REA Group has partnered with proptech businesses Realtair and Campaign Agent to modernise how real estate agents process property transactions from the appraisal through to the settlement.
In its first half results released on Friday, REA Group said it would spend $13.3 million on a 27 percent stake in Campaign Agent, as well as increase its holdings in Realair to 19.9 percent for an aggregate investment of $7.3 million.
Campaign Agent acts is a buy now, pay later platform for the property market, while Realtair automates the real estate sales process for agents by providing end-to-end technology solutions.
REA's CEO Owen Wilson said the adoption of digital solutions post Covid-19 placed REA in an excellent position to connect to customers with more property owners and win listings.
“Our customers will soon be able to access unrivalled demand and property data via our comparative market analysis tool within a new suite of integrated digital products and services,” he said.
“These offerings will enable our Agency customers to create personalised market updates, customisable digital listing presentations and provide the opportunity to offer digital authorities right through to the exchange of property contracts.”
REA also reported a $430.4 million revenue in the first half, a 2 percent drop from the year prior reflecting impacts of Covid-19.
Realtair CEO and founder Peter Matthews he was “thrilled” to be working with REA to help agents win more listings and find business efficiencies via “dynamic and innovative technology”.
Campaign Agent co-founder and chief executive Shaun Moriarty followed with similar sentiments on the new partnership.
“We’ve helped over 85,000 vendors market their homes with VPAPay and we look forward to giving even more property owners the opportunity to invest in the most effective marketing campaigns to deliver the best sale result possible,” Moriarty said.
REA Group's minority acquisition of Indian real estate technology platform Elara Technologies last year also recently became a controlling stake.