From $500K Real Estate Career to Innovating Property Sales: A Journey of Transformation

The Unconventional Journey of Mike Harvey

Mike Harvey, a former real estate agent in Nelson, made the bold decision to leave behind a $500,000 annual income after realizing the inefficiencies in traditional property marketing.

"I saw that there’s been $1000 spent on each sign, so that’s $3000 on signs. There’s $3000 on full pages in the paper, then there’s the internet, $1000 each… There’s probably $10,000 spent in that street to attract buyers."

During a property viewing in 2018, he noted that despite the heavy spending on marketing, only 11 buyers showed up, all of whom visited three properties. This led him to question the effectiveness of conventional marketing strategies.

"… I sat there and I thought ‘you know what? What a waste of freaking money’…"

After receiving a call from another homeowner wanting to sell, Mike decided to share the open home register with her, which listed the buyers who had recently visited. This led to a successful sale, prompting Mike to rethink his approach to real estate.

The Birth of Yelsa Connect

Recognizing the need for a more efficient system, Mike developed Yelsa Connect, a platform that connects buyers and sellers directly, eliminating the need for costly traditional marketing.

"Every vendor is not looking for open homes. Every vendor is not looking for photographs or signboards… Every vendor is just looking for a buyer."

This innovative marketplace allows homeowners to browse potential buyers and engage real estate agents listed on the platform, streamlining the sales process.

How It Works

1. Buyers can view suitable listings tailored to their needs.
2. Agents pay $99 a month to be listed, and a $1000 success fee is charged upon closing a deal, with a portion going to the Heart Foundation.
3. The platform has already seen agents in Auckland successfully matching buyers before properties are even advertised.

The Future of Real Estate

With about 100 preapproved buyers currently on the site, Mike's vision for Yelsa Connect is gaining momentum.

"It’s really starting to feel like it’s really getting some wheels... My wife really struggled. Five years of me not working..."

Despite the challenges, Mike is optimistic about the future of real estate, believing this direct connection model is essential for the industry globally.

• RNZ