In an overwhelming triumph for a small-time real estate platform, Ray White Group Real Estate owners, the White family, have taken a stake in Zango, a property portal startup based out of Canberra. The family is looking to support this startup as it takes on the biggest names in the Australian real estate market.
On the takeover, Zango Director Ben Faulks said:
“Zango was built to provide a transparent platform for the real estate industry to come together and collaborate for the benefit of the consumer, and their local communities.
“The White family has taken a generational view on the real estate industry, and see the potential in what we’ve built to date.
“Getting a majority of local agencies to support a start-up that’s going head-to-head with the media giants of our time has created a unique footing for us to drive meaningful change.”
Ray White is a huge real estate group within the Australian market. The company reports that it sells 1-9 of all homes sold across the nation. Currently under its fourth-generation family ownership, leading the pack is Managing Director Dan White.
“My great-grandfather Ray White founded the company in 1902 in a tin shed in rural Queensland.
“He was an integral part of his local community, and we have strived to maintain that connection as our business has grown.
“Across our network, there has been a strong desire to evolve the relationships that agencies have with the major property portals, and to retain more of the value created by moving house in the pockets of consumers, and their local communities.”
Operations and company direction are not being affected by this investment, though a request for a board seat was mentioned.
“What’s great about the White family’s investment is that they’re happy to take a small stake in the company, but make a large contribution.
“They see the need for local industry ownership but we also benefit from their reach and experience.
“It’s a huge win for Zango and our communities.”
Other investors that have taken a liking to Zango include real estate tech giants Peter and Andrea Blackshaw, Region Media owner Tim White, and over 80 local real estate agencies.