Release.Me is a platform that assists sellers of off the plan real estate to release products to the market.
Fairness
Release.Me is fair. Every buyer who participates in a release via Release.Me has the same opportunity to secure their property.
Before the creation of Release.Me, most property releases were allocated based on a ‘first come first served’ basis – either via email registration, physical queue or other means. This process disadvantages or excludes those who are unable to attend or be present at the time of the release. It is not uncommon for Buyers to queue in person for days before a release (in times of high demand) and online registrations are often oversubscribed in minutes after opening.
The current process is simply not fair when you consider that many Buyers are looking for properties in multiple developments and may have to apply for many releases before they are successful in securing what they want. The processes currently utilised across the market are also incredibly stressful for potential Buyers who are often making the biggest financial decision of their life.
The Release.Me process is not first come first served, the algorithm allocates properties based on preferences. If there are multiple applications with the same preference, the algorithm will assign the allocation randomly. This process is managed by Release.Me automatically, so Buyers can be confident that the Sellers can’t provide special treatment for any particular individuals – all potential Buyers are treated equally.
Convenience
With Release.Me – there is no need to take time off work to queue for a release, no need to be waiting by the computer ready to hit send when the release opens, no need to be waiting by the phone to speak to a sales consultant once the application period closes. Buyers can participate in a release using Release.Me from anywhere in the world. If the seller is using e-contracts (as is most common), the prospective buyer isn’t required to attend the site in person.
The following information is required from Buyers to secure a Release.Me allocation:
- Purchasing entity/entities – name and contact details
- Identification – drivers licence or passport details
- Finance – is the purchase subject to finance, specifying the financial institution and loan amount
- Legal Practitioner/Conveyancer – name and contact details
Sellers will list available properties for a release on Release.Me. When they are ready, they will share a unique URL or a Release.Me code, which will take Buyers to a page detailing the available lots for a particular release.
Buyers are able to review the properties available and the associated documentation provided by the Seller. The release is open for applications for a fixed period (determined by the seller), during which potential Buyers can submit allocation preferences (ranking their preferred lots in order of preference) for properties they are interested in. Submissions are not time critical (see How does Release.Me benefit Buyers?).
Once the application period closes, the Release.Me algorithm allocates the preferences and Release.Me notifies the Buyers with an offer to accept their allocation.
If the buyer accepts the allocation, they will have 2 hours to complete 3 steps via the platform in order to secure their allocation.
- Fill in particulars. This is the information that will be sent to the Vendors legal practitioner in order to prepare the contract of sale. (see What information must I provide for the particulars of sale)
- Book in a time for a contract appointment. The seller will advise if this is in person or via video link.
- Pay the holding deposit to the seller’s trust account.
Release.Me is absolutely free for Buyers.
As a buyer, consider your assessment criteria carefully and submit preferences on all properties that meet your criteria. Submitting more preferences does not prejudice your higher preference – however you will not receive an offer on a property that you have not submitted a preference for.