AI-Driven Property Portal Mogul.sg To Launch S’pore’s First 3D Viewing

Finding our ideal homes is a laborious process, and the search to buy a home still relies heavily on digital classifieds.

“Classifieds was a concept of the 1700s, and its digital embodiment still means that people have to browse an overwhelming number of ads to choose a few relevant options,” said Gerald Sim, CEO and co-founder of the real estate portal based on the ‘IA. MOGUL.sg.

“There had to be a better way, without advertising, to match applicants and owners,” he added.

The co-founders of MOGUL.sg are either former real estate agents or worked for real estate developers, so they better understand the weak spots of real estate research and wanted to use technology to eliminate inefficiencies.

Giving other real estate portals a run for their money

Gerald, 40, was previously CEO of a regional real estate developer and an accountant by training.

Founder of Gerald Sim mogul.sg
Gerald Sim / Image Credit: MOGUL.sg

His close friend and co-founder, Julian Cho, is a software engineer by training and was a practicing real estate agent.

He has also held engineering positions with several Fortune 500 technology companies such as Apple, Electronic Arts and Samsung.

Both had a clear goal in mind: to see technological advancements in the real estate industry.

With that, they injected S $ 3 million and launched the MOGUL.sg real estate portal in November 2018.

MOGUL.sg website
Image Credit: MOGUL.sg

MOGUL.sg harnesses artificial intelligence, location data, and geospatial technology to streamline the home buying process.

At first, many rejected MOGUL.sg as just a property listing platform.

But the reality is that our proprietary keyword research, geospatial data, and underlying AI capabilities make matching applicants and landowners easier and much more accurate.

– Gerald Sim, CEO and co-founder of MOGUL.sg

Here’s how it works: When a landlord or real estate agent lists the property’s zip code, MOGUL.sg aggregates all of the amenities surrounding the property based on location data verified by 40 Singapore government agencies.

This makes it possible to make this equipment searchable in the form of keywords or key phrases.

“We also conduct research to create and add over 5,000 custom keywords that further describe a property’s characteristics, such as ‘patio’, ‘west view’, ‘pool’, etc.”, a explained Gerald.

For example, entering “near the North-South line” will display all real estate listings within half a kilometer of any station along the North-South line of SMRT.

Combining this with a second key phrase, such as “near a supermarket”, it will allow the system to filter homes that are more than 300 meters from any supermarket.

Mogul.sg search process
Image Credit: MOGUL.sg

As new keywords or keyword phrases are added, the search becomes more precise and granular.

Their unique search method and filtering sequence helps shoppers find what they’re looking for, instead of browsing search results pages.

There was a time when you had to know the exact wording of a website title to find it, and your search results were riddled with spam. For most of us, using Google over other search engines because of the quality and sophistication of its underlying technology is a given.

MOGUL.sg works in a similar fashion to provide useful and accurate search results – but for property listings.

– Gerald Sim, CEO and co-founder of MOGUL.sg

In addition, real estate agents and home seekers do not need to repost repeatedly to “boost” their listings or research new options.

The platform’s AI notifies both parties when a new relevant match is discovered.

Unique 3D viewing technology

MOGUL.sg may have started by applying geospatial and AI technology to build a property listing and search platform, but that’s just the start, Gerald said.

He said the company will showcase OneMap3D Beta – the first 3D virtual capability of its kind – at the upcoming 3D Virtual Property Expo.

Held from October 15-17, this is the first virtual real estate event that allows users to see what unbuilt properties will look like when completed.

3D view of Midtown Modern
3D model and view of GuocoLand’s Midtown Modern project, which has not yet been built / Image credit: MOGUL.sg

Homebuyers will enjoy immersive 3D tours of newly launched, but yet to be built, condominium projects and their surrounding environments.

They will be able to enjoy the view from any floor and roam the area around the property to discover its amenities.

3D district
Browse the neighborhood around each featured property / Image Credit: MOGUL.sg

This could potentially transform the traditional concept of showrooms.

After the exhibition, individuals can continue to evaluate the residential and commercial projects presented until December on the MOGUL.sg website.

Indeed, the use of geospatial technology and 3D modeling on the platform is still in beta and will be the subject of further development before its official launch.

We then believe that our technology can improve other parts of the home buying process.

One example is to determine the valuation of a property under current market conditions, especially when it is in the same building but is on different floors or has different faces, in order to provide fair prices and transparent for the benefit of buyers.

– Gerald Sim, CEO and co-founder of MOGUL.sg

That’s why Gerald anticipates that they will roll out new solutions every six months to address these issues.

Seeing gold during Covid-19

August saw Singapore’s highest new private home sales in the past 11 months amid the Covid-19 pandemic.

For MOGUL.sg, the number of users has increased tenfold in the past three months.

This contributed to a record $ 25 million worth of properties that traded through its platform within two weeks of the breaker period.

singapore real estate
Image: The Asia Property.com

According to Gerald, this could be attributed to buyers seeing property as a more stable investment than the financial markets, or it could simply be the result of “pent-up demand” by the circuit breaker.

He added that MOGUL.sg has also generated a “six-figure” monthly income and that their new monthly users are currently averaging 70,000.

Solve problems with the home buying process

Homebuyers often take the time to look at several options, only to feel disappointed when they realize that what they see is not what they expected.

In addition, they are unsure of the affordability of a property they like due to inaccurate information on the listings.

Homebuyers typically spend time visiting an offsite showroom, before visiting the actual location of the property, which takes an average of 6 months or more to find a perfect location.

This was before Covid-19 when there were no restrictions.

The trillion dollar real estate industry is still lagging far behind in technological advancement.

With these artificial intelligence and 3D capabilities, it could improve the search process with more accurate data, eliminate the need to be physically present when viewing at home, and potentially reduce the time it takes to buy a property.

Featured Image Credit: MOGUL.sg

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Jothi Venkat

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