- 200 houses have been sold on the platform since launched
- Transactions have saved over $1.7M in commissions for home owners
- Unique Instant Estimate tool is also available on the platform
Since its launch only 14 months ago, Queensland-based real estate company, One Percent Property Sales, has reached a major milestone; 200 houses sold to the tune of over $105 million.
The transactions have saved over $1.7 million in commission for vendors, according to Paul Cole, One Percent Property Sales Head of Operations.
In March, the startup became the top value-based agency in Queensland.
“The One Percent Property Sales business model ensures everyone is a winner with agents receiving fair remuneration and vendors paying less than half the industry-standard commission,” said Mr Cole.
“Collectively, we are also seeing amazing results in terms of overall conversion rate of 45% from appraisal to listing – which is significantly higher than anything Purplebricks ever achieved – it’s a real testament to the quality of our team and the strength of the offering.”
Paul Cole, One Percent Property Sales Head of Operations
One Percent Property Sales operate by allowing agents to sign up and sell properties under the umbrella of the brand, as opposed to a franchise model. The name of the startup stems from taking 1% commission plus GST on sales. Traditionally, agents take 2.5% for a sale, according to co-founder David Sullivan.
The business model allows for agents to work remotely which allows for savings by the lack of physical office space and the use of new technology. Fully licensed agents also pay a monthly fee with agents then deciding how much they wish to invest in order to promote themselves within their local area.
“We’re going to be a disruptor, but that’s OK,” said Mr Sullivan.
“The market share is big enough for people to have a choice between the traditional real estate businesses and other models. And our personal belief is that vendors have been paying too much in sales commissions for too long.”
David Sullivan, co-founder
Mr Sullivan added that time efficiency is a strong selling point of the platform.
“A great resource is our unique Instant Estimate tool built in partnership with Pricefinder (owned by Domain), which can be accessed at the One Percent Property Sales website, that can deliver a 15-page detailed report on the value of most homes along with what’s important and happening in that particular local marketplace.”
Currently, One Percent Property Sales is operating throughout south-eastern Queensland.
“We are actively seeking sales agent representation in these areas to keep up with vendor demand,” said One Percent Property Sales’ Co-Director, Aaron Lau.