Serial property and marketing entrepreneurs Doron Peleg and Pete Wargent have already raised a “substantial amount” for their PropTech start-up from a group of high net worth individuals (HNWI) led by ex-Chobani MD Peter Meek, Singapore-based Fortune 500 Executive Jeff Cook, and HNWI tech entrepreneurs.
The founders each have more than 20 years of experience and an extensive track record of successfully launching new PropTech, real estate, and financial services businesses.
They have established BuyersBuyers.com.au, an online platform that sources Australia’s leading independent buyer’s agents at an affordable price to “give every Aussie homebuyer a ‘fair go’ in the property market”.
Their online marketplace is already expanding the market for affordable property buying services through mass-marketing and enabling technologies to redesign and automate the buyer’s agent matching process.
The platform screens property buyers’ needs and budgets and matches them to experts across the country, with entry level services costing from just a third of the price typically paid for buyer’s agent services.
Co-Founder and CEO Doron Peleg said that the affordable property buying services of BuyersBuyers.com.au are leveraging a massive addressable market in Australia.
Mr Peleg said that “of an average 550,000 Australian residential property purchases each year, under 3% presently involve a buyer’s agent, compared to approximately 45% of U.S. homebuyers using buying agents and an even greater market share in some other countries.”
“Using an aggregator model similar to those used so successfully in the mortgage broking sector, BuyersBuyers.com.au is raising $10m to take its revolutionary digital approach to the Australian property-buying journey up to the next level” Mr Peleg said.
Co-Founder and COO Pete Wargent said that “we’re already exceeding revenue targets, gaining increasingly favourable media traction, and attracting strong interest from strategic industry partners.”
“Alongside our mass-marketing B2C campaigns, strategic affiliations and referrals can help us to significantly grow the market and our market share over the next five years, and we’re positioned to deal with very high volumes”.
“Our online marketplace connects homebuyers to leading buyer’s agents for professional buying services, insights, and assistance, and BuyersBuyers.com.au is raising $10m to significantly expand our marketing campaigns and to take the sophisticated IT platform on to the next stage” Mr Wargent said.
BuyersBuyers.com.au CEO Doron Peleg said that “Australian homebuyers are already embracing our innovative cloud-based platform with many new consumers contacting us daily”.
“The capital raising will help us to significantly increase the pie of homebuyers who use buyer’s agents, and to acquire a more substantial slice of transactions in the Australian residential property market.”
“Our objective is to use mass marketing to gain a market share of 10% of property transactions within 5 years, but there is potential to grow well beyond that. We will also use the funds raised to further improve our IT capabilities, which forms the foundation of the service delivery and consequently, our considerably more affordable product pricing” Mr Peleg said.
Former Chobani MD Peter Meek said that “what initially attracted me to the business is the problem that they’re solving, giving a ‘fair go’ to every Aussie homebuyer and helping to reduce risk.”
“The addressable market is massive, and the team is highly experienced. Buying a property is the single biggest financial decision many Australians will make in their lifetime, but far too many still leave it to chance.”
“By making it easier and more affordable for homebuyers to save thousands on their purchase price with the help of an expert buyer’s agent, BuyersBuyers.com.au is addressing a clear gap in the Australian marketplace” Mr Meek said.
