A marketplace for off-market properties where agents can access more offers has launched in Sydney.
Profound helps agents advertise off-market listings with a cost-effective subscription fee for unlimited listings and get broad market feedback on price.
“Agents have limited channels to promote off-market listings,” Profound Co-founder Richard Cohen said.
“Consequently, with a smaller buyer pool, they potentially miss out on getting a higher price for their sellers. Profound gives agents a platform to advertise off-market listings discreetly.”
Mr Cohen said unlike other off-market platforms, Profound does not charge any commission on the agent’s sale.
“The in-built agency agreement in the app allows agents to formalise their relationship with the off-market vendor quickly and legally,” he said.
For agents, this platform immediately increases their reach for the off market listing, which would ordinarily be marketed to their database of prospective buyers only and through buyer’s agents.
Agents action a native exclusivity agreement in-app with the seller; select the vicinity radius of the property, upload the property in seconds and collect buyer contact details as interested parties reach out.
“Once uploaded, the listing can be shared to their contacts via email and on social media without revealing identifiable details of the exact property,” Mr Cohen said.
It is estimated that around 360,000 properties are available each year in Australia via the off-market method.
Designed by property investors and agents, Profound seeks to help an agent reach a bigger audience.
Profound has launched in Sydney and will gradually be rolled out across Australia focusing on metropolitan areas before expanding into holiday home destinations and hot regional markets.