As the portal debate continues to bubble in the industry, the Ray White Group has dropped all of their Australian listings with the REA Group’s international website in favour of rival site Juwai.com.
From 1 September 2014, all of Ray White’s residential, commercial and rural listings will feature on the Chinese language portal Juwai.com.
Ray White Group Chairman Brian White told the Australian Financial Review that this agreement means Juwai.com is the group’s exclusive Chinese partner and will lead to new transactions and better outcomes in Ray White offices across the country.
“The Chinese spent almost $6 billion on real estate in Australia last year, generating $147.5 million in commissions for agents. With spending by US and UK buyers plummeting, Chinese buyers are virtually the only major foreign buyer group that hasn’t cut back on its investments in Australia,” Mr White said.
According to the Chinese search engine baidu.com, Juwai.com is ranked as the number one Chinese language global property portal based on listings, online pages and search rankings.
LJ Hooker and RE/MAX has also reportedly signed exclusive marketing agreements with the website.
The Australian Financial Review previously reported that the Ray White Group have backed Real Estate Digital Marketing Services (REDMS), a group of real estate agents who are trying to negotiate better rates with the REA Group and Domain.