Domain partnered with Limepay to build a leading payment solution, MarketNow.
Real estate agents faced a range of new challenges through COVID-19 and the resulting lockdowns. With potential buyers often unable to attend in person, they innovated fast to deliver online viewings and auctions, and 3D virtual tours. Across the industry, there was a strong momentum to get things right and more proactively adopt tech capabilities.
With an improving job market, record low interest rates and government stimulus, the Australian housing market has picked up pace with property prices rising nationally amid a surge in demand. The incredibly hot market reduced supply and intensified competition, which may have also impacted cashflow for many real estate agents.
To support the industry, Domain looked for ways to equip agents with game-changing tools so that they could provide a secure and flexible service to vendors and ensure their viability in an unpredictable market.
It was important that they delivered a fast and flexible VPA (vendor-paid advertising) product that seamlessly integrated into the core Domain brand experiences and values. Providing genuine value to agents and developing natural workflows for them was a must..
After an extensive search, Domain decided to partner with Limepay to design and build a leading payment solution for the real estate industry, MarketNow.
MarketNow launched in January 2021.
An innovative payment solution to help manage agency cashflow
There’s often pressure for agents to front the VPA (Vendor Paid Advertising) when listing a property. In a sellers’ market, there’s increased pressure on agent cashflow so paying for VPA ties up much needed cash for the business.
MarketNow lets sellers pay for VPA closer to their settlement date, while real estate agents receive payment straight away. It gives sellers the comfort of managing their own cashflow and the confidence of being able to pay how they want to, without impacting agents’ ability to deliver.
And real estate agencies are beginning to realise the importance of that service with 58.33%* of sellerschoosing to make their lump sum VPA payment later. The added flexibility in payments is also leading to an average 29%* increase in marketing spend - a win-win for the market.
“Clients are genuinely excited that the product has eased cashflow burdens,” says Trea Scott, Customer Success and Optimisation Lead at Domain. “All the admin around tracking VPA has been streamlined. Agents can view all payments in one place with real-time updates.”
Centralising cash management to focus on efficiency allows agile businesses to come out on top and build a lucrative marketplace around them.
Opportunity and innovation via Limepay
To give vendors flexibility and ease up cashflow strain, MarketNow, in partnership with Limepay, allows agents to get ahead of the curve by providing a game-changing secure payment solution that offers financial flexibility.
By giving eligible agents the option to defer payments of up to $25,000 until a later date, MarketNow allows agents to roll out more valuable marketing schedules which, in turn, provides better outcomes and increased return on investment. Domain chose Limepay as it had a flexible and frictionless product proposition that met the needs of their agents, vendors and Domain.
Embracing change for optimal results
Both agents and consumers have been quick to adapt and embrace new digital tools to improve their property journey, with agents reporting that MarketNow has solved the key cashflow problem they were facing.
Limepay, together with Domain, have created a solution that is clearly just frictionless. We can jointly focus on the health and growth of our customer set. Jason Pellegrino Managing Director and CEO, Domain
If you have a unique payment challenge you need help solving, get in touch and let’s chat about how we can help you grow your business.