Sale By Owner

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<p>The buyMyplace chief executive Colin Keating has tendered his resignation, a year into the listed prop tech company's desired transformation.</p>
<p>He will remain in the role until a replacement is appointed, officially leaving BMP on 3 March 2019.</p>
<p>Colin’s resignation comes at a time of restructure for the company with BMP executing a binding term sheet with KordaMentha Custodians, which will acquire BMP in consideration for the payment of $100,000 and forgiveness of a $5 million debt owing to KMC under the loan agreement between the parties.</p>
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<p>Subject to the backing of BMP shareholders at a December 21 meeting, KordaMentha will acquire the majority of the cash-strapped ASX-listed digital agency.</p>
<p>KM Custodians had provided lifeline funding to BMP since April, but following an unsuccessful $10 million capital raising, BMP faced defaulting on its debt obligations.</p>
<p>BMP, a pioneer in the DIY space, helps homeowners sell their homes for as little as $695 without an agent. Since 2009, it has helped more than 4500 homeowners sell their homes.</p>
<p>On its early 2016 float, it advised over 2,900 Australian homes had been sold since its launch.</p>
<p>It then attracted an average 30,000 unique website visits per month, which rose to recent levels at just 40,000 unique visitors per month..</p>
<source media="(min-width: 1180px)" srcset="https://static.ffx.io/images/$zoom_1%2C$multiply_0.4754601226993865%2C$ratio_1.777778%2C$width_1304%2C$x_696%2C$y_220/t_crop_custom/t_sharpen%2Cq_auto%2Cf_auto/a7c4d1b74a73feb6aff045de390eb77480125518"></source>
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<p>It has been hit by the high cost of Google advertising, with its losses at $5.4 million in the 2018 financial year.</p>
<p>Established in 2007 and listed in March 2016, it promoted itself as Australia’s leading DIY property sales platform.</p>
<p>It told shareholders the growth in listings and revenue of 19% p.a. and 46% p.a., respectively, had occurred since its listing.</p>
<p>Hoping the market was ripe for disruption, the original BMP thesis was to seek out DIY sales which they anticipated could see 100,000 potential listings.</p>
<p>It hoped to emulate Canada's 23 percent DIY occurrence, but the company noted earlier this year only three percent of listings are DIY in the Australian market, "an exceptionally low number compared to international markets."</p>
<p>Its auditor issued a warning about its ability continue as a going concern in May.</p>
<source media="(min-width: 1180px)" srcset="https://static.ffx.io/images/$width_620/t_resize_width/t_sharpen%2Cq_auto%2Cf_auto/9ad65ab4f3a4c57e99b3ab7eb51b40835f4812b4"></source><p>KordaMentha partner Mark Korda will take control of buymyplace.com.au.</p>
<p>The company has been in a ASX trading halt since September.</p>
<p>The transaction includes $500,000 from KMC to enable the company to fund its operations until 21 December 2018.</p>
<p>KMC have advised the business will continue to "operate as normal.'</p>
<p>KMC has stated its intention to appropriately capitalise the company and grow the business in a private environment.</p>
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<p><span>BMP had announced its intention to acquire Pleased.Property for $2 million in August 2018, but</span> the acquisition of Pleased.Property will not progress.</p>
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jchancellor-FAypfDUnLy

KordaMentha to take reins at DIY property website buyMyplace

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<span>buyMyPlace.com.au</span>, the commission-free online real estate company has announced strong growth ahead of its anticipated re-listing of the company’s shares on the ASX today.</div>
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<div>The company, which enables property vendors to sell their own property and save thousands in real estate agents commissions fees, has listed on the ASX under the ticker code BMP.</div>
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<div>Shares were trading at 25 cents this morning.</div>
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<div><a href="https://www.propertyobserver.com.au/images/2016/03/15/Screen%20Shot%202016-03-15%20at%2010.41.59%20AM.png" target="_blank">Click to enlarge</a></div>
<div><img src="https://www.urban.com.au/images/2016/03/15/Screen%20Shot%202016-03-15%20at%2010.41.59%20AM.png" alt=""></div>
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<p>In the lead up to the ASX listing <a href="https://buymyplace.com.au/" target="_blank">buyMyPlace.com.au</a> has grown its national property listings by 20 per cent and has grown lead generation by 245 per cent compared to same period prior year, following the commencement of a test marketing TV campaign in late January, the CEO Paul Heath said.<span style="line-height: 1.3em;"> </span></p>
<p><span>"We have had a strong response from customers across Australia, as a result of a successful television advertising campaign and strong testimonials from customers ecstatic with their sales results, saving more than $17,000 in agents’ commissions and fees on the average $600,000 home. Some of our customers have saved considerably more than this, depending on how much their property is worth.</span></p>
<p><span>“We achieved a record February in sales results and we will continue to update the market on our progress,” he continues.</span></p>
<p><span>As a result of increased awareness, through television advertising in WA and Queensland, coupled with media interest in the commission-free sales model and technology disruption of the real estate industry, plus improvements to its website, buyMyPlace has seen a 14% improvement in growth of unique visitors to the site, which is backed up by a 12 percent improvement in site conversions.  </span></p>
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<p class="p2"><a href="https://www.propertyobserver.com.au/images/2016/03/15/Screen%20Shot%202016-03-15%20at%2010.42.13%20AM.png" target="_blank"><span style="font-size: 12.16px; line-height: 1.3em;">Click to enlarge</span></a></p>
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<p><span>"Clearly there is a strong appetite for Australians to achieve significant savings by selling their property themselves.”</span></p>
<p><span>“These results provide a strong case for a national roll out of the advertising campaign in the future, which will be funded by the recently completed Public Offer, raising in excess of $4 million.”</span><span style="line-height: 1.3em;"> </span></p>
<p><span>The company has responded to market demand by introducing three new value packages to its product portfolio.</span></p>
<p><span>Over 2,900 Australian homes have been sold since its launch, with over 1,000 current listings.</span></p>
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<p class="p2"><a href="https://www.propertyobserver.com.au/images/2016/03/15/Screen%20Shot%202016-03-15%20at%2010.44.16%20AM.png" target="_blank" style="line-height: 1.3em;"><span style="font-size: 12.16px; line-height: 1.3em;">Click to enlarge</span></a></p>
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<p class="p2"><span style="font-size: 12.16px; line-height: 1.3em;"><img src="https://www.urban.com.au/images/2016/03/15/Screen%20Shot%202016-03-15%20at%2010.44.16%20AM.png" alt=""></span></p>
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<p>It attracts an average 30,000 unique website visits per month.<span style="line-height: 1.3em;"> </span></p>
<p><span>It has been profitable for past three years with its 2015 revenue at $880,000 and its EBITDA in 2015 $249,000.</span></p>
<p><span>The securities of buyMyplace.com.au Limited (formerly Killara Resources Limited) (the “Company”) were suspended from Official Quotation on 30 November 2015.</span></p>
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