AuctionTech Integrates AI into PropNow for Enhanced Real Estate Sales in Europe

AuctionTech, a Berlin-based company specializing in dynamic market pricing solutions for real estate, announced its strategy to focus on artificial intelligence (AI) for the development and international expansion of its leading platform, PropNow. PropNow, known for its digital management of purchase offers and bidding processes in the real estate sector, stands as the market leader in Europe. The platform, which operates on a Software as a Service (SaaS) model, is utilized by professional real estate agents to streamline sales processes and enhance customer satisfaction.

To date, PropNow has facilitated over 6,000 offer processes with a total transaction volume of circa 2 billion euros, involving more than 100,000 prospective buyers. AuctionTech’s CEO, Jan Thiel, highlighted the potential of AI in automating offer processes, analyzing property parameters, and improving prospective buyer pre-qualification. These advancements aim to boost sales results, efficiency in implementing customer-specific solutions, and accelerate market development. PropNow is available in 10 European countries and supports seven languages.

Christoph Gerlinger, CEO of SGT German Private Equity and the leading investor in AuctionTech, echoed the transformative impact of AI in real estate sales. Enhanced efficiency and customer benefits are expected as AI enables better pattern recognition in property valuation and bidding behavior, consolidating AuctionTech's position as an innovator in the digital real estate market.