New technology platform to disrupt the market?

The way people buy and sell property may be about to change with the launch of exchangehouse.com.au – the first fully integrated online platform in Australia where people can bid on residential properties.

This ground-breaking platform has been designed to completely streamline the sales process. The first property to be sold through exchangehouse.com.au will be presented on Saturday 18 October, marketed by Ray White Coogee. It is located at 30 Cook St Randwick and is expected to be hotly contested online.

Mark Jamieson, Director of ExchangeHouse said, “exchangehouse.com.au is set to significantly disrupt the property market by changing the way people buy and sell property. We identified three major shortcomings with current methods of sale. Firstly, buyers are wasting time and money chasing properties beyond their budget. Secondly, sellers and buyers are making pressured financial decisions on auction day. Lastly, there is a lack of reliable information for all parties during the marketing campaign.”

ExchangeHouse allows agents to list properties on behalf of their vendors. The reserve price is set on the first day of the marketing campaign, however is never disclosed. It can be adjusted at anytime. Buyers are also advised of where bidding will commence, always within a reasonable range of the reserve. There is a comprehensive sms and email alerting system to keep all fully informed throughout the bidding process to enable better decision making.

He added, “exchangehouse.com.au offers many benefits including transparency, efficiency and convenience. A highly secure and efficient online environment is provided for transacting which complies with all relevant legislation. Overseas buyers are expected to embrace the new technology platform.”

Simon Platt, Sales Partner of Ray White Coogee and Bondi Junction is excited at the opportunity of being the first real estate agent to present this consumer friendly method of property sales to the marketplace.

He said, “exchangehouse.com.au is a unique online platform that is expected to be openly embraced by the public. We are looking forward to bringing this new concept to the real estate market. In today’s technology world transacting on the internet is now common place.”

ExchangeHouse is a government regulated business located in Sydney. It has secured Australian Transaction Reports and Analysis Centre (AUSTRAC) and Document Verification Service (DVS) approval, enabling online registering to bid. This is a first for the property industry.

Bidders pay a $2,000 bond as part of the registration process. The bond is immediately refunded at the close of the auction if the bidder is unsuccessful. If successful, the bond is refunded when the deposit has been paid to the agent. It costs $250 to list a property plus a transaction fee of 0.15% ($1500 for every $1 million) only if the property sells.

The website will initially take agents listings in New South Wales and will expand in early 2015 to cover the national residential property market.

For further information visit www.exchangehouse.com.au


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