An Aussie startup calling itself the new “eBay” of property is attempting to disrupt the real estate industry by not only weeding out the real estate agent but everyone else between the vendor and buyer, reports AFR.
Violater.com allows buyers and sellers to bid for a property online and states that most of its basic listings are free; charges are only in place for the actual conveyance,which has a base price of AUD 1000. The company describes itself as the "eBay" of residential property.
Sydney lawyer and founder of Violater.com Khai Kwan says the company doesn't believe people should pay hundreds or thousands of dollars to advertise property when the interest drawn in each case is limited. He says costs can be kept down by eliminating the agent from the equation.
"The first thing people think about selling a home is getting an agent, but you can probably earn a bit more without one," Kwan said.
"The market knows the price paid for an agent is a bit high."