This article is from the Australian Property Journal archive
FIVE months after UK fixed-fee real estate agency Purplebricks left our shores, homegrown Aussie disruptor Upside Realty shows the model is not dead and it is growing rapidly, recruiting seven agents a month and witnessing a 20% monthly growth.
Like Purplebricks, Upside Realty has no commission structure, instead offering a fixed fee of $8,900 for private treaty or $9,700 for auction regardless of selling price. The company estimates it has saved its customers $5,224,753 in agents’ fees to date.
According to the company, it is growing quickly with over 650 listings in Sydney and Melbourne and recent expansions into Australian Capital Territory and Queensland this month, in Brisbane, the Gold Coast and NSW southern highlands.
CEO and founder of Upside Realty Adam Rigby said the growth is achieved through strong execution, hiring the right agents and living up to promises.
“Sustainable growth is key to Upside’s long-term success, and the business does not compromise on service quality to accelerate expansion.
“To that end, we are confident that more Australians will continue to sell their properties via Upside for a fairer price, while the proposition we developed to support this will continue to appeal to agents looking to join the next wave for property within a tech-minded global community,” he said.
The growth of Upside Realty comes five months after Purplebricks spectacularly quit Australia. In the two and half years, the UK-based company spent $17.4 million to grow the business in Australia.
Victorian-based sales agent Robert Taleski said he was initially dubious about the model and its offering, after having viewed that of Purplebricks’ – a UK derived model – before concluding it was not one that would work for him.
Having worked in a traditional office for 10 years before joining Upside, Taleski said that the Australian model has stronger prospects than Purplebricks in the Australian market, which is continually changing to give homeowners a more fluid selling experience.
Taleksi is a leading agent in his area, with 46 sales under his belt for the 12-month period alone prior to joining Upside. He said he decided to join the agency because he believes that a fixed fee model remains the way of the future for the industry.
“I was particularly drawn to the small business model Upside offers, not only are you no longer dealing with traditional franchise databases, which can at times be cumbersome and clunky for external use, but you are essentially set up to run your own office and business right from the very start,” he concluded.
