INVESTORS
We own the transaction.
Portals own search. Settlement owns the paperwork. Unreserved owns the decision-making layer in between, and every piece of data it generates.
Register your interestFor investors qualifying under s708 of the Corporations Act. Information about the company, not an offer of securities.
THE PROBLEM
Vendors pay a fortune to sell a home. For a process they do not trust.
$18k+
Average metro agent commission, to $35k+
-22%
Net public trust in real estate agents
59%
Of agent time spent prospecting, not selling
01 · Cost and trust
The fee is the smaller problem.
Australia is the most expensive place on earth to advertise a home for sale, and the commission sits on top of that. But the deeper issue is the incentive. Push the price up $50,000 and the vendor gains $50,000. The agent gains a thousand.
Vendors know it. Trust in agents runs deeply negative. And still they go back, because outside DIY platforms that hand you a listing and leave, there is no alternative they trust more. Fear of underselling beats resentment of the fee. That trap is the whole opportunity.
If the agent gets you $50,000 more
The vendor gainsOn the sale price
$50,000
The agent gainsAt 2% commission
$1,000
Whose money is on the line
98% yours
The person negotiating hardest for the last $50,000 is the one who keeps 2% of it.
02 · The value problem
Information asymmetry is gone.
The agent’s core advantage was knowing more than you did. Buyers and sellers now read the same comparable sales, the same suburb data and the same days-on-market, and they ask an assistant what a home is worth before they ask a person.
The value of a full-commission agent has fallen with it. The price has not moved. That gap is the business.
Every job an agent does is now a separate, automatable job.
Price the property, write the campaign, reach buyers, qualify enquiry, run inspections, hold the negotiation, manage the contract. We have built them all.
A sale costs $900 on Lite or $6,900 on Plus, against $18,000 to $35,000-plus for a metro agent. Vendors keep about 75% of what selling used to cost them, and they keep control of the price.
We are not taking share from agents at a discount. We are making the percentage itself indefensible.
Sources: industry agent-commission and advertising benchmarks; net-trust ranking, Governance Institute of Australia 2025 Ethics Index; agent time-use surveys.
TRACTION
Twelve weeks live. Customers paying upfront.
Cumulative figures as at 31 August 2026. Updated quarterly.
0
Paid campaigns, collected upfront
0
Properties sold and settled
0
States with completed sales
Sold means settled or unconditional. Nothing under contract is counted.
01 · The commercial funnel
Demand runs ahead of the decision.
A vendor decision window runs 60 to 90 days. Most of the demand captured in the first twelve weeks has not reached a decision point yet, so a single blended funnel percentage would misread the business in both directions. We report step conversion cohort by cohort instead.
That breakdown, and the acquisition economics underneath it, go to investors once status is confirmed.
Released once investor status is confirmed
Full funnelStep conversion, cohort by cohort
Acquisition economicsBlended CAC and payback, by channel
Contribution per listingGross margin by product tier
Revenue mix and forecastBy tier, with the capital plan
Collected, not invoiced
Unreserved LitePaid in full before go-live
$900
Unreserved Plus$2,000 upfront, $4,900 on success
$6,900
Traditional metro agentCommission, collected on settlement
$18,000+
No commission, no trailing fee, and no deferred collection risk. Campaign volume by tier is in the pack.
02 · The revenue model
Customers pay before we deliver.
Lite is paid in full before a listing goes live. Plus takes $2,000 upfront and $4,900 on a successful sale. Payback on acquisition cost is immediate, because the fee arrives before the campaign runs.
Every campaign to date was collected this way. There is no receivables book, and no revenue sitting behind a settlement that might not happen.
Six homes. Four states. Zero commission.
The six completed sales span Queensland, South Australia, Victoria and Western Australia, with an active nurture base behind them. Organic traffic doubled after national press coverage, with no paid uplift.
Blended CAC, gross margin, contribution per listing, revenue mix by tier and the full funnel breakdown are in the investor pack.
THE MARKET
$10bn a year
The Australian residential commission pool, across roughly 560,000 properties advertised for sale each year. 92% of those sellers still use a commission agent. We do not need to win the market. One percent of it, at today’s pricing, is around $8 million in annual revenue.
THE TECHNOLOGY
Software, not headcount, does the work of a sale.
The engine takes every signal a transaction produces and turns it into the next decision. Everything below is running in production today, on real campaigns, for real vendors.
01 · AI pricing guidance
Priced from real outcomes.
Comparable sales enriched with our own quoted-versus-sold delta analysis, applying the three methodologies a valuer applies. Free to the seller, and the cheapest acquisition channel we have.
12 Valley Road, Seville VIC
Live · day 9 of 28
Portal reach this week
Built without an agent
0
Hours of agent time consumed
02 · Automated campaign creation
Built without an agent.
