 secondsobviously everybody wants to be AI enabled and using the AI we are very very very conscious of how we use AI
23:3023 minutes, 30 secondswithin the business so we do not send the data into the AI models and goals but rather utilize that bring it into here and use it so the data doesn't
23:3823 minutes, 38 secondsleave us so I wouldn't I wouldn't possibly be able to answer all the technical questions if you ask me but my head of product was like we are as much
23:4523 minutes, 45 secondsas we are we are have our own own uh uh you know machine learning tools and we're using our own um you know embedded layers within our system that are
23:5423 minutes, 54 secondsstringent enough to not just take the data and send it to AI. It's not something we are which sometimes can be very risky as well. So we're very careful about it.
24:0324 minutes, 3 secondsSo you've got some um AI governance in place it 100%. Yeah. Good thing is we only had the audit a week ago and we passed with
24:1124 minutes, 11 secondsflying colors which was very good. It was a bit nervous at times but good times that we got the audit done and we got the I certificate and and they're they're kind of key
24:1924 minutes, 19 secondsaspects I guess sometimes when you AI is a very wellused word um you just don't
24:2624 minutes, 26 secondsrealize the data security risks that it can bring. Yes.
24:2924 minutes, 29 secondsUm and at this moment in time I guess you're leaning more towards automations than it is actual AI. Um and sometimes
24:3724 minutes, 37 secondspeople interchange those words and they're not the same thing.
24:4124 minutes, 41 secondsAbsolutely. Absolutely. Absolutely. I think and I guess that's what you're saying is that when data starts at the broker side
24:4924 minutes, 49 secondsit is got a clear framework of what information is collected and processed and then pushed through to the app which is an automation.
24:5924 minutes, 59 secondsYes.
24:5924 minutes, 59 secondsUsing API Y integration. Yeah. Yeah. Yeah. And then when the client is interacting and doing
25:0725 minutes, 7 secondswhatever they are doing on their own property journey um because there's some consent I'm assuming as an agreement
25:1425 minutes, 14 secondsabsolutely consent follow you have to follow the the strict parameters of consent from the client and that's why we use the word white label as well part
25:2325 minutes, 23 secondsof your white label licensing all those legal requirements all those terms and conditions has to be satisfied and the client has to consent it every now and
25:3125 minutes, 31 secondsthen where there's a nudge coming in they consent to have that information go back but the way it is framed is that the legal is not becoming a hurdle but
25:3925 minutes, 39 secondsit is about hey I'm getting this value it's my broker I'd rather have them it's it's the same consent that you have with the doctor when you go out and say I had
25:4825 minutes, 48 secondsthese symptoms earlier up and I was cuffing because if you're not giving them they're not able to provide you with the right medication or the course of action similarly your financial
25:5625 minutes, 56 secondsbroker if you're not sharing the right information with them um then they're not going to be able to find the best product or help you in the in the best
26:0426 minutes, 4 secondsfashion. So, but it is consent driven 100%.
26:0826 minutes, 8 secondsPerfect. Because then this means that the data safety is both ways and that at any time if the client wishes to unconsent they can also do that.
26:1826 minutes, 18 secondsObviously, you'd hope you've nurtured them so much that it never happens. Surely if it does happen.
26:2626 minutes, 26 secondsAbsolutely. There's a way to handle that. Yes. Absolutely.
26:2926 minutes, 29 secondsYeah. Well, is there anything else you wanted to cover throughout this process and what Property Dollar is offering brokers?
26:3626 minutes, 36 secondsYeah, look, uh, we we're very excited about it. I mean, I can give you a flavor of that in the we are very new and and we we really we're very new in
26:4426 minutes, 44 secondsthe broker space and white level space, Katie. So, so I want to thank you um for having us and posted us on this uh in on
26:5126 minutes, 51 secondsthis chat. uh for us the the the before we decided to go down this path one of the important things for us was
26:5926 minutes, 59 secondsthat this works because we do not at the end of the day it's a product which people pay for and we don't want to sell something which doesn't have a real
27:0627 minutes, 6 secondstangible benefit for them either saving money or making money or saving them time right so we went to the wider market and that's the reason the app
27:1527 minutes, 15 secondsstore and play store we decided to we launch property dollar there to just to see how people take up And uh in a short
Chapter 14: 24B in properties on the platform in under 18 months
27:2327 minutes, 23 secondsspan of just over 18 19 months, we got now just over $24 billion worth of properties which people have added to
27:3027 minutes, 30 secondsthe platform, we have in excess of $10.5 billion worth of home loans added to the platform, right? And we have people
27:3827 minutes, 38 secondscoming back and using different parts of different tools or whether they are calculators or they are you know different elements in there, they're using it. So the proof is in the
27:4627 minutes, 46 secondspudding, right? So once we assure we were we knew that hey we have built something which people want or they like
27:5327 minutes, 53 secondsor they're using then we were like hey how can we actually help this to the wider stakeholders of the industry. So
28:0028 minuteswe've gone backward. So we we didn't go thinking about hey we're going to solve a problem for brokers. I I don't want to lie and make people feel good about it.
