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Proptech provider Reapit has expanded its customer base to more than one in two Australian real estate agencies, thanks to a new acquisition.
It’s revealed it will be taking on both Inspect Real Estate (IRE) and MoveMeIn (MMI), joining Reapit’s already strong suite of software products, including Console Cloud (property management), Agentbox (CRM) and Proposalpoint (digital marketing).
Charlie Holland, ANZ CEO of Reapit, said the group was “thrilled to welcome Inspect Real Estate and Move Me In to the Reapit team.”
He explained that “with the tightening rental market in Australia, property managers are overwhelmed with applications and are looking for better ways to streamline the process.”
Reapit has touted IRE as “a trusted and respected provider of time-saving workflow productivity software” for enquiries and inspections, which is in use by more than 3,000 real estate agencies.
Also operating in the property management space, MMI was founded as a division of IRE and “partners with real estate agencies to find tenants the best energy and internet deals in the market.”
Despite only being founded in 2017, MMI already boasts more than 2,000 real estate agencies as partners.
Mr Holland hopes the newest acquisitions enable Reapit to “bring together an offering that helps our customers achieve further productivity benefits”.
“While there has been a proliferation of proptech vendors in the region, the lack of any meaningful integration has meant our industry has struggled to gain the benefits of this innovation,” he continued.
“Following the acquisition of IRE, we have the ingredients to deliver a tightly coupled suite of products that help our customers achieve a competitive advantage in the market,” the CEO stated.
For IRE co-founder and CEO Andrew Reece, the opportunity to join forces with Reapit provides them with “a great platform to fast-track our growth in the United Kingdom, as well as strengthen our market position here in Australia and New Zealand.”
“IRE has always had a strong focus on helping our clients, as well as property seekers and the property industry, with our tech, and Reapit shares this vision,” he continued.
Further espousing IRE’s future growth, Mr Reece revealed their intention to “expand IRE One, TenantApp, KeyWhere, 2Apply and Move Me In around the world.”
“This opportunity brings us global expertise, which is what we’ve been looking for to help IRE go worldwide.”
MMI CEO Shaun Mahony has also lauded the business’s inclusion in the Reapit suite.
“It has been clear from our dealings with Reapit that we are all aligned on how we can better support our industry as a combined business.”
“I was fortunate to join Andrew and Mike in IRE in 2017 to build the Move Me In utility connection service. I’ve witnessed firsthand that a cohesive and aligned team is a vital ingredient in delivering great outcomes for our customers,” he said.
Weighing in on the news, Reapit Group CEO Mark Armstrong acknowledged that the business had “already worked with IRE for several years as a partner.”
He said that “the acquisition deepens Reapit’s commitment to delivering innovative solutions to the market and ensures our customers have access to all the technology they will need to compete and grow.”
ABOUT THE AUTHOR
Grace Ormsby
Grace is a journalist across Momentum property and investment brands. Grace joined Momentum Media in 2018, bringing with her a Bachelor of Laws and a Bachelor of Communication (Journalism) from the University of Newcastle. She’s passionate about delivering easy to digest information and content relevant to her key audiences and stakeholders.
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