Record-high house prices in the United States are seeing more owners listing their properties to take advantage of low interest rates. This has created a hugely competitive landscape for real estate agents with many turning to online RMA Global’s (ASX: RMY) RateMyAgent platform to gain an edge in self-promotion.
Now with more than 122,000 agents creating profiles on RateMyAgent, the amount is more than triple the amount of Australian agents on the platform where the country is undergoing a similar trend with house prices. As agents register for the platform and open themselves up to published reviews from their clients, RMA offers subscription services that let agents expand their profiles and feature more prominently.
Alongside the increase of US agents on the platform which has increased 22% since reporting 100k agents six months ago, US revenue has doubled as competition between agents heats up.
“In our April release, I said that we anticipated an exciting pipeline of activity to come in the second half of the year. That is starting to arrive,” said RMA Global CEO, Michael Davey.
“The business has been consistently focused on getting more agents on the platform, helping them to gather reviews as smoothly and effortlessly as possible and demonstrating the value a subscription has to offer.”
RateMyAgent now has agents from every US State on their platform and for the first time, the number of customer reviews exceeds the number of agents with there now being more than 128,500 individual reviews.
The next target for RMA will be to reach 200k agents on their platform with the Company estimating that less than 300,000 agents account for 80% of properties sold in the US.
As the platform progresses in its growth, RMA also has plans to monetise their data via partnerships that connect buyers to mortgage brokers.
Between data that links on-market and historical property transaction data to the corresponding agents, RMA is building a unique data bank that will be unrivaled in the US.
RMY shares responded well to confirmation of their US growth in agent profiles to reach a high of $0.28 in morning trade, a rise of 18.3% on their previous $0.245 close.