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Is this new app set to change the commission game?

By Juliet Helmke
19 April 2024 | 10 minute read
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A new app is shaking up the listings game, aiming to save vendors money on commission while delivering leads right into agents’ hands.

Called bRight Agent, the platform is the brainchild of entrepreneurs and investors Aaron and Angelina Scott, who came up with the idea while selling a property in 2022.

While they ultimately had a positive experience with the sale, the experience of finding an agent to represent them left them wondering if tech could play a role to save vendors money and everyone time during the process.

The app, which was officially launched in December 2023 after 10 months of development, allows property owners to create a listing that agents can ultimately offer up their services to represent. Agents are able to offer progressively more competitive quotes as vendors weigh their options, while the app compares the different fee structures to help sellers clearly evaluate the different costs between agencies.

At the end of the process, only the agent that’s selected receives the contact information of the sellers, putting them in direct contact with the person most likely to meet their needs without distributing their information to multiple other agencies.

Currently available in Australia on iOS and Android, the app is free for sellers to use, while agents are charged a subscription fee based on the size of the area they wish to cover.

The Scotts said that in its first few months of operation, bRight Agent has been saving sellers an average of $11,000 on each sale.

Aaron Scott explained that the endgame is to reduce the price of selling a home for Australians at a time of high anxiety around property costs.

“With so much mortgage stress, it’s never been more important to save,” he commented.

But as Angelina Scott added, the couple also see it as a benefit to the real estate industry by having the effect of levelling the playing field.

“Our service can offer newer agents a chance to compete for a listing in such a competitive industry,” she said.

And while the initial idea looked to streamline the process for vendors, they noted that the industry also has a lot to gain from added efficiency when trying to win listings.

“bRight Agent service is fantastic for agents on the go as new leads are delivered directly through the app to their phone. Agents are able to quote in seconds, and then stay up to date on how competitive their offering is. At any stage prior to the seller selecting an agent, all of the agents are able to adjust their pricing based on workload and competition,” they noted.

The duo explained that while they’re only looking to make small adjustments to real estate fees, that can make a big difference to the lives of everyday Australians.

“PEXA reported that the value of Australian property sold in 2022 was $674.5 billion. If the average commission rate is around 2.5 per cent, that translates into around $16.9 billion in commission revenue in 2022. If we can increase transparency, competition and lower those commissions by even 10 per cent – 2.5 per cent down to 2.25 per cent – that puts around $1.69 billion back into the pockets of Aussie home owners, all through a free app-based service.”

ABOUT THE AUTHOR


Juliet Helmke

Based in Sydney, Juliet Helmke has a broad range of reporting and editorial experience across the areas of business, technology, entertainment and the arts. She was formerly Senior Editor at The New York Observer.

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