Brisbane-based real estate tech firm UrbanX has secured $4.5 Mn in a funding round led by 29North (29N) co-founders Ross Hayward, Ben Korst and Beendan Larsen.
UrbanX positions itself as the “future of real estate”. The prop-tech company aims to transform how agents operate in the real estate sector through its white-labelled disruptive platform that partners with agents to take care of things behind the scenes such as marketing, administration, accounts & training. The company allows agents to work for themselves, create their own unique brands, and keep up to 90% of commission.
Founded in 2019 in Queensland, the company is now expanding throughout its home state, and is pushing into other regions including New South Wales, Victoria, Tasmania and the Northern Territory.
The funds will be leveraged by UrbanX to expand nationally, while simultaneously progressing towards its goal of “‘working with 20% of the top 20% of agents in Australia and New Zealand by 2030’.
“What most people don’t realise is that agents don’t get a salary; they work on a commission-only basis, but when a commission comes in, the franchise takes 8 to 10% and the agency takes another 40 to 50%, leaving agents getting only 25% after tax and superannuation is deducted,” CEO and co-founder Dan Argent said.
By cutting out the middleman, UrbanX hopes to build an army of independent agents free of the usual hassles of running a real estate agency. With the backing of 29N, the prop-tech company is also looking forward to tackle the ACT and develop the next stage of the company’s IT platform, reports suggest.