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A new product to facilitate sales directly between buyers and sellers will debut in the Australian market in early 2024.
Wavie is the brainchild of founders Andy Dunn and Josh Luschwitz, who have devised a platform that essentially aims to cut out the middleman: namely, the real estate agent.
An agent himself – as well as the son and grandson of agents – Mr Luschwitz explained that an insider understanding of the industry drove him to create a tech solution for some of the inefficiencies he saw in the sales process, which ultimately led him to believe that the market needed a better, tech-enhanced platform where sellers and buyers can engage with one another directly.
“Wavie has been born from first-hand experiences and the mutual dissatisfaction with the outdated practices of many agents and substantial fees that characterise traditional property sales,” Mr Luschwitz said.
“As a result, Wavie has emerged as an innovative solution set to transform the real estate landscape. We saw a glaring need for a platform that places property owners at the helm of their transactions, providing them with unparalleled control, absolute transparency, and substantial savings in their property-selling journey,” he added.
The platform will offer home owners a choice of services depending on their needs and their home. Wavie Basic, for example, costs $6,995 and is suitable for homes up to the value of $500,000. Services include support for creating listings on sales platforms, conveyancing, photography, social media, signage and digital marketing.
In essence, it outsources many of the services that agents provide while putting negotiation firmly in the hands of the seller.
Mr Luschwitz and Mr Dunn believe that for those with the time to dedicate to the task of selling the house, who are looking to cut down on the substantial cost of doing so, Wavie will prove a unique option, which could even shake up the housing industry by spurring on vendors who would otherwise have held back due to the costs of selling.
“As the home owner, you know your property better than anyone else. You also understand the value of time and money and therefore should have the ability to make choices around where you spend your money when selling your property,” Mr Luschwitz said.
“If you have the time to undertake sales activities yourself and access to a platform that equips you with all the tools and assistance, then why not take this route? It is going to save you tens of thousands of dollars and provide you with the same outcome as using a real estate agent,” he said.
Addressing the elephant in the room, Mr Luschwitz acknowledged that he gets a lot of questions about why he’s designed a platform that essentially makes his job redundant.
“The market will always need full-service real estate agents like myself, but it is also time for an uberised real estate selling service that enables property owners to do more of the work themselves,” the agent said.
“As a real estate agent myself, I still absolutely love selling homes and running my agency. This new platform by no means serves to attack or denigrate agents, I see this new service as an alternative option for people who also see the potential of this type of platform.”
In fact, he feels that his unique experience of growing up with real estate in the family has given him a perspective on the industry that’s encouraged him to create this bold product offering.
“The family business was established in 1969, and I joined it in 2007. The real estate market has evolved a lot even during this time with the internet becoming the primary way people searched through listings and researched property. COVID restrictions also ushered in different ways of viewing and transacting real estate, again primarily online,” he explained.
Some sellers – though certainly not all – are keen to use the digital tools now available to them to do more of the groundwork themselves, according to market research conducted by the firm.
And while there are already some “for sale by owner” platforms available in the market, Mr Luschwitz and Mr Dunn assert that their platform will offer a level of support and tech enhancement not available in other outlets, which essentially puts the seller-led home on the same footing as those advertised by agencies.
The platform is currently taking pre-registrations and expressions of interest. Wavie is also undertaking an equity crowdfunding campaign with Swarmer in November to raise funds to support the national launch next year.
ABOUT THE AUTHOR
Juliet Helmke
Based in Sydney, Juliet Helmke has a broad range of reporting and editorial experience across the areas of business, technology, entertainment and the arts. She was formerly Senior Editor at The New York Observer.
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