A Brisbane-based property technology company that is looking to transform how agents operate in the real estate sector has raised more than $4.5 million for its plans to scale nationally.
UrbanX’s raise was led by 29North (29N) co-founders Ross Hayward, Ben Korst and Beendan Larsen, with the funds to help the company reach its goal of ‘working with 20 per cent of the top 20 per cent of agents in Australia and New Zealand by 2030’.
The company, which bills itself as the “future of real estate”, uses technology to allow agents to work for themselves, create their own unique brands, and keep up to 90 per cent of commission.
This disruptive platform is a white-labelled product that partners with agents to take care of things behind the scenes such as marketing, administration, accounts & training.
CEO and co-founder Dan Argent said he started UrbanX after working in the traditional agency-based model for more than a decade himself.
“What most people don’t realise is that agents don’t get a salary; they work on a commission-only basis, but when a commission comes in, the franchise takes 8 to 10 per cent and the agency takes another 40 to 50 per cent, leaving agents getting only 25 per cent after tax and superannuation is deducted,” Argent said.
By cutting out the middleman, UrbanX hopes to build an army of independent agents free of the usual hassles of running a real estate agency.
The company, in its third year, is expanding throughout its home state of Queensland, and is pushing into New South Wales, Victoria, Tasmania and the Northern Territory.
With 29N’s backing, UrbanX now hopes to tackle the ACT and develop the next stage of the company’s IT platform.
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