At Rex, we were fortunate enough to attend the Reach proptech school for an inspiring presentation by Kylie Davis President of Proptech Association Australia – a leading figure in real estate, proptech, and digital marketing. She provided us with a wealth of insights that we believe are essential to any tech company looking to succeed in the market.
One key takeaway from Kylie's presentation was the importance of market consolidation. In an age where customers are increasingly looking for simplicity, bundling your products and services can be a game-changer. Customers don't want to deal with multiple bills or 40 different credit card lines, so it's crucial to think about how you can streamline your offering.
Kylie also emphasised the need to break free from the dopamine of constantly solving the same problem over and over again. Instead, tech companies should take the time to rethink their approach and focus on being effective rather than busy. It's essential to listen to feedback from your customers and not hide from criticism.
Another critical aspect of any tech company's success is having a clear marketing strategy before developing a product. It's important to consider the story you want to tell and how you want to communicate that to your target audience.
Kylie also highlighted the importance of letting go of control and perfectionism as a leader. Leaders who struggle with these issues should consider seeking the help of a therapist to break free from the self-perpetuating downward spiral that can come with these traits.
Profit should always be a priority over sales, depending on your market context and stage. It's impossible to please everyone, so it's important to choose your poison and focus on unit economics.
Whether you choose an open or closed product, it's crucial to stick to your decision and build a culture of accountability and goal-setting. It's important to find the magic in people and leverage that to foster a growth mindset in your team.
Kylie also focused on the importance of funding at the right time and sharpening your skills and knowledge regularly. Boundaries should be negotiated upfront, and it's essential to meet your customers where they are, taking into account the seasons they're subject to in terms of work capacity and engagement.
Finally, Kylie pointed out the need for physical connection and being part of something bigger, like the proptech tribe. Cubicles can be soul-destroying, and we need to be part of a community to thrive.
We at Rex are incredibly grateful to Kylie for sharing her insights and inspiring us to be better. So much so that we created this takeaway notes pdf which you can download to keep. We encourage anyone who shares our passion for real estate and technology to reach out and learn more about Rex. Together, we can achieve great things and continue to innovate in the market.