Last weekend (Friday 9th March), the FazWaz team from across Thailand got together in Hua Hin to discuss the future of the transaction in Thailand. FazWaz employees from a combination of Phuket, Pattaya, Chiang Mai, Bangkok, Hua Hin and Samui got together to see 2 days of market leading presentations and training sessions.
The conference was organised by the FazWaz Group who are active in over 8 countries and expanding at a rapid rate. The conference was heavily focused around FazWaz moving into the sole agency markets, which allows property developers to market and sell their developments without the reliance of property portals and traditional agencies.
Paul Trayman, Chief Operating Officer at FazWaz illiterates that “the traditional property portal model, built around a legacy classified infrastructure is a declining industry. The model is now being disrupted, just as it has been in other brokerage environments. In the media industry, Netflix is trying to become HBO before HBO becomes Netflix. If property portals are HBO then FazWaz like companies are most certainly Netflix”
Overall the conference was well attended with new partners flying in from as far as London to attend the event. There was a concentrated focus around the FazWaz Group expansion into the UAE, where a buoyant property market is missing any real innovation. FazWaz who are seeing high YOY growth across all aspects of the business in Thailand believe that the model is transferable to new locations such as Dubai.
The big debate is ongoing, towards who is more geared to capitalize on the changing industry. “Brennan Campbell, CEO of FazWaz states that “portals are traditionally marketing and technology companies, that lack the infrastructure to service a full scale sales business. The emerging markets cannot yet be bridged by pure technology solutions, as the supporting infrastructure is lacking and sometimes non-existent in comparison to established markets”
Who will win the race moving forward, we really don’t know but it will be an interesting ride, where FazWaz will sit at the front of innovation and change.