REA Group takes full control of proptech Realtair

The digital real estate giant is again expanding its offerings to agents.

REA Group chief executive Owen Wilson.

Online digital company REA Group has taken full ownership of Australian proptech company Realtair as it broadens the offerings for real estate agents amid rising demand for hi-tech products.

Though REA is best known for its digital property listings, it is a long-time backer of proptech companies as part of its strategy to boost its offering to customers.

REA, which is majority-owned by News Corporation, publisher of The Australian, initially invested in Realtair in 2020 and had held a 37 per cent stake in the business before making a full acquisition of the company for an undisclosed sum.

Realtair is an end-to-end property sales platform that improves the way agents connect with property owners. As a kind of online back office, its products allow agents to create customisable digital listing presentations, to sign agreements on the spot and manage auction and private treaty transactions.

The purchase is part of a move to accelerate REA’s agency services strategy by providing customers with the best digital tools as they deal on properties.

“We are focused on helping our customers to better manage their workflow, increase efficiencies, and grow their business. 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,” REA chief executive Owen Wilson said.

“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,” he said.

REA Group is again expanding its offerings to agents.

Realtair co-founder and CEO Peter Matthews said REA had been an important and effective partner and was 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, with staff also to join REA.

REA has been stepping up in proptech and last year took full ownership of CampaignAgent, a fintech company that offers property vendor funding solutions. It had taken a 27 per cent interest in that business in 2021.

REA is positioning for its next leg of growth, and it is moving beyond real estate listings into data collection and analysis, international investments and financial services.