Estate agent David Madden has launched a new venture combining his industry knowledge with an online platform for residential property sales. MoveOn.ie charges a flat fee of €1,800 to homeowners who can either conduct the entire process online or work with the company’s in-house estate agents to complete the sale.
“Estate agencies typically charge one to two per cent of the ultimate selling price, meaning if a house sells for €500,000, the seller could lose up to €10,000 in agent fees. It’s an extortionate fee for what is realistically a small amount of work,” said Madden.
He came up with the idea for MoveOn.ie while working in London. “There were proptech companies popping up over there at the time like Purplebricks.co.uk and Housesimple.com,” he said. “Their seller-led model has been successful in Britain and it accounts for about 20 per cent of market there now. I saw potential for the concept in the Irish market, so I decided to move home and develop it here.”
Madden, who has a background in web design, developed the website for a year prior to the soft launch last April. “We did a test advertising campaign where I spent €100 a week over eight weeks, just to see how it would be received online. That brought in over €15,000 in revenue,” he said. “I was able to bring those figures to investors to secure €33,000 to kick things off about eight weeks ago.”
MoveOn.ie has completed two sales and 20 properties are currently listed on the site. “Our target is to get to the 50 mark by Christmas,” said Madden.
“We’re offering a nationwide service from our Dublin office and we have regional sales reps. We have a property in sale in Co Kerry at the moment and another in Malin Head, which is the northernmost point on the island.”
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