Is Jamie McIntyre launching a real estate portal to cut Fairfax’s Domain’s lunch, as it will allow homebuyers and agents to list directly for free?
The bitter war between McIntyre and Fairfax Media is set to continue as McIntyre’s 21st Century Media, Education and Property Group launches a free to use real estate website to cut into Domains market share.
The website called ‘Sell My Crib’ at www.sellmycrib.com.au is in the pre launch phase and unlike Domain and Real Estate.com, it will allow home sellers to post their listing directly on the site for free.
Currently they can only list via a real estate agent with Domain or Real Estate.com, which costs about $15,000 in commissions and fees for an average $600,000 home.
Home sellers can now save the entire $15,000 by listing for free directly at www.sellmycrib.com.au.
The trend to sell your own property without an agent is growing, especially in the US where 9% are sold by owners according to realestate.org.
McIntyre also launched a national newspaper last year, which resulted in Fairfax Media becoming a bitter competitor. Fairfax has ever since been relentlessly attacking him and his businesses to try and damage the 21st Century Group by planting false stories in its papers mainly in relation to Landbanking claiming investors have lost money when it was proven the stories were falsified to get ASIC to start an investigation.
Last year the Sydney Morning Herald reported that McIntyre was considering buying the Fairfax owned BRW Magazine.
But it appeared to avoid the embarrassment of it being acquired by McIntyre and turned into a profitable business, Fairfax closed the BRW print version down instead.
McIntyre was also reportedly considering making a low ball $10 million offer on Fairfax’s failed property project near Melbourne airport, which the media company spent $200 million of investors money on (mainly mum and dad investors monies).
It was reported in recent weeks the property sold for only $16 million to Zagame car dealership.
Domain and Real Estate.com enjoy large profits from charging agents to list homes for sale and the last thing they would want is more competitor’s offering a free service, which would potentially erode their margins, especially as many agents are not happy with the duopoly and may support new entrants to increase competition.
McIntyre is believed to be taking on Asian investors who are increasingly looking for exposure into the Australian real estate market and are seeking to create competition where Domain and Real Estate.com enjoy large profits and little rivalry.
McIntyre said, “At 21st Century Group we are involved in many projects and we are excited about this one, as it can save home sellers $15,000 on average to use www.sellmycrib.com.au rather than Domain or Real Estate.com. Plus it’s free to list and can be done within minutes.
When ANR visited the site, it had 1016 Australian listings. It’s only in the pre launch stage, but is already available for home sellers and agents to list their properties for sale.