South African prop-tech startup PropSource has raised an undisclosed amount of funding as it builds out its residential product offering.
PropSource is a commercial property brokerage that works closely with listed nationals, or reits, nationwide to fill vacancies in their property portfolios. The startup has built its property database via technology, and has over 3,500 vacancies in it.
The startup raised an undisclosed amount of equity funding from an unnamed investor earlier this year to build out a residential product offering, which is now available to the public.
“We have been developing a turn-key property management, sales and lead generation system,” said Percival van der Walt, principal and director of PropSource.
“We aim to bridge the gap between property and technology once and for all for all landlords, tenants, and of course, most importantly to us, our agents.”
The startup’s system started on the commercial side as a lead generator, but quickly evolved and can now provide commercial agents with accurate probability matches of properties that suit the needs of clients.
“This is completely automated and brokers do not even need to go search for a property themselves,” said van der Walt.
“Uptake in the market is very, very positive, and we aim to have over 100 agents on our system by the end of 2022.”