The company will transfer out all other assets of Applabs Australia to a separate entity, leaving it with Hope Open as its sole asset.
In addition, Applabs Australia will be renamed Home Open Holdings Pty Ltd.
This will allow for greater opportunities with strategic partnerships and services agreements to be finalised for the Home Open portal.
As part of the process, the company is also currently reviewing its options in offering strategic equity stakes to major real estate companies in Australia.
To further assist in the roll out of the Home Open portal a new high profile management team will also be sought with the required skills and experience to commercialise Home Open during the next phase of growth.
The search for a suitable chief executive officer and chief financial Officer is currently underway.
"Restructuring the Home Open assets within the corporate entity is an important step for the long-term success of the portal and will greatly assist the process for finalising strategic partnerships, managing director Patrick Glovac said.
"Our focus over the next few months will be to find the appropriate candidates with the industry knowledge and experience that is required to lead Home Open into the future."
Applabs had earlier this month made Home Open live and available on the iOS and Android devices as well as the web.
It is designed to aid those looking for a home to buy or rent to find nearby properties open for inspection.
It provides ease of use by allowing for fast searching by presenting users with the relevant properties without the need to trawl through thousands of listings without home opens.
Users will also be able to view a map of their current area with a display of nearby properties ready to inspect now or a little later. They will also be able to add properties of interest to their calendar.
Agent registrations for Home Open continue to increase daily and has attracted the interest of some of Australia's largest real estate franchises who have added selected offices to Home Open.
Notable agents that are already on-board include leading franchises such as Ray White, Raine & Horne, The Professionals and First National who in total have over 2,000 franchises across Australia.
The company is focused on continued agent registration process and upcoming consumer launch.
The restructuring of Applabs' subsidiary Applabs Australia will prepare its Home Open portal for its next stage of growth.
Appointing a dedicated management team and seeking out partnerships include offering equity stakes to major real estate companies could contribute to Home Open becoming Australia's third major real estate portal.
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