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Commission-free real estate is already a hit in the Aussie market and it’s rapidly gaining traction, according to a leading discounter.
BuyMyplace is reporting an upsurge in its business, with FY17 first half revenue up 129 per cent on the prior corresponding half in 2016.
CEO Paul Heath said while total market new listings were reportedly down 25 per cent in January 2017, buyMyplace’s listings were up 93 per cent and revenue was up 173 per cent on the prior corresponding period.
He said he was “very pleased” with these results.
“The fact [that] these results have been achieved in a declining market shows the buyMyplace business model is somewhat anti-recessionary and has achieved significant growth, regardless of whether the total market is expanding or contracting,” Mr Heath said.
He said the results prove a commission-free model of selling property doesn’t follow the trends of established real estate businesses.
“Its growth trajectory is mirrored overseas with almost a quarter of all property sales in Canada and Singapore being private sales. In the USA, private home sales account for nearly 10 per cent of property sales.”
Mr Heath said while many traditional agencies operate with a geographic skew based on their office locations, buyMyplace has a national footprint and has experienced a consistent lift in listings and revenue, regardless of geographic conditions.
In January 2017, buyMyplace added a fixed fee, full service package, with a dedicated real estate agent, to its portfolio.
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