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.