Listing build, copy, media and portal distribution generated from the seller inputs, with no agent handling required. Live on realestate.com.au, Domain, View and Homely, which private sellers cannot access directly.
03 · Buyer and negotiation intelligence
Enquiry scored and guided.
Enquiry qualified and followed up automatically across SMS, portal and email. Buyer signals, objections and offer behaviour scored to guide the negotiation the vendor is running. Average reply measured in seconds, not the next business day.
04 · Transaction workflow
Contract to settlement.
Inspections, offers, deposits into trust and e-contracts executed end to end inside the platform. Private sale, auction and reverse auction all run online, with ID-checked bidders and pre-authorised deposits.
Every completed transaction improves the recommendation layer and the proprietary dataset underneath it. Outcomes feed back and retrain the engine.
WHY WE CAN WIN
The wedge is cost and trust. The moat is transaction intelligence.
Portals own search. Settlement owns the paperwork. Nobody owns the decision-making layer in between, which is where every number that matters is generated.
Portals
realestate.com.au and Domain own demand and attention. They are blind to what actually converts and closes.
Settlement
PEXA owns the post-deal rails. It only sees the transaction once it is already done.
Banks and lenders
They own financing. No live pricing, no buyer intent, no valuation truth.
Unreserved
Sits in the middle and captures enquiry, inspection behaviour, buyer questions, price feedback, objections, offer timing, seller decisions and final outcomes.
Competitors can rent the same models. They cannot rent our outcome data.
More sellers produce more buyer interactions, which produce more transaction data, which produces better recommendations and better outcomes. Every turn lowers acquisition cost and sharpens the guidance the next seller receives.
Signals captured, last 24 hours
14,208
LiveAcross every active campaign
Pipeline
THE MODEL
Paid upfront. Zero marginal agent.
Two products, both collected before the campaign delivers. Lite is paid in full before a listing goes live. Plus takes $2,000 upfront and $4,900 on a successful sale. No commission, and no deferred collection risk.
| Selling a metro home | Traditional agent | Unreserved |
|---|---|---|
| Vendor pays | $18,000 to $35,000+ | $900 Lite / $6,900 Plus |
| Priced on | Percentage of the asset | Cost to deliver |
| Collected | On settlement | Upfront |
| Scales by | Hiring agents | Compute |
| Physical offices | Required | None |
| Geographic limit | Territory | 5 states, scaling nationally |
| Incentive on price | Marginal. 2% of $50k is $1,000 | Fee is fixed. Vendor keeps the upside |
01 · Operating leverage
The fee holds. The cost to serve falls.
Every release moves another piece of manual campaign work into software. The price does not move with it, so the margin on each campaign widens as the platform matures rather than as we raise the fee.
An agency adds headcount to add volume. We add compute. That is the whole difference, and it compounds.
To double the number of campaigns
A traditional agencyCost rises with volume
Hires agents
UnreservedCost per campaign falls
Adds compute
Headcount requiredPer additional campaign
None
Headcount is decoupled from volume. The tenth thousand campaign costs close to what the tenth costs.
02 · Future monetisation
Four revenue lines not in the base case.
Each one attaches to transactions already flowing through the platform. None of them are counted in the forecast, and none require a new customer.
01
Transaction services
Conveyancing, deposits, and the paid steps a sale already has to pass through, priced inside the platform instead of referred away.
02
Buyer matching
Feature extraction from every uploaded photo, buyers describing an ideal home in natural language, and the two matched to sell off-market.
03
Data licensing
Outcome data no portal holds: what buyers asked, what they objected to, what they offered, and what the property actually sold for.
04
Partner and finance referrals
Mortgage, insurance and moving services offered at the point in the transaction where the seller is already deciding.
Unit economics, contribution margin per listing, cohort behaviour and the capital plan are in the investor pack.
WHO IS BUILDING IT
Licensed agents dismantling their own industry.
This is not a technology team guessing at real estate. The people replacing the agent sold houses for a living first.
Ben Williams
CEO & Co-founder
15+ years in real estate and a licensed agent. Former founder with a successful exit (My Rental). 2,000+ auctions conducted. Officer In Effective Control.
Ryan Miranda
CTO & Co-founder
Platform architect with deep experience building scalable consumer and AI-enabled products. Direct property portal background, cloud infrastructure and security. Owns the pricing and recommendation engines and the data platform.
Jimmy Messis
Head of Sales
10 years in real estate, and previously built and ran his own successful business. Owns vendor acquisition and campaign conversion.
PROOF IN MARKET
Real homes. Real prices. No commission.
Every campaign we are permitted to publish, with the fee attached. Sale prices appear only where the owner agreed to publish them.
