1 00:00:04,200 --> 00:00:06,920 Speaker 1: Welcome to the Fast five Sunday interview by Fear and Greed. 2 00:00:06,920 --> 00:00:10,160 Speaker 1: I'm Sean Elmer. Last year, property platform Domain became part 3 00:00:10,240 --> 00:00:13,080 Speaker 1: of the co Star Group, a US based international leader 4 00:00:13,080 --> 00:00:15,680 Speaker 1: and commercial property data, as well as the operator of 5 00:00:15,800 --> 00:00:19,400 Speaker 1: US platforms like homes dot com and apartments dot com. 6 00:00:19,520 --> 00:00:22,320 Speaker 1: Jason Pellegrino is the president of Domain, which is a 7 00:00:22,320 --> 00:00:25,360 Speaker 1: great supporter of this podcast. Jason, welcome to the first five. 8 00:00:25,480 --> 00:00:26,200 Speaker 2: Thank you for having me. 9 00:00:26,320 --> 00:00:28,640 Speaker 1: What does change look like? How does Domain benefit from 10 00:00:28,680 --> 00:00:30,120 Speaker 1: being part of a much larger group. 11 00:00:30,640 --> 00:00:33,400 Speaker 2: Well, we are no longer hundreds of engineers building for 12 00:00:33,479 --> 00:00:36,559 Speaker 2: an Australian product. We are now thousands of engineers building globally, 13 00:00:36,680 --> 00:00:38,120 Speaker 2: bringing the best of the world, the best of the 14 00:00:38,120 --> 00:00:39,640 Speaker 2: capabilities to Australia. 15 00:00:39,720 --> 00:00:43,159 Speaker 1: Okay, what about the fact that is Australia different to 16 00:00:43,280 --> 00:00:45,840 Speaker 1: anywhere else? Are all property markets the same? They must 17 00:00:45,840 --> 00:00:47,880 Speaker 1: have some uniqueness. Yeah. 18 00:00:47,920 --> 00:00:51,520 Speaker 2: Having worked across many global businesses and global countries, everyone 19 00:00:51,600 --> 00:00:54,440 Speaker 2: likes to talk about what's different, but fundamentally there are 20 00:00:54,520 --> 00:00:56,400 Speaker 2: the needs at the core of a lot of industries 21 00:00:56,440 --> 00:00:59,440 Speaker 2: are exactly the same. If you're a home buyer in 22 00:00:59,480 --> 00:01:02,480 Speaker 2: Australia or home borrowing in the US. What you need 23 00:01:02,560 --> 00:01:05,039 Speaker 2: is typically different. The process by which you get there, 24 00:01:05,360 --> 00:01:08,000 Speaker 2: the industry structures, the type of people you engage with 25 00:01:07,959 --> 00:01:10,120 Speaker 2: is are different, but the needs of a user are 26 00:01:10,160 --> 00:01:10,959 Speaker 2: exactly the same. 27 00:01:11,400 --> 00:01:13,920 Speaker 1: I've heard you talk previously about confidence and how important 28 00:01:13,959 --> 00:01:16,240 Speaker 1: that is in part of that whole process. 29 00:01:16,680 --> 00:01:19,600 Speaker 2: So confidence is a great example of that, that consistency 30 00:01:19,600 --> 00:01:22,600 Speaker 2: of need across multiple countries. Property is such an important 31 00:01:22,600 --> 00:01:24,800 Speaker 2: part of anyone's life, whether you're in Australia or the 32 00:01:24,920 --> 00:01:29,400 Speaker 2: US or parts of Europe. It's an incredibly important asset. 33 00:01:29,480 --> 00:01:32,000 Speaker 2: It's an emotional asset. It's your home. It's where your 34 00:01:32,000 --> 00:01:36,280 Speaker 2: family will gather, will live, will grow, will thrive. It's 35 00:01:36,440 --> 00:01:39,280 Speaker 2: critically financially important. So it's not an asset that you 36 00:01:39,319 --> 00:01:42,760 Speaker 2: can get wrong. And so confidence is what underpins every 37 00:01:42,800 --> 00:01:45,760 Speaker 2: single point of the property transaction where you're looking to buy, sell, 38 00:01:45,840 --> 00:01:49,280 Speaker 2: expand invest anything like that, and that level of confidence 39 00:01:49,360 --> 00:01:51,600 Speaker 2: is needed. Is the same in the US as it 40 00:01:51,640 --> 00:01:52,440 Speaker 2: is in Australia. 