Vow Financial will be delivering more “quality” leads to brokers as it continues to expand its real estate referral network.
Real estate group Hello Real Estate – which has a strategic partnership with Vow – has just announced a reverse take-over deal with mining company Minrex Resources for $6.75 million, which will see Hello Real Estate listed on the Australian Stock Exchange.
Phil Horan, founding director of Hello Real Estate, said the group has been working with Vow over the past few months on a finance arm which will be branded as “Hello Finance, powered by Vow”.
“Vow brokers will work hand-in-hand with our licensees, so if you’re a licensee in a particular area, you’ll have a dedicated Vow broker who will have the Hello Finance collateral when they go to see potential buyers,” he said.
Vow Financial CEO Tim Brown said the new deal will mean brokers will receive more “quality” leads from the aggregator, and will also allow them to become involved in the property-selling process.
“It’s a bit of an innovative model where the client’s actually the one selling the property – they’re [the broker’s] just helping them with all the other components such as uploading details online and advising and mentoring the client on how to get the best price for their property,” he told The Adviser.
“The model is unique to Australia – it’s still in its infancy here, but in Canada it’s 12 per cent of the market, so it’s not something we can ignore.”
Mr Brown said the deal with Hello Real Estate will not affect Vow’s existing partnerships with RE/MAX (through Australian Property Finance) and Elders Home Loans, and revealed that the aggregator will be announcing another partnership with a real estate group in the coming weeks.