Tim Baty is the 27 year old entrepreneur and creator of Propertydeal.co.nz. Created to close a gap in the online and private sales of property in New Zealand, Propertydeal.co.nz is the first in New Zealand to offer an online negotiation wizard where you can make offers and draw up and respond to a legally binding registered Sales and Purchase Agreement, all with the click of a mouse.

Not only is Propertydeal.co.nz an online market but it also comes with Tim’s handy pre-sale tips and fresh market commentary to make sure that you are ready for the sale and purchase of your property. And with an easy to sign up and login in process, property deal could be exactly what you need to get that private sale you have been looking for.

Born and raised on the North Shore of Auckland Tim’s experiences include completing a BBS Majoring in Property Valuation and Management mixed in with three years of travel and snowboarding in Canada and the United States.

We talk to Tim Baty from Propertydeal.co.nz

When was Property Deal launched?

PropertyDeal was launched in October 2008

How and when did you come up with the idea?

The idea came to me a few year’s ago (2005?) when considering how the real estate market had changed to rely more and more on the internet. There was a lot of dissatisfaction in the industry from both buyer’s and sellers. Some buyer’s felt pressured into making a decision and signing a contract on the spot, while many vendor’s wanted a more affordable way to sell property. I figured an internet base offer and negotiation system to buy and sell real estate would solve both problems – enabling buyer’s to make an offer in prate and independent of any agent, and give vendor’s a more affordable way of selling.

What were you doing at the time?

Travelling oversea’s and doing my OE

How much did you invest in the start-up of the website?

$25,000-$35,000 approx

What was involved?

The hardest part was ensuring the system complied with New Zealand law and would be easy to use. First and foremost I did some market research talking to vendor’s and buyers, and finding out whether it was financially feasible. Looking at similar system’s over-sea’s and learning from them was also a priority, however I could find none so I had to pave my own way. Then I commissioned a web-site development company and worked closely with them while also working with other stake-holder’s.

What is the basic business model behind Property Deal?

To provide a online system where property can be brought and sold.

And I hear that you are the first New Zealand business to have an online negotiation wizard that actually draws up and prints off a registered Sales and Purchase Agreement. That’s awesome, what was involved with that?

Researching the market, prospecting listings, marketing, communicating and listening with my clients, building networks, dealing with buyers, providing support and technical knowledge about buying and selling property, managing cash-flow, continued personal development and education, and being able to adapt to the changing business environment.

And has it all been smooth sailing?

No not at all! I didn’t know a lot about the internet so it was a huge learning curve and every time the system had a glitch I let my emotion’s get the better of me. I didn’t really understand the complexities behind the web-site and relied on the hosting company to fix any problems. This effectively add’s a middle man into resolving the issues and slow’s the process somewhat. It can be frustrating relying on other’s as I have learnt noone work’s at the speed you want them to.

Having issues with your business that result in customer dissatisfaction is disheartening and it is easy to throw it out of perspective. Early on I took these problem’s too seriously and emotionally. I knew I had to be able to resolve problems and move on without getting emotionally involved or up-set.

So from the early stage’s I developed a philosophy when delaying with business problems – “Communicate, investigate, solve, and ensure it doesn’t happen again” This has helped a lot.

Has the current property market and recession affected the success of Property Deal in terms of timing?

It has made it hard. Vendor’s are reluctant to out-lay large amount’s of money to sell their home, and property sale’s have slumped. However I have taken advantage of this as I offer a far more affordable service.

Have you had much conflict with Real Estate Agents over the website?

No not at all. I talked with REINZ early on and they knew of my plans, and I think the industry knew this was an inevitable change.

What has been the hardest thing about launching your own business venture?

Making money and marketing – it’s expensive.

And the positives?

Working at my own pace, the satisfaction of taking my idea through to conception and launch and having the continued optimism that it will all pay off one day!

Lastly, what do you have planned for the future of property deal?

More listings, more sales, more investment.

For more information visit Propertydeal.co.nz