The problem we’re addressing
The current property datasets utilised by most of the residential proptech sector are missing key Energy Efficiency Property Attributes. This is barrier not only to our own property and market insights and new commercial opportunities but also to real estate sector and householder awareness. (see CSIRO Research below)
Energy efficiency property attributes in proptech encompass one, or all, of the following scenarios:
Wrongly labelled.
Ambiguously labelled.
Missing
Hidden in with other unrelated features.
Represents a range of data quality – from low to high verification
In the absence of a data field, the information may appear in the free text fields.
Timing: It’s so important that this property attribute “clean-up” and “reset” occurs prior to the arrival of Home Energy Ratings into the property technology and marketing processes and customer experience touchpoints.
Research Validated
CSIRO research – identifying the risk in your current data sets
The need for a residential Energy Efficiency Features Standard
The development of our industry-led energy efficiency standard for property technology is supported by world-class research.
Baseline research has been conducted by CSIRO to investigate the current representation of energy efficiency property attributes in property listings as well as the open text fields. Proptrack has supplied this listing data and the search field inputs over a twelve-month period.
Link to research by Lygia Romanach CSIRO
This important research provides independent validation for the development of Proptech Energy Efficiency Features standard and should also deliver confidence in the positive impact that standardising these new property features will bring property professionals and consumers across the property landscape.
The research outlines the impact and risk of the status quo:
“In terms of the property listing description text, the study found that a wide range of often generic terminology is used when disclosing energy efficiency information. This is problematic as it brings ambiguity and hinders consumers capacity to build their literacy on residential energy efficiency, compare properties and make an informed decision when buying and/or leasing a property.
It concludes and outlines recommendations for the way forward:
“To make energy efficiency features information clearer and more concise and facilitate consumer action, the findings of this study suggest that it would be beneficial to standardise how energy efficiency information is provided in property listings.
It is also imperative that real estate professionals do use the property attribute list when including information about a property on the platform
…These recommendations could be used to inform further conversations within the real estate industry to refine and develop standardised industry approaches to identifying and listing energy efficiency features in real estate advertising.”
Lygia Romanach CSIRO
The selection of the full set of energy efficiency features which comprise this standard has considered the recommendations stemming from this CSIRO baseline research report.
Research Validated
Consumer Demand for Key Energy Efficiency Features in property advertising
“Householders reported that they have been trying to search for this information in the past. Now that it can be surfaced, in property advertising under the heading “Key Energy Efficiency Features” it definitely makes that experience easier and it will stop them from having to do a lot of that manual searching and piecing together the puzzle”
Overall, the results of the testing showed that householders really value visibility of Key Energy Efficiency Features. Additionally, when the Home Energy Rating and Key Energy Efficiency Features were located close together, Key Energy Efficiency Features helped participants contextualise what the Home Energy Rating represented. Respondents were able to make intuitive connections between the rating and the physical features of the home.
Short descriptions of the Key Energy Efficiency Features helped householders to understand the value of these features. The descriptions should be outcome-focussed rather than technical descriptions of how the features work.
Accuracy is critical and incorrectly displayed features erode trust which is a clear confirmation that an industry-led data standard delivers consistency which drives trust across property platforms and experiences.
Proptech Australia and Cecille Weldon were engaged by Commonwealth & NSW Government Department of Climate Change, Energy, the Environment and Water) DCCEEW) to coordinate with key property portal stakeholders REA Group and Domain to collaborate with the independent research company, Scout Design, to test and refine the key communication parameters for disclosing Home Energy Ratings in property advertising. The research also tested consumer responses to visibility of Key Energy Efficiency Features in property advertising data standard (enabled by the Proptech Energy Efficiency Data Standard)
“The inclusion of Key Energy Efficiency Features was received really, really well by Householders, they really liked how simple and quick it was to find features related to energy efficiency. It was visual, it was clear, and it helps them scan and assess, what is in a home. The comparison feels much quicker and supports that decision making”
THE ENERGY EFFICIENCY PROPERTY UPGRADE
A consistent list of “key energy efficiency features” across the property ecosystem can catalyse cross-sector opportunities
Finance, lending and valuation
Grants and rebates
Property maintenance and upgrades
Property data and insights
Additional revenue streams
Property appraisal and customer experiences
Skills and training - energy efficiency literacy
Property upgrade and capitalisation pathways
Research and Governance
EE Data | Consistency + Visibility = Impact + Opportunity
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DATA ACCURACY
The right energy efficiency features that can be verified in a property appraisal will build trust in the property information and better property knowledge at the same time - for everyone in the real estate moment: real estate professionals, valuers, property owners, investors, and renters
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DEEPER CONSUMER ENGAGEMENT - POINT OF SALE OR RENT
By standardising and normalising these energy efficiency features, for property professionals and consumers, it enables these property features to become VISIBLE. Driving more comprehensive property information through the sector and delivering more targeted customer engagement.
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ALIGNMENT OF VALUE TO CLIMATE READINESS: RISK & REWARD
Increases in the demand for more trusted information about energy efficiency features is driven by the imperative to lower household energy bills, improve household health and comfort, and lower carbon emissions in the residential built environment
As a sector, our property platforms and solutions underpin the whole property lifecycle and enable property professionals, businesses and consumers to engage in every touchpoint of the property journey.