iBuyNew helping buyers with off-the-plan properties

iBuyNew, the online marketplace connects prospective property buyers with off-the-plan properties, whether it's apartments or townhouses.

The company had marketed more than 650 new residential projects around Australia as of September 2015, according to its CEO Mark Mendel.

Some of the recent properties featured on iBuyNew include projects in NSW's Gosford, Merrylands, Melbourne and Brisbane. The developments are priced in the range $435,000 to $490,000. 

iBuyNew has more than 2,700 new and Off The Plan (OTP) properties.

Starting in 2013, iBuyNew sold more than $170 million worth of properties and generated more than $600,000 in profit last year, according to an article in the Australian Financial Review late last year.

Mendel plans to grow his team to 30 by the end of 2016 as the company begins to expand its offerings and user base.

Recently, technology investment company Disruptive Investment Group Limited increased its stake in iBuyNew to 100 percent from 50 percent for $5.9 million. 

The deal is expected to be completed before July this year subject to approval from shareholders.

Mendel said in a recent media post that iBuyNew are property consultants, helping buyers zero in on the right property through reach, advice and insights. 

The company pays its consultants a flat fee irrespective of whether it's a $300,000 or a million dollars. 

"Many other real estate agents are paid a commission, so the more you spend, the more they gain," said Mendel.

He also said many developers were approaching the company even before launching their projects to the market.