National real estate company The Agency Group Australia (ASX:AU1) ("The Agency" or "the Company") is pleased to announce the Company's recently launched real estate services platform and brand, RightMove, is enhancing the Company's offering to independent offices in Western Australia.
RightMove enhances The Agency Group's industry leading real estate support and marketing offering with advanced proprietary technology to empower agents to forget administrative headaches.
RightMove and its associated technology provides a comprehensive suite of services, including:
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The inclusion of property management services is viewed by The Agency Group as a strategically important addition to RightMove's offering. Property management is commonly delivered by offices and franchises due to its complementary nature with the sales process. However, the service is typically labour intensive and requires scale before achieving cost efficiencies.
RightMove is able to deliver a complete end-to-end service, remunerating the referring office while also deploying the existing property management expertise which resides within The Agency Group. The Agency Group's property management team already manage over 10,000 properties, nationally[1].
In addition to the product mix being carefully considered, delivery of these services has also been designed to put the agent first. For example, commissions will be paid when a sale becomes unconditional rather than the traditional practice of payment at the completion of the transaction, significantly accelerating agent remuneration.
These broad-ranging services are delivered by a centralised support team and a digital dashboard using advanced third-party software. The dashboard, which is accessible via PC or mobile device, uses advanced proprietary technology permitting rapid integration of real estate-specific services. The dashboard will be continuously updated with new and additional services, ensuring RightMove agents always receive cutting-edge support seven days a week.
RightMove's mix of centralised support and innovative technology is the result of a conscious effort to liberate cost-centres for offices and alleviate interference from franchisors. Moreover, the ability to choose specific services further empowers agents to become independent operators, tailoring their level of support to determine their own pathway forwards.
RightMove has been introduced to independent offices and agents wanting their own brand through two key options:
- Offices are able to keep or create their own brand which will be "powered by RightMove". This offering emphasises the importance of personalised local brands which may possess a rich heritage or be well recognised within a specific location. It also provides independent offices with services, technology and cost savings which are traditionally only available through large franchises or network businesses.
- A second option available to independent agents is to operate wholly under the RightMove brand, permitting realtors to leverage the full extent of the RightMove platform and services.
After 18 months of beta testing the technology, process and systems, RightMove has organically attracted 11 new agents across both of its 'RightMove' and 'Powered By' operations in Western Australia. The new models have been tried and tested to succeed in the marketplace and provide a complimentary solution to the established Agency model.
As an alternative to working under a brand, 'Powered by RightMove' has attracted a number of conversations with established businesses looking to streamline their business and maximise their returns.
With the successful introduction and market penetration in Western Australia, a national rollout is envisioned for the new models in the next 12 months.
The Agency Group Founder and Executive Director Paul Niardone said:
"The establishment of RightMove is all about servicing independent real estate offices with a better offering, alleviating cost burdens which eat into the bottom line.
"No other company offers the depth and breadth of services available through RightMove with the skills and experience to reliably manage this workload. This platform and offering provides agents with all the confidence and support they need to build a business.
"Many of our peers claim similar offerings but none deliver such an extensive list of services delivered by such a highly involved support team. For example, we believe offering property management doesn't end with an app – instead it should combine software with a team of people able to handle your inspections, manage your leads and so much more.
"When looking at the opportunity before us, the numbers are compelling with the Real Estate Institute of Australia (REIA) estimating the country has over 45,000 agencies of which 99% are considered small business operators.
"This combined pool of real estate offices manage billions in transactions each year – many of which have a genuine interest in streamlining administration and focussing only on listing and selling properties."
[1] See ASX Announcements dated: 23 February 2024
