REA Group has announced it has acquired leading tenancy application service 1Form.com for a total of $15 million.
It follows a three-year partnership between realestate.com.au and the Melbourne-based digital start-up site established in 2006 by Australian entrepreneurs Chris Koch and Chad Stephens.
1Form.com boasts 2.3 million registered tenants and has an extensive presence across a broad range of property advertising portals and real estate agency websites.
Through the partnership, all rental property listings on realestate.com.au have free access to 1form.com services, including online management and secure storage of tenancy application information.
REA Group chief product officer Henry Ruiz said 1Form.com will help the company achieve its goal of making the property process simpler and more efficient.
“The property life cycle is a long one and realestate.com.au is committed to making the entire property process simple, efficient and stress free. By making it easier for potential tenants to apply for rental properties online, 1Form.com is fast becoming the industry standard for tenancy applications,” he said.
“We are very excited to show our commitment to this Australian innovation. We expect the site experience will remain the same, but our intention is to eventually eliminate the annual application management and storage fee,” continued Mr Ruiz.
“We see this as an important first step towards improving the experience for tenants, property managers and property owners, and will confirm a timeframe for this change in the near future,” said Mr Ruiz.