Intouch Finance is launching into the competitive real estate market, with a new service that promises “transparency in the industry.”
LiveOffer is an online portal that facilitates the buying and selling of properties, essentially cutting out the traditional real estate sales process.
CEO Paul Ryan
, previously co-founder of Wizard
Homeloans in the 90s, is adamant LiveOffer will “provide vendors with a real estate service that is designed to deliver greater transparency and save thousands of dollars in real estate commission fees.”
Sellers can post their property on the website and set a price, allowing registered users to make offers.
“Both the buyer and the vendor know exactly where they stand. There is no third party in the middle of the sales process clouding negotiations.”
Three packages are available at different prices, said Ryan.
Both the ‘DIY’ and ‘Vendor Assist’ – with added support from Intouch principals - come with a one-off fee, while the pending full-service package will charge a 1.25% commission fee.
“We’ll be launching the third option in the near future, once we’ve got all our qualified real estate agents on board,” said Ryan.
He told Australian Broker Online there was room for brokers to get involved.
“There are a number of reasons it would be attractive to brokers. We can provide a career path to become a Certificate 4 in real estate.”
“If a vendor chooses the Vendor Assist, where we have an Intouch principal, we have an opportunity to assist the vendor."
There are restrictions, however, to the process of signing up.
Buyers are required to complete a buyers’ registration form so they can be validated as genuine buyers, before being able to make an offer.
However the process “could potentially take only a few hours, so it’s very efficient,” he said.
Ryan admitted he is anticipating a mixed reaction from the real estate agents, who “may be unnerved by our focus on transparency and cutting commission rates to benefit the buyers and vendors.”