Real Time Agent, an Australian point-of-sale platform, has recently signed an acquisition agreement with Domain Group, the owner of Domain.com.au. According to Elite Agent’s report, Domain Group will pay $19.4 million in cash upfront and an additional $15.6 million in cash if certain targets are achieved within the next two fiscal years.
Real Time Agent is a software platform that digitalizes crucial stages in the property journey, such as agency agreements, auctions, and contracts. Its core components include various software applications that facilitate these processes:
- Real Time Authority – The digital implementation of the contractual arrangement between real estate agents and property sellers.
- Bidtracker – A digital platform that allows agents to document individual bids and auction outcomes, granting agencies immediate insight into their operations and accomplishments.
- Real Time Contracts – The digital contract process facilitates the sale of goods and services by automatically computing settlement dates and deposits. Additionally, it promptly sends copies of the executed contract to the agent, office, vendor, and purchaser. It is worth noting that this product is functional without an internet connection.
Jason Pellegrino, the CEO and Managing Director of Domain Group, expressed his excitement about the addition of Real Time Agent to their company. He mentioned that Real Time Agent shares a similar vision of partnering with agents to provide excellent service to their clients.
The main objective of Domain is to assist agents and consumers in their property journey. The company aims to help agents in finding and securing the next listing, marketing and selling properties quickly and at the best possible price, and running a successful business.
By integrating Real Time Agent’s products with their existing agent tools like Homepass and Pricefinder, Domain can provide numerous benefits to both agents and consumers. This will further enhance their efforts in delivering exceptional service to their clients.
The digitization of real estate transactions offers numerous benefits to agents, including significant savings in administrative time of up to four hours per transaction. In addition, it reduces back-office costs and paperwork while improving accuracy and compliance.
For vendors and buyers, the adoption of digital tools for real estate transactions results in improved record-keeping and increased transparency. This, in turn, removes a lot of the stress associated with buying and selling properties.
Established in 2016 by Angus Ferguson and Daniel Portelli, this startup has become the preferred service provider for more than 4,000 agents across Australia. With a retention rate of 98%, it is evident that the platform has been widely embraced by the real estate industry.
According to Angus Ferguson, the Chief Commercial Officer and Co-Founder of Real Time Agent, they are thrilled about the chance to collaborate with an Australian company that has the same goal of providing assistance to both agents and consumers during the property journey. He expressed excitement about Domain’s involvement in the distribution of their products to agents throughout the country.
