A prop-tech platform which has digitised the buying, selling and leasing process for real estate agents and buyers is set to launch in Australia after having raised AU$4.9m in seed funding.
Offr went live just ten months ago to not only enable people to execute property transactions with one-click, but to do so from anywhere; through providing a fast and secure way of buying properties cross-border, the group has made online international trading possible.
The seed funding has brought Offr’s total funds raised to over $6.5m, helping the group to accelerate its international expansion and further develop its infrastructure. Eventually, Offr aims to expand its platform to manage the transactions of all types of properties, both traditional and auction, including the sale of homes, residential lettings, commercial sales and leases.
Offr co-founder and CEO Robert Hoban acknowledged COVID-19’s accelerating push in the proceedings, saying he expected to be where he and the group are today in five years' time.
“The fact is, the stress, uncertainty and longevity of buying and selling property are just products of an outdated, yet somehow accepted system,” he said.
“We made it our goal to address these problems. We developed one platform for everyone. An end-to-end, open solution which supports real estate agents, buyers, sellers and solicitors and the pandemic has accelerated adoption by all.
"We are delighted with the support from Barclays, as we look to grow our business globally.”
Through Offr, the average length of time to sell a property from listing to completion has more than halved from seven months to three for traditional sale, or two months using online auction.
The group’s white-label platform allows buyers to securely submit offers and close deals on real estate agents’ own websites. The agents can track the progress of a sale or lease in real-time, as well as be alerted when an offer is received, if there is an upcoming viewing or if legal documents have been updated.
Similarly, buyers can book a viewing online, upload proof of funds and ID, make an offer, pay a deposit, connect to their solicitor, and sign contracts.
Offr also connects real estate agents to solicitors and banks to digitise the sale end-to-end, and infuse speed and transparency into the process.
