A new startup is hoping to help consumers buy their first home online with the launch of Real Estate One, which is aiming to bring affordable and reliable real estate buying and selling to consumers.
The company, which has raised $1.2 million in seed funding from a consortium including the likes of Tiger Global Management and Fidelity Investments, is aiming at opening up a service that will enable consumers to buy and sell their first homes online.
As the industry is currently dominated by a few big players with a dominant position in certain markets, there is a growing need for an affordable, reliable and low-cost alternative to the current system.
Real Estate One has developed its own proprietary software to help it better understand what consumers want to buy, and how they might be able to access it.
“We want to make it easier for consumers to find their next home,” CEO Paul Schoenfeld said.
Mr Schoenfried said the company would launch a beta version of its product in the next few weeks, and would make the service available to the public at the same time.
There are currently no consumer products offering a similar service to the company’s own, he said.
“The industry is a little bit behind the curve.”
The company is aiming for a user-friendly interface, which includes a search function that allows users to sort their search results by price, location and more.
In addition to offering a search tool, Real Estate is also aiming to make the buying process a bit easier by offering a mobile app.
Users will be able search for properties, or simply type in the name of the property and then tap the option that appears, such as “buy now”.
“This is a real-time, real-money approach,” Mr Schoenfolds said.
“People have a lot of options and you can’t afford to be stuck on a phone for days.”
We can’t have this [problem] unless we are in a position to be able and willing to buy the property.
“There’s no reason why consumers should have to wait for months and months just to find out what’s available.”
The first phase of the Real Estate one offering will focus on the South East, with a focus on Brisbane, Melbourne and Perth.
The company is currently working with a few local properties to try and bring them online.
Mr Schausfeld said the first of its five properties is in Adelaide and the remaining properties would be in Adelaide, Sydney and Brisbane.
“I would like to see more properties online as soon as possible,” he said, adding the company hoped to offer its service in other areas of the country as well.
However, he cautioned that the launch was still a long way off.
“It’s going to take time,” he explained.
“Right now we’re in beta mode but I think it’s something we can get out of there.”
At the moment, the user experience is quite rough.
“Hopefully in a year or two it’ll be really good and we’ll be able offer a better user experience.”
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