New disrupter SWISH is taking on the real estate listing sector by offering fee-free listings.
SWISH, founded by former property agent and carpenter, Daniel Stenner, allows private buyers and sellers to interact directly – advertising and buying – on an online platform, without going through an agent or using the two major listing portals, Realestate.com.au (REA) and Domain.com.au.
Most private sellers are not able to list directly on the two majors without using an intermediary, usually an agent, or other disruptors to the real estate agency business such as Purplebricks, BuyMyPlace or forsalebyowners.com.au.
While they all compete on price, they all advertise on either REA or Domain.
SWISH disrupts the listing space itself, with its own platform. While it is not trying to topple the two majors, it is hoping to secure 10 to 15 per cent of market share.
"The big two wouldn't exist in their current format without the ongoing support from the real estate industry," Mr Stenner said.
"Effectively the clients for REA and Domain are real estate agents, whereas SWISH deals directly with buyers, sellers and property professionals.
"The other main difference with SWISH is that sellers have the option to search for buyers, just like buyers can search for property, effectively a seller can find a buyer before they even list their property for sale.
"I believe the irony in real estate is that sellers choose agents based on their database of buyers, this database is a closely guarded commodity for real estate agents.
"SWISH allows buyers to add their buying profile on the site, therefore allowing sellers to mine the SWISH database without the need to pay an agent."
It costs nothing to list, and the company will make money from sales-related services listed on the site. A small nominal listing fee could, however, be levied down the track.
Mr Stenner is funding the business with several silent local partners and plans to grow the business slowly over the long term. The first version of the application, goswish.com.au is up and running.
SWISH is not the first to challenge the big two's dominance.
Last year, online property company Onthehouse Holdings announced a potential joint venture with realestateVIEW.com.au for a third portal. That deal fell through.
And then there is Homely.com.au which has been running for 10 years and has a similar model to REA and Domain but with cheaper listing fees for agents.
Mr Stenner welcomes the competition and sees a future in his more "direct" approach.
"We know that transacting real estate in 2025 will be a very different experience to what it is today and by that time, SWISH will hopefully be a global entity," he said.
