Real Estate Agency Platform (REAP), a digital platform seeking to assist real estate agents in managing and optimizing real estate transactions, is here to transform and boost the real estate market in Cambodia.
The REAP platform, which officially launches on November 4th, 2022, was created by Z1 Flexible Solution, an enterprise dedicated to digital technology that is a unit of Zillennium Group and among the largest real estate ecosystems in the country.
REAP is a cutting-edge digital platform being incorporated into the Cambodian market. It is designed to assist real estate agents in analyzing the sale and purchase transactions. The platform is developed to help real estate agents communicate and interact with the property owner and generate more transactions, which was advantageous compared to the traditional approach.
In addition to supporting the real estate market, REAP is crucially influential and in line with the government’s plan to shift the nation toward a digital economy.
“REAP will play a critical role in aiding real estate agents through managing information and the process of the deal, as well as enhancing the efficiency of their daily obligations,” said Song Heng, CEO of Z1 Flexible Solution.
According to Song Heng, there are several real estate agency firms that are utilizing to boost their business operations, including Century 21 Cambodia, Century 21 Zillion Holding, Coldwell Banker, and ERA Cambodia. When asked about the scalability of the platform, Mr. Heng noted that REAP is aiming to expand its presence and cooperate with other property agencies across the country in the upcoming years.
With the economy becoming increasingly technology-reliant, specialists view the introduction of REAP as a revolutionary transformation in the real estate sector.
The development of REAP will enhance and embrace of technology in this sector now and in the future, shifting away from the traditional buying process towards utilizing technology, according to Chrek Soknim, President of the Cambodia Valuer and Estate Agent Association. “The use of digital technology in Cambodia’s real estate market has seen a remarkable improvement.”
CEVA currently consists of 130 members; most of them specialize in the fields of real estate appraisal, real estate agency, and property management. The association has also urged more of its members to start adapting the new tech-enabled solution into their operations by taking advantage, especially the newly-launched Real Estate Agency Platform, he added.
Real estate companies in the world are taking advantage of the use of technology. Particularly, about 98 percent of Century 21 brand using digitalization and platform for their transactions, according to Mrs. Grace Rachny, Executive Director at Century 21 Cambodia.
“Over 1000 agents of Century 21 Cambodia are currently using digital platforms,” said Grace Rachanhy, who was a guest speaker at the launching event. “We will continue to encourage our members and agents to take advantage of the digital platform.”