41 00:01:52,520 --> 00:01:55,960 Speaker 1: Okay, domain we know here in Australia as a residential 42 00:01:56,200 --> 00:01:59,680 Speaker 1: play you are pushing into commercial property though, am I right? 43 00:02:00,040 --> 00:02:03,920 Speaker 2: Yeah? Coastar's heritage is commercial. It's a forty year old 44 00:02:04,480 --> 00:02:08,040 Speaker 2: commercial property specialist. It's the largest database of commercial property 45 00:02:08,040 --> 00:02:10,720 Speaker 2: in the world and the most comprehensive, and we'll be 46 00:02:10,720 --> 00:02:14,880 Speaker 2: bringing that to Australia in a way that it's fundamentally 47 00:02:14,919 --> 00:02:18,440 Speaker 2: a white space at the moment, so will be changing 48 00:02:18,480 --> 00:02:19,639 Speaker 2: that extensively. 49 00:02:20,639 --> 00:02:23,840 Speaker 1: How does that manifest itself in the kind of the 50 00:02:23,840 --> 00:02:27,960 Speaker 1: ability of investors, particularly to think about commercial. 51 00:02:27,680 --> 00:02:30,959 Speaker 2: Well, anyone who's invested in commercial property, whether that's as 52 00:02:31,080 --> 00:02:35,680 Speaker 2: an investor or even an owner a renter, understands the 53 00:02:35,720 --> 00:02:39,399 Speaker 2: complexity at which they go to get the information that's 54 00:02:39,440 --> 00:02:42,840 Speaker 2: needed to give them the confidence. There is no comprehensive database. 55 00:02:43,680 --> 00:02:49,160 Speaker 2: Government information sources are incomplete, inaccurate, they're late, and a 56 00:02:49,160 --> 00:02:51,400 Speaker 2: lot of the data that you really fundamentally need to 57 00:02:51,520 --> 00:02:54,640 Speaker 2: understand to make those decisions is not there. In the US, 58 00:02:54,639 --> 00:02:56,800 Speaker 2: it's different. When you want to make those decisions and 59 00:02:56,840 --> 00:02:59,480 Speaker 2: you need that data, you turn to Coast in the UK. 60 00:02:59,639 --> 00:03:02,560 Speaker 2: Now you do the same thing and fast forward. You 61 00:03:02,600 --> 00:03:05,200 Speaker 2: know three to four years when you make those decisions 62 00:03:05,240 --> 00:03:07,440 Speaker 2: and you're looking to that confidence in commercial real estate 63 00:03:07,480 --> 00:03:09,600 Speaker 2: and Australia you'll be turning you to co Star in Australia. 64 00:03:09,760 --> 00:03:13,880 Speaker 1: The role of AI in residential and commercial. 65 00:03:14,400 --> 00:03:17,240 Speaker 2: AI has many layers of change, just like it has 66 00:03:17,240 --> 00:03:19,519 Speaker 2: in any industry. But one I would like to sort 67 00:03:19,520 --> 00:03:22,520 Speaker 2: of point out is, you know, users are able to 68 00:03:22,680 --> 00:03:25,280 Speaker 2: use AI in many different ways through their property journey. 69 00:03:25,520 --> 00:03:28,480 Speaker 2: What we're finding is it's providing us with many more 70 00:03:28,480 --> 00:03:31,400 Speaker 2: opportunities than threats in terms of providing those experiences within 71 00:03:31,440 --> 00:03:34,560 Speaker 2: our platforms. For example, I'm going to move beyond the 72 00:03:34,600 --> 00:03:38,600 Speaker 2: obvious of just data and inquiry, but AI and the 73 00:03:38,760 --> 00:03:41,200 Speaker 2: data sets and proprietary data sets we have available to 74 00:03:41,240 --> 00:03:45,080 Speaker 2: us are allowing us to bring experiential journeys onto our 75 00:03:45,120 --> 00:03:48,360 Speaker 2: platform that could only be done through a property inspection previously. 76 00:03:48,560 --> 00:03:50,560 Speaker 2: And that's a great way that we're improving experience. 77 00:03:50,680 --> 00:03:53,400 Speaker 1: Jason, thanks for talking to the Fast Five. Thank you 78 00:03:53,560 --> 00:03:56,160 Speaker 1: as Jason Pelagreen, our president of Domain, a great supporter 79 00:03:56,200 --> 00:03:58,080 Speaker 1: of this podcast. I'm chin a Mat and this is 80 00:03:58,120 --> 00:03:59,800 Speaker 1: the Fast Five by Fear and Greed.