28:0728 minutes, 7 secondsWe went in and wanted to solve client problem but a client problem or if we can provide a solution to a client that that solution exists for a real estate
28:1628 minutes, 16 secondsagent that solution exists for a large developer who's building the build property that solution exists for a broker who's providing the finance. But
28:2328 minutes, 23 secondsat the end of the day the core is how can we actually help the client with their client their property journey right and hence we we came back and then
28:3128 minutes, 31 secondssaid this makes sense now the tool is ready we really want to offer it to the brokers and we did a lot of dipstick testing and a lot of focus groups on the
28:3928 minutes, 39 secondsway and we were shocked and surprised that close to 46 to 47% of their
28:4628 minutes, 46 secondsexisting book has some sort of opportunities right and and I was like wow
28:5328 minutes, 53 secondsSo, you know, the analogy was very simple with with banks wanting to own the relationship, the the the whole space becoming more crowded, the compare
29:0229 minutes, 2 secondswebsites coming in, how do you add tangible benefit? The the you can add tangible benefit to acquiring new clients, but the existing clients are
29:1029 minutes, 10 secondsthe key. If you can have the lifetime value of that client and their friends and their families, then you've done the job. It's much easier, much robust that
29:1929 minutes, 19 secondsway. So, there are some good financial benefits out of it. Whether that's FTE savings because you got people overseas who are trying to do this. The retention
29:2829 minutes, 28 secondstool, the connect 360 automate all of that stuff, it has a definite um impact on the revenue and the referral side of it is
Chapter 15: Special listener offer: Connect 360 & white-label pricing
29:3629 minutes, 36 secondsis insane, right? Or cross referral or cross-ell products is insane. We have some brokers who have the um they were like we're giving the property dollar app, but what about the insuranceances?
29:4529 minutes, 45 secondsI said be my friend. If you build a relationship with the client and you got the loans done and now they got the property and because there's an insurance element within the app as well
29:5329 minutes, 53 secondsif you want to offer them product that's that's up to you how you use it.
29:5729 minutes, 57 secondsWe're just providing you a a a good vanilla tool that can be used for many things. So that's that's how we we we find that we already people who we have
30:0630 minutes, 6 secondsimplemented the solution they're already cash flow positive in terms of ROIs that they have delivered um through this. So, we're very very excited about it that
30:1430 minutes, 14 secondswe're genuinely um creating more business for people and and and helping them retain more clients than merely selling another software.
30:2430 minutes, 24 secondsNice. And for those of you who are watching this and have been following along with the conversation, um it's probably really helpful if we make it a
30:3230 minutes, 32 secondslittle bit more clearer that um Connect 360 is its own product and service that helps with the backbook of the broker.
30:3930 minutes, 39 secondsBut um as a client journey um from beginning through to the end, property dollar is it it's its own service.
30:4830 minutes, 48 secondsAbsolutely. Absolutely. So look um we we we very thankful to you Katie for having us here and obviously to people who are listening to your podcast here. We want
30:5730 minutes, 57 secondsto offer something of value. So um uh you know as part of that um we obviously got connect 360 to implement this.
31:0531 minutes, 5 secondsThere's a one-off cost to set up and do all of that. That's just around over a thousand plus dollars and for the first 10 people who reach out to us uh thanks
31:1431 minutes, 14 secondsto you u we will b that cost. So there will be zero setup cost for connect 360 setup. So that's one. On the other end
31:2231 minutes, 22 secondswe have a proper dollar app which is obviously a lot more sophisticated tool requires a lot of work and it's an expensive exercise. It normally is
31:2931 minutes, 29 seconds$6,000 to have onetime cost to have your own white label app for next 10 20 30 years.
31:3631 minutes, 36 secondswe will slash that cost by 50% to $3,000 for first 10 uh businesses that reach
31:4331 minutes, 43 secondsout to us for a white label app. So that's just a a gesture from our end to say thank you to you guys. Um so yeah, you're most welcome. Thank you Vishel.
31:5331 minutes, 53 secondsIf people wanted to reach out and have a chat or learn more about Property Dollar or Connect 360, where should they go and what should they do?
Chapter 16: How to get in touch
32:0132 minutes, 1 secondOkay, so um two ways. One would be is pick up the phone and call our chief of grow chief growth officer at 1800225573.
32:1532 minutes, 15 secondsThat's one else property and dollar. So very simple propertydoll.com.au.
32:2132 minutes, 21 secondsYou can just go in there. There's a form at the contact us. Just submit your inquiry there and uh we will get in touch with you within 24 hours.
32:2932 minutes, 29 secondsPerfect. Thank you so much for joining us on this conversation. If you have any further questions for Vishell, please put them down below. Remember to like,
32:3832 minutes, 38 secondsshare, and follow this conversation. Um, and if I needed to or we need to do
32:4532 minutes, 45 secondsanother podcast, let us know. Um, we're always up for it. Thank you. Thanks, Katie, for having us.
32:5232 minutes, 52 secondsYou are welcome. Thank you. Bye.