Private treaty
$900 fee
5 Kelly Street
Harlaxton QLD 4350
Private treaty
$900 fee
5 Duregon Street
Stirling North SA 5710
Auction
$6,900 fee
377 Barkly Street
Elwood VIC 3184
Three further sales, in Western Australia and Victoria, are complete but not published here. We list a campaign only once it is unconditional and the owner has agreed to it appearing. See every published campaign
IN THE PRESS
The industry press calls us for the quote.
Not paid placement. Organic traffic doubled after this coverage.
realestate.com.au
Real estate insiders expose agents’ dodgy tactics
“There is this lack of transparency that is a systemic issue, and they say that it is a way to get the vendor in line with the market. But at the end of the day if vendors knew that this was happening behind the scenes, I think that they would be very frustrated.”
Ben Williams quoted as the primary source throughout, on the national portal that agents pay to advertise on.
Alesha Capone · 16 July 2026
Read the articleAPI Magazine
Property scams surge as market slows
“It is very, very prevalent. I see it every weekend. I see a lot of the tactics behind the scenes from the agents.”
Ben Williams named as a property industry veteran and quoted throughout, alongside Washington Brown on the practices a softening market is encouraging.
Anthony Klan · 31 July 2026
Read the articleThe Age
Family makes bold bid to win $2,375,000 Essendon home at auction
“It does feel like, though, in the past few weeks the market has been moving in a northerly direction.”
Covers our own Elwood campaign. Ben named as the selling agent on a $1.55m sale, in the weekend auction wrap alongside the major agencies.
Melissa Heagney-Bayliss · 16 August 2026
Read the articleQUESTIONS WE GET ASKED
Before you ask for the pack.
How does Unreserved make money?
Two campaign products, both collected upfront. Lite is $900, paid in full before the listing goes live. Plus is $6,900, structured as $2,000 upfront and $4,900 on a successful sale. Revenue is per campaign rather than a percentage of sale price, so it is predictable and independent of property values. Premium marketing and negotiation support are paid add-ons.
What stops realestate.com.au or a major agency copying this?
The portals monetise agent subscriptions, so undercutting agents attacks their own revenue base. Agencies are structurally unable to price at a flat fee without collapsing the commission model that funds their offices and headcount. The constraint on both is business model, not technology.
Is selling without a licensed agent legal in Australia?
Yes. A property owner may sell their own home in every state and territory. Unreserved is founded and run by licensed agents, and we operate within the agency and trust-account requirements of each jurisdiction we work in.
What is the biggest risk in the business?
Seller acquisition. Selling a home is an infrequent, high-anxiety decision, and trust is the barrier rather than price. Every completed sale is evidence against that barrier, which is why we publish outcomes rather than claims. What acquisition costs today, which channels carry it and how that cost is trending are set out in the pack.
How do you handle vendors who want a human?
They get one. Both founders are licensed agents and the platform escalates to a person at the points that matter. The product replaces the fee structure and the busywork, not accountability.
What does this round need to prove?
That early validation becomes a repeatable transaction machine: campaign volume at scale, a decisive shift in mix toward the high-value Plus tier, proven acquisition and conversion economics, a proprietary transaction dataset at meaningful scale, buyer matching live, and a national acquisition engine. The target attached to each, and the milestones the next round gets priced against, are in the pack.
How do you think about an exit?
By not needing one. Portals own search and settlement owns the paperwork, and the incumbents have spent heavily to surround the transaction from the outside without getting inside it. We are already inside it, generating the outcome data the rest of the industry is paying to reach, and that asset compounds whether or not anyone comes calling. Strategic positioning is a conversation we have with investors directly.
Who can invest?
We deal with sophisticated investors under s708(8) of the Corporations Act, professional investors under s708(11), and existing shareholders. Sophisticated investor status requires a certificate from a qualified accountant issued in the last two years.
What is in the investor pack?
Company overview, current financials and model, unit economics, cap table summary and the terms of the current round. It is released only after investor status is confirmed.
Request the investor pack.
Confirm your investor status and we will send the pack and the current round terms. Every enquiry is read by Ben directly.
Important information. The information on this page is general information about Unreserved and its business. It is not an offer, invitation or recommendation to apply for or acquire securities, and it is not financial product advice. It does not take account of your objectives, financial situation or needs.
Any offer of securities will be made only to investors who do not require disclosure under Part 6D.2 of the Corporations Act 2001 (Cth), including sophisticated investors under s708(8) and professional investors under s708(11), and only through a separate offer document provided directly to those investors.
Forward-looking statements involve risks and assumptions and are not guarantees of future performance. Past performance is not an indicator of future performance. Investing in early stage companies carries a risk of total loss of capital. Obtain your own legal, financial and taxation advice before making any investment decision.