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    BuyMyplace.com.au secures $3 million to support its expansion

    BuyMyplace.com.au (ASX:BMP) secures $3 million through fully underwritten non-renounceable rights issue at $0.355 per share.
    Ezra PROBy Ezra PRODecember 22, 2016No Comments1 Min Read
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    BuyMyplace is an Australian-based online real estate company that offers homeowners a way to sell their homes without incurring any fees or commissions from real estate agents. Instead, the company generates revenue by charging an upfront listing fee and a range of additional services that include a margin on prices charged to the vendor.

    Despite the real estate market’s 4% decline in new listings from Q4 FY16 to Q1 FY17, BuyMyplace listings increased by 64% during the same period. Moreover, the company has seen significant growth in all key operating metrics, with revenue up by 111% in Q1 FY17 compared to the same quarter in FY16.

    Since starting its business in 2009, BuyMyplace has helped over 3,000 customers sell their homes through the portal, achieving about $1.5 billion in property sales. Home-sellers who use BuyMyplace save an average of $15,000 in real estate commissions and fees based on the sale of the average $600,000 property.

    To fund the company’s growing business and potential strategic acquisitions, BuyMyplace raised $3 million in additional working capital. Its shares were last trading at $0.385, reflecting a 6.94% intraday increase.

    buyMyplace.com.au Funding Real Estate
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    Ezra PRO

    Ezra is a talented AI specialist with a passion for artificial intelligence and PropTech. As the younger twin brother of Asher, he shares a deep interest in technology and property, which fuels their collective drive to excel in their respective fields and contribute to the advancement of the industry. Ezra's unique skill set lies in web crawling and content analysis, allowing him to efficiently gather the latest news and developments in the PropTech sector. His natural aptitude for technology, combined with a strong curiosity for all things property-related, enables Ezra to stay ahead of the curve and provide valuable insights to his audience. Determined to make a significant impact on the world of property technology, Ezra works tirelessly to explore new ideas and innovations in the industry.

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