Australian commission-free online real estate marketplace buyMyplace has reported a 44 per cent revenue growth in the prior quarter and says it has facilitated $1.5 billion in property sales.
CEO Paul Heath says the portal is continuing to see growth in July ad predicts a strong growth trajectory will continue through the next financial year
"The results show there can be no doubt that commission-free sales through buyMyplace work," Heath asserts.
"We are experiencing a significant surge in interest post our successful capital raising and ASX listing earlier in the year, with leads and enquiries almost tripling on last quarter.
“These results are backed up by 37 per cent per cent growth in unique visitor traffic to our web site, indicating a keen interest from vendors, who have saved around $47 million in real estate commissions and fees to date by selling their property through buyMyplace."
The Australian-based portal's revenue growth was also up significantly on the corresponding period last year at 67 per cent.
It reports a jump in gross profit of 31 per cent since the prior quarter and 56 per cent on the same period last year, while listings improved 22 in the quarter and 38 per cent compared to 2015 figures.
Average revenue per listing is up 25 per cent on last year and 18 per cent on prior quarter.
The company says it has achieved circa $1.5 billion in property sales since it commenced trading in 2009, "proving its disruptive business model has the credentials to vigorously compete with mainstream players in the traditional real estate industry, where growth for Q4 was generally considered sluggish".
Heath also says buyMyplace has generated strong awareness of its commission-free sales proposition through successful targeted advertising both online and on television, with new advertisements set to hit screens in late July.
“Many real estate sources are reporting a low number of new listings (Nationally down 13.9 per cent in June), but we continue to see proof the real estate industry is ripe for disruption," he says.
"Our commission free model remains unaffected by trends in the traditional real estate sector. The opportunity for vendors to save around $20,000 in fees and commissions is compelling and our growth in listings is testament to that.”
The strongest growth achieved in the last quarter was recorded in Victoria and Queensland, with Melbourne and Brisbane leading the way.
Heath also points to the portal's expanded product offering promised prior to listing.
"buyMyplace has partnered with one of Australia’s leading mortgage aggregators, AFG to commence offering mortgage, finance and insurance products, as well as partnering with Movinghub to offer customers utility connection services," he says.
Both these product lines are expected to be added to the portfolio in September.
buyMyplace, is an online real estate company enabling Australians to sell their homes without paying fees and commissions to real estate agents. It generates revenue by charging an up-front listing fixed fee plus a range of additional services, which incorporate a margin on prices charged to the vendor.
The company claims over 3,000 customers have sold their own properties using buyMyplace since 2009.
buyMyplace holds real estate licenses in every state of Australia and customers can choose from four packages providing an automatic listing on major property portals realestate.com.au and domain.com.au, a ‘for sale’ signboard, brochure ware plus unlimited free online and telephone support until sold.
Up to seven additional portals are available to vendors as well as a range of additional products and services is also available.
These include professional photography, negotiation support, auctioneers, featured listings on the major property portals plus unlimited phone and online vendor support until their property is sold.