Mark Allen, a former property professional, founded Patch after experiencing a common frustration among house hunters. When trying to buy a property, he found that by the time he had arranged finance, the property had been taken off the market. Although he eventually purchased a different home, the original property came back on the market. This inspired him to create a platform that connects buyers and sellers off-market, without the need for a real estate agent.
Patch allows buyers to put enquiries on any house, not just those listed for sale, and make offers at any time. Allen says that only about 5% of homes in Australia are listed for sale each year, making it difficult for buyers to find their ideal home. Patch aims to solve this problem by taking away the listing pressure from homeowners and allowing them to always have their home on the site, open to offers.
Although Allen was initially unsure how the business would be received, he has been pleasantly surprised. The company has been supported by early-stage VC Antler, which Allen believes has played a significant role in getting the business off the ground. Going forward, Allen believes that Patch can shake up the traditional real estate model by becoming a peer-to-peer platform that empowers buyers and sellers with access to information and control over the process.
