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The proptech company commemorated its decade-long run in the industry with a major milestone that it claims has cemented its market position as a category leader.
A new Frost & Sullivan report showed that Deep Blue Company (DBC) has secured 7.8 per cent market share of sale-to-settlement services nationwide — making it 20 times larger than the nearest competitor in the same category.
The firm’s strategic ventures to penetrate Queensland’s market has also paid off, as the firm now holds a 13.1 per cent share of the conveyancing market in the Sunshine State due to its recent acquisitions and industry partnerships.
Since its inception in 2012, DBC sees itself as being at the forefront of the push for widespread adoption of digital conveyancing.
According to its co-founder Christopher Lane, the firm was established in order to address the “lack of standardisation, efficiency and transparency of property transactions in Australia”.
“We’ve been championing digital conveyancing for the past 10 years, working behind the scenes to execute on transactions and consolidate every part of the property journey, from sale to settlement.
“Today, we have built a category-defining business with a world-class team across Australia and are only scratching the surface when it comes to market penetration,” he stated.
Anchored by its ambition to transform how Australians buy, sell and settle properties, DBC has added various technologies and services to its portfolio over the years. The company has also welcomed several entrants into its stable of brands, including bytherules, conveyancing.com.au, First Class Legal, Rapid Building Inspections, and Offer to Own.
But the company revealed that its growth strategy does not solely rely on growing its roster of brands. Aside from making significant investments in its core infrastructure, the firm has also taken steps to scale up its offering of digital solutions nationally.
For example, its digital property platform Offer to Own — which integrates with real estate CRMs to allow prospective buyers to get digital offers to agents in real-time— has also been introduced to the NSW market following its success in the Queensland market.
DBC also credited its favourable market position to its strategic collaboration with both government stakeholders such as Australian Registrars’ National Electronic Conveyancing Council (ARNECC) and private market players, which includes partners across banking, insurance and real estate, which helped the firm cover all elements of the property journey.
“With cumbersome settlement processes needlessly adding stress to the lives of agents and buyers alike, we are proud to be working with some of the most trusted and established names in property to make simple and efficient sale-to-settlement journeys the rule, rather than the exception,” Mr Lane stated.
And while the company has experienced tremendous growth throughout its 10-year run and is currently on track to deliver significant results in 2022, the firm acknowledged that the property industry faces headwinds such as rising interest rates and inflation.
To ensure that the company will not be derailed from its current growth trajectory due to these factors, DBC revealed it is “gearing up for a substantial shift”, as it continues to recognise the market need for a “transparent, reliable and efficient buying and selling experience”.
Moving forward, DBC stated that it will continue to innovate and fine-tune its marketplace business model, which it claims is currently “unrivalled” in the property sector.
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