PETALING JAYA — Wonderbucks Bhd chief executive officer (CEO) Ray Chung said his 10 years as a property agent helped him identify the pains faced by industry players, leading him to develop a revolutionary process with a new digital platform.
“Starting out as a property agent in the industry helped me identify the various problems faced by buyers, agents and investors.
“It is this experience that helped me with the idea to revolutionise the process of interaction in the entire industry. It sparked through my mind,” said Chung, who spoke to Malay Mail in an exclusive interview.
He said many of the agents, buyers, investors depended on government policies when it came to purchasing or investing in property “but as we can see, the economy is doing badly now and this has affected the purchasing and investing power”.
Thus, the need to revolutionise the process of attracting investors and buyers came to him after Alibaba Group Holding Limited was listed in the New York Stock Exchange.
“That move struck me because they were able to build an entire marketplace for e-commerce, thus capturing China’s commercial landscape,” he said.
He said this made him realise that with technology, industry players could leverage on a platform that would accommodate everything, from listing, to agent search and even financing.
Chung said he came up with the idea of Wonderlist Property, a mobile application which acts as a solution for realtors to upload, search or promote property listings. However, the platform has added advantages as realtors can also perform co-broking and co-selling on their listings.
In order to develop the app, he paired up with a partner with over a decade of experience in the technology industry. The next thing Chung knew, the application was being developed, and it was rolled out
“Why go mobile? Well in today’s technological era, where the Google search engine is in a dominant space, I realised that apps penetration is much higher and faster. It gives users a better edge compared to conventional desktops or laptops,” he said.
But mobile first has its challenges, especially in the early stages of the roll out.
“We faced backlash from within the industry because people thought we were trying to supersede property agents. But that was not our intention at all.
“We had to explain that we wanted to compromise with those in the industry and upgrade them with a new technology. A year later, we have rolled out three different platforms,” he said.
Now, 6,000 agents and 10,000 users later, the platforms incorporate legal services, financial services while providing relevant information to developers.
“From these platforms, property agents, developers as well as investors can do business matching. They can work alongside other users in the same ecosystem.”
Chung said these platforms are needed to build a solid infrastructure for global investors to penetrate the Asean property market. For the rest of the year, the company will focus on the Chinese market where he claims the Asean market is still viewed as a mysterious marketplace.
“China investors have been confined to their country for too long and it is hard for them to break out of their comfort zone. They lack the knowledge of property investment here and this is where we come into play, as our partners in China are very keen to learn more.”
Chung said conferences and courses are being carried out using the three platforms — offline and online — to facilitate prospective investment.
“We aim to attract all our investors and buyers to come to the Asean marketplace using our platforms. This will help them find the right portfolio and investment.”
Tthe system, with a membership fee of RM1,880, will allow anyone to find a service provider. Weekly courses on several topics pertaining to the real estate industry including taxation, legalities as well as the how-to use to platforms are provided.
“We even have business matching programmes and invite clients to close deals, so this is part of the progression that the app provides that meets our vision of creating an ecosystem that can create wealth among stakeholders.”