Domain pays up to $35m for Real Time Agent

Real estate classifieds group Domain will pay up to $35 million for the operator of digital property service Real Time Agent.

Domain has agreed to pay $19.4 million in cash up front for Bidtracker Holdings — whose Real Time Agent digitises agency agreements, auctions and contracts — and up to another $15.6 million depending on performance over FY20 and FY21.

«The Real Time Agent products save agents significant admin time — up to four hours per transaction — and reduce back-office costs and paperwork, as well as improving accuracy and compliance,» Domain chief executive Jason Pellegrino said.

Real Time Agent, which was founded three years ago and is used by more than 4,000 agents, allows digital signing of agreements between agents and vendors and real-time auction tracking.

Mr Pellegrino said the bid tracking was used in 60 per cent of Victoria’s weekly auctions.

The deal is expected to close by the end of 2019.