REA Group has now acquired full ownership of Australian PropTech, Realtair.
Initially, REA Group initially invested in Realtair in 2020 and held a 37 per cent stake in the business prior to the acquisition.
Realtair is an end-to-end property sales platform that streamlines the way agents connect with property owners.
Its suite of products enables agents to create customisable digital listing presentations, sign agreements on the spot and manage auction and private treaty transactions.
REA Group Chief Executive Officer, Owen Wilson, said the acquisition would accelerate REA Group’s agency services strategy and provide customers with the best digital tools throughout the property transaction journey.
“We are focused on helping our customers to better manage their workflow, increase efficiencies, and grow their business,” he said.
“Realtair’s products will enhance our ability to deliver this and we’re excited by the long-term opportunities that our ongoing investment in Realtair presents.
“The positive response to our existing partnership with Realtair gives us great confidence in the benefits we can deliver for our customers.
“REA Group is well placed to help customers win more listings and with the added value that Realtair provides during the sales process, we can streamline the home buying experience for consumers.”
Realtair Co-Founder and Chief Executive Officer, Peter Matthews, said REA Group has been an important and effective partner and is the natural fit to take Realtair into the next phase of growth.
“I’m proud of what Realtair has achieved over the past eight years and have decided that now is the right time for new leadership to take the business forward,” he said.
“As part of REA Group, we can be sure that Realtair will continue to unlock value for the real estate industry with innovative tools that help agents do business.”
Realtair Co-Founder and Chief Operating Officer, Blake Williams, and Chief Financial Officer, Paul Shaw, will continue in the business and Mr Wilson said REA Group looked forward to welcoming Realtair employees to the team.
REA Group notified the ACCC of the acquisition and received all clearances prior to completion.
