Refund Home Loans has decided to enter the real estate market, with the opening of its first real estate office in South Brisbane due shortly.
Executive chairman of the Refund Group, Wayne Ormond, has voiced the groups intention to open a network of real estate offices across all states over the next few years.
Just like Refund Home Loans, Mr Ormond said anyone who decided to purchase or sell property through the Refund branded offices, will receive a cash refund – with the agent’s commission shared between the buyer and the seller.
“We conducted a survey of real estate customers in capital cities and regions through the well-credentialed Marketshare Company which clearly indicated that as many as 70 per cent of customers were not satisfied or were unhappy with their experience. There was also a strong feeling that agents are preoccupied with their vendors and seem to have forgotten their ‘other customer’ – the buyer,” Mr Ormond said.
“We believe people are essentially demand driven and choose to do business with a particular company because they get a better deal. In fact, throughout our survey, many people said they would like to see Refund offering a refund in the real estate market.”
Refund Real Estate will have a unique positioning in the real estate industry with no other real estate offices offering refunds of commissions to customers.
Franchisees for Refund Home Loans and financial planning and insurance will share space with the real estate franchise office – providing a comprehensive solution to property borrowers sellers and purchasers.
Mr Ormond said his growth plans for the new initiative are quite optimistic with almost 50 stores expected to open over the next 12 months.