Swedish property portal Hemnet Group is testing a new payment model where home sellers only pay for a listing if their property is sold, the company said Thursday, as it navigates a challenging housing market.
The announcement came as Hemnet reported a 1.5% drop in third-quarter net sales to 366.7 million Swedish kronor, as a sharp decline in property listings outweighed higher revenue per ad.
The number of published listings fell 19.2% from a year earlier, which the company attributed to consumer hesitancy amid record-high supply and longer sales cycles.
Average revenue per listing, however, grew by 20.9% to 7,477 kronor as more sellers chose the company's value-added services.
Operating profit for the July-to-September period decreased 7.8% to 171.3 million kronor.
Hemnet launched a pilot for the 'pay upon sale' option on Oct. 1, with a broader rollout planned for 2026.
Chief Executive Jonas Gustafsson said in a statement, "We believe this commercial model can lower the threshold for sellers to advertise on Hemnet from start, while also aligning payment timing with how real estate agents receive their commission."
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Swedish property portal Hemnet Group reported a 19.4% rise in second-quarter revenue, even as the number of property listings on its platform declined amid a softer housing market.