In the past few years, we’ve seen Uber revolutionise the way we get from A to B, Airbnb transform our holiday experiences, and online marketplaces like Freelancer allow us to outsource just about anything we don’t want to do ourselves. So it was only a matter of time before the tech industry swooped in to take a piece of Australia’s whopping $6 trillion residential property pie.
Aussie start-up Vendorable is staking their claim on the proptech market, aiming to make lives easier for consumers in the best way we know how – with technology.
Built as a solution to solve what its founders describe as the first and hardest part of selling a house, finding the right agent, Vendorable is the first of its kind – an end-to-end online platform that aims to disrupt the way properties are sold.
Think of Vendorable as Freelancer for real estate. The platform allows vendors – that’s you if you’re selling – to list their property online for free, giving agents the opportunity to compete and bid for the job.
Once the property is put out for competitive tender, vendors can select the agent they think best suits the sale of their property, based on the agent’s proposed competitive price, previous sales and ratings by other vendors.
The website itself makes money at the agent’s end, taking a 5.5 per cent cut of the agent’s commission at the completion of sale.
Vendorable co-founder and managing director Jason Weeks says what sets Vendorable apart from competitors is its strong focus on addressing vendors’ needs:
“By increasing transparency and encouraging competition amongst agents, vendors get the best value and service from the agent they appoint through the Vendorable platform.
“The platform’s ability to allow vendors to enter into a vendor-friendly agreement with their agent electronically, provides instantaneous access to agents’ services and removes the need to sit down and digest the agent’s fine-print.”
The team are focusing their initial efforts on the business and government space. Once established, the platform will have a solid base of agents stored, each with ratings assigned by the vendors they’ve worked with. People looking to sell their home will soon benefit from a wider selection of accomplished agents who will best suit their needs.
“The platform already has interest from government departments and insolvency practitioners, who recognise its potential to provide a secure, simple and time-saving solution to managing real estate agents,” Jason said.
Vendorable was selected to exhibit at Web Summit’s new tech conference, RISE, and was further selected as one of 33 of 300 startups across the globe to pitch to the conference’s audience of tech enthusiasts and potential investors.
“We’ve so far declined funding offers from Australian investors but with our selection to pitch our story at RISE, we will be open to large-scale investment from the right partner that can help us with our global expansion,” Jason said.
So while it might be a few months before us average Joe Blows will jump on board the proptech train, based on the tech industry’s current voyage of disruption, this market is worth keeping a close eye on, especially if you’re looking to sell your property within the next 12 months.