PropDD Toolkit was designed with two key goals in mind - simplicity and functionality - and their focus is on due diligence when purchasing a home. Simply put, the online toolkit aims to equip both sellers and buyers with a valuable online tool that will provide direction and clarity to the often complex process of selecting and purchasing a property.
Justin Leve and Sean Godoy, cofounders of PropDD share more about the proptech startup...
BizcommunityPlease briefly tell us about PropDD?
Justin Leve: PropDD is essentially an online platform encompassing a unique, step-by-step toolkit that simplifies the residential property due diligence process for buyers, sellers and estate agents, either prior to or during a property sale.
Our vision is to pave the way for greater transparency in the marketing and negotiation process, which we believe will ultimately result in smooth and successful property transactions.
BizcommunityHow did the name come about?
Sean Godoy: We wanted to devise a name that aligns with the simplicity of the toolkit, and since the abbreviation "DD" is widely used in property circles when referring to "due diligence" we considered "PropDD" as being most appropriate.
BizcommunityHow and why did you get started?
Godoy: Justin and I met after being appointed as co-head tutors on the acclaimed UCT Property Development and Investment Short Course presented by GetSmarter. Justin's property career originated in the commercial sector, where his client-facing roles have been focused primarily on investment property deal facilitation and due diligence advisory.
My experience as a property market analyst evolved into providing a range of advisory and training solutions to the property industry. I am also a proptech enthusiast, having co-founded the SA Proptech and Proptech Africa Associations.
With the astounding pace of innovation taking hold in the proptech sector, we felt that there could be no better time to collaborate in bringing to life an online solution that demystifies the property due diligence process for buyers and sellers. To this end we were lucky to have assembled an enthusiastic and highly skilled team, working round the clock for just over a year.
BizcommunityWhat is property due diligence?
Leve: Property due diligence is all about verification! It is a process of investigating and evaluating the key legal, technical and financial aspects of a property being bought or sold.
Through this process, a buyer should seek to fully understand the risks, responsibilities and costs associated with a property, as well as the potential upside. This is especially important considering that in South Africa all risks and benefits of ownership pass to the buyer once a sale is complete.
Due diligence is equally important for a seller due to circumstances that require them to disclose information that could impact a buyer's decision-making, such as defects in the property that the seller is aware of at the time of selling. Thus providing relevant information upfront will increase transparency and likely aid the decision-making of potential buyers in a positive way.
We, therefore, see due diligence as being a two-sided process, simply because a successful due diligence outcome will depend on the level of cooperation between a seller and buyer. This is where the PropDD Residential Toolkit comes into play.
BizcommunityTell us a bit about the PropDD Residential Toolkit
Leve: The Toolkit, which is designed for a single residential property and associated transaction, takes a registered user through the key legal, technical and financial stages of the due diligence process, and allows the user to upload important documents and input information where required.
Article published courtesy of BIZCommunity
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