Freemium real estate startup MiSale, a platform that connects people selling their homes directly with home buyers, recently announced its launch into New South Wales and Victoria.
This expansion follows MiSale’s launch in Queensland earlier this year, where the platform has facilitated close to $12M in sales, saving users $293,000 in commissions.
At zero cost and with no real-estate agents and their associated commissions, users can sell their home independently on the platform, taking control of all aspects of the selling and buying process.
For those needing some extra assistance, users can now sign up to MiAgent, the agent assistance package for $2,999, which comes with no commissions and no lock in contracts, just the peace of mind of having an expert on call to guide you through the process.
MiSale offers a simple and seamless alternative for home buyers and sellers, with services including conveyancing, solicitors, mortgage brokers and legal minds, all accessible on the platform. MiSale also allows its users to list their homes on realestate.com.au at no charge to increase the chance of them selling their property.
What is the story behind MiSale?
Launched in Queensland in 2017, the lightbulb moment for MiSale came when Ewen Malcolm overheard his real estate agent incorrectly informing an interested buyer of his childhood home about the property’s heating capabilities.
Displeased with the real estate’s lack of knowledge of his home, Ewen put on his real estate agent hat and completed the house tour himself, as only he had deep insight in his property’s layout, features and quirks.
Co-founder of MiSale, Ewen Malcolm, said: “Selling your home is a process that has been covered in smoke and mirrors for many years, with pages of paperwork and litigation. MiSale’s freemium model is aimed at reducing the barrier to entry for even the most skeptical person. Users have nothing to lose, there is absolutely no risk involved.”
“We are facilitating the conversation between seller and buyer with our easy-to-use messaging platform that we believe is miles in front of our competitors. We have some strong goals, targets and blue sky ideas in the pipeline, so our expansion to Eastern Australia is only the beginning for the business,” said Mr. Malcolm.
How is MiSale doing so far?
LocalAgentFinder found the average commission on homes sold in Queensland, Victoria and New South Wales were 2.47 per cent, 2.13 per cent and 2.11 per cent, respectively, representing thousands of dollars in potential savings for MiSale users.
Mr Malcolm continued: “Real estate agents need to reskill themselves as technology continues to cut out the middle-man for the industry. There will always be disgruntled people when you disrupt a system, but this is the way the world is moving, so agents can either get on board and prosper or be left behind.
“We’re already communicating with several real estate agents who are seeing this trend unfolding. They’ll be coming on-board with us in the near future to help facilitate additional support for some of our customers who are not particularly confident in aspects of the selling or buying process. Not everyone is well spoken and confident, and agents can offer strong value in this respect,” he added.
Australian home buyers are increasingly turning to the internet to research their future homes. Research by National Association of Realtors found that 90 per cent of prospective home buyers are looking online to find their perfect home.