OpenAgent.com.au, a real estate agent comparison site, has raised $6 million in funding from Hollard Investments, with founder Richard Enthoven joining the OpenAgent board. OpenAgent has positioned itself as the fastest-growing player in the industry, having tripled in size year on year. Its goal is to attract more of the 500,000 people selling properties around Australia each year. The site uses data from more than two million sales and has 15,000 customer reviews, with OpenAgent receiving 20% of an agent’s commission on the sale of properties that it refers.
Since launching in 2013, OpenAgent has gone from referring 50 customers a month to roughly 1000. It has helped sell $2.6 billion worth of Australian property. Co-founder and co-CEO Zoe Pointon says the funding from Hollard will help improve the user experience for Australians looking to sell their homes. OpenAgent aims to address a significant contributor to poor outcomes in real estate: a lack of information and guidance for Australian homeowners. With the new investment, OpenAgent’s total funding amounts to $8 million.
