qi chen openlot
Founder Qi Chen has experience in developing products for proptechs – including the REA Group. Image – Canva and supplied.
  • Strategy has distributed over $3000 to buyers since June launch
  • Covid driving prospective property buyers online
  • Cashback incentive speeding up purchases, says Moremac

Victorian-based house and land search website OpenLot.com.au has recently introduced a cashback incentive to reward buyers who purchase property online.

The strategy was launched in June of this year, and has since distributed over $3,000 to more than 12 groups of buyers.

In order to be eligible to receive the cashback reward, a buyer must complete an unconditional contract on a participating property within a month of initially enquiring about the property via OpenLot.com.au.

OpenLot.com.au was founded in 2019 in Victoria and has recently diversified into the Queensland and New South Wales markets. By next year, the company aims to expand to a national market.

Covid propelling the online real estate market

OpenLot.com.au Founder Qi Chen said the initiative was established to reward online buyers, after observing the pandemic had driven shifts in buyer behaviour.

The site has seen tremendous growth in traffic, soaring from 200 monthly users in the beginning of Covid in 2020 to 50,000 current monthly users.

“We’re now seeing more buyers wanting to discover land and new home opportunities online, because it’s not always feasible to do weekend display home and land sales office visits anymore.”

Qi Chen, OpenLot.com.au Founder

“Instead, many buyers in the market for land and new homes are using OpenLot.com.au as a pivotal service,” Mr Chen said.

Moremac Property Group is one of OpenLot.com.au’s more notable clients. The development specialist has 9 estate developments publicly listed on the site currently, with two thirds of these offering the cashback incentive.

Lachlan Moore, Sales and Marketing Manager at Moremac Property Group, said the group lists many of their developments exclusively to land buyers on the site.

Mr Moore believes the cashback incentive has been a point of attraction for buyers.

“Each month, we’re receiving a consistent stream of sales. I think that’s certainly being helped by OpenLot.com.au’s cashback incentive, which is driving buyers to make the purchase decision quicker.”

Lachlan Moore, Sales and Marketing Manager, Moremac Property Group

Mr Moore gave high praise to the site, Moremac having achieved impressive sales of their Smith Park estate after launching it on OpenLot.com.au six months prior.

“Even with no sales office on-site, and no walk-in enquiries, we’ve managed to sell out the first 7 stages.

“We’re not even listed on Domain or RealEstate.com.au, because there’s just no need,” Mr Moore added.

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