What Uber did to taxis, RateBroker is hoping to do to New Zealand real estate agents and their commissions.

Matthew Grant, chief executive of the new Auckland-based business, said that in the last month, a new service had been offered to allow property buyers and sellers to find an agent based on the commission they would charge for their services.

"It allows people to make substantial savings when they sell their house and at the moment there isn't one real estate agent out there who doesn't want more listings so it's a win win for both parties," Grant said.

Agents bid against each other for the listings on RateBroker's site but one agent does not know what another has offered, Grant said.


Properties worth about $80 million are on the site, of which about $62 million are in Auckland, Grant said.

RateBroker started at the beginning of this year offering comparisons for products such as mortgages to life insurance.

The Herald asked a group of major real estate agencies for its views about RateBroker. None responded.

Asked which agents used the new business, a RateBroker spokesman said no specifics could be revealed.

"The emphasis on privacy and not sharing contacts is a big part of the website. But agents from most of the leading real estate firms are using RateBroker as a way of generating listings," the spokesman said.