REIA to use proptech solutions to trial national real estate license exchange
The Real Estate Institute of Australia (REIA) has been awarded a coveted government innovation grant to develop a national real estate license exchange (Project RE-ID).
REIA President, Hayden Groves, welcomed the announcement from the Department of Industry, Science, Energy and Resources, that REIA’s Project RE-ID had been successful under the Business Research and Innovation Initiative (BRII).
“REIA pitched Project RE-ID, the creation of a national exchange for real estate licenses, to the Department.”
“Project RE–ID aims to deliver the same user-friendly capability that NEVDIS delivers for drivers and Austroads for both real estate agents and licensing regulators alike,” he said.
Groves added that Project RE–ID aims to create a trusted and workable product that will prove a massive benefit to the industry and consumers.
“A driver’s license style exchange for real estate practitioners will save industry, the community and government time and money and give us unprecedented data insights and intelligence in terms of what is happening in our workforce.”
Groves said that Project RE-ID was an initiative born out of REIA’s Getting Real, launched in October 2021, which prioritized adoption of Regtech.
“Regtech is the management of regulatory processes through technology.
“Under our priority area of Regulation and Regtech we identified vast potential to reduce compliance costs on practitioners and businesses through regtech using our proptech knowledge.
“In other words, we want to use our proptech expertise to deliver regtech solutions for the real estate industry in a real-world way. Project RE-ID is a great pilot for this.”
The BRII awarded REIA an initial $65,000 for a Feasibility Study with up to $675,000 in funding available if feasibility is established.
Groves said he looked forward to getting to work on Project RE-ID.
“I’m looking forward to working with the Department, State regulators, the REIA team and Realtair on tackling a new frontier for Australian real estate which is regtech, and hopefully, establishing a proof of concept for a trusted national exchange for real estate
Realtair was selected as the Project RE-IDs Technical Advisors as a leading real estate middleware platform.
Realtair CEO and Co-Founder, Peter Matthews said, the Realtair team is proud to be working with the incredibly passionate and talented REIA team on this project.
“Our teams are aligned providing value to the industry, government and consumers and this project will lead to a greater understanding and transparency of the industry.”