New platform seeks to change property marketing game

20/12/2017 - 14:31

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Lydon Hollitt is planning to shake-up property advertising with a new listing platform that matches active buyers and tenants with agents and vendors at minimal marketing cost.

New platform seeks to change property marketing game
Lydon Hollitt says he’s created an inexpensive platform to market properties. Photo: Attila Csaszar

Lydon Hollitt is planning to shake-up property advertising with a new listing platform that matches active buyers and tenants with agents and vendors at minimal marketing cost.

“The vision that we have is to be Australia’s largest real estate online network,” Mr Hollitt told Business News.

“It’s a vertically integrated platform, we’ve created a free marketplace for sellers, lessors, buyers and tenants, a place where they can go to search or market their property free of charge.

“Real estate agents can also receive leads on a daily basis and much more cost effectively to what’s out there currently.”

Mr Hollitt founded RE4U (real estate for you) Group in July, and is currently seeking $3 million through private investors to fund the final stages of development, initial running costs and a launch campaign, with the platform expected to be publicly available in May 2018.

Formerly a real estate agent, Mr Hollitt said he had already attracted interest from (undisclosed) large companies within the real estate industry and was in negotiations with investors from Singapore.

“While working with The Agency, one of the big concerns was the visibility of properties and cost associated with online marketing; it’s a cost that doesn’t need to be there and one that the current platforms dominating the market we believe take full advantage,” he said.

“People were struggling financially and needing to sell their property but didn’t have the money behind them to give their property the exposure it needed to compete with ‘John Smith’ down the road, who could throw thousands of dollars at it each month and have the premium listing in that suburb.

“I started talking with agents, sellers and buyers to come up with a solution (and) RE4U was born.”

Mr Hollitt said he looked at six existing platforms available in the market and developed his own, ‘better’ versions, integrating them to create a new listing network.

He believes RE4U will take market share away from the big online players, REA Group’s Realestate.com.au and Domain Group’s site of the same name.

He said while the platform did not eliminate estate agents’ role, it did cater to owners who could upload and manage their properties themselves and get the same exposure as all other listings.

RE4U managing director Connor Gannon said while the seller of a property paid no fee, the group’s revenue would largely be based on advertising generated through the platform from local businesses and real estate agents, who will be able to purchase exclusive rights to suburbs through membership in addition to a promotional video banner.

“They’re costs that won’t be incurred to the sellers,” Mr Gannon told Business News.

“We’re fundamentally different to what’s available today, and if some of the larger networks or competitors would try to copy us it would effectively alter their business model entirely; it wouldn’t be feasible for them.

“In 12 months’ time from the day we launch I think it’s going to change how the industry views advertising a property.”

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