Domain Group is an Australian digital property portal and associated real-estate industry business.
Domain entered into a joint venture with Limepay to design and build a leading payment solution for the real estate industry, called MarketNow. MarketNow was launched in January 2021.
One of the key challenges that agents and vendors face is the mistiming of cashflows. When selling a home marketing costs need to be paid upfront. Domain also wanted to retain their customer experience and didn't want to partner with a brand that would end up competing with their end customer.
Domain chose Limepay as it had the most flexible and frictionless product proposition that met the needs of their agents, vendors and Domain.
MarketNow offers flexibility and alleviates cash flow strain allowing vendors to defer upfront selling costs of up to $25,000, which could cover marketing costs, styling and minor improvements.
Both agents and consumers have been quick to adapt and embrace new digital tools to improve their property journey.
The feedback from agents is that MarketNow has solved the key cashflow problem they were facing.
58% choosing to pay later
Real estate agencies are beginning to realise the importance of that service with 58%* of sellers choosing to make their lump sum payment later.
29%* increase in marketing spend
The added flexibility in payments is also leading to an average 29%* increase in marketing spend - a win-win for the market.
*Source- Limepay Data
So Limepay together with Domain have created a solution that is clearly just frictionless. We can jointly focus on the health of our customer set and growth of our customer set.
Managing Director & CEO