Buyer's agency Dashdot collapse leaves hundreds of clients out of pocket

Matthew says he had been "blindsided" by the news Dashdot had entered voluntary liquidation. (Supplied)

Collapsed buyer’s agency Dashdot had at least 700 clients who could be considered unsecured creditors.

Many customers, who paid large up-front fees shortly before the company collapsed, are concerned they will not recover any money.

Teneo has been appointed as the liquidator and an initial notice to creditors is expected next week.

When Matthew paid Dashdot $23,100 up-front, he believed he was taking a step towards securing his children's financial future.

Matthew and his wife, who asked for their surname to be withheld for privacy reasons, had been saving for years to buy an investment property that could eventually be passed on to their children when they became adults.

The 50-year-old tradesman had been drawn to Dashdot after researching several buyer's agencies. He said what set the company apart was that it allowed him to speak to the person who would manage his account before he paid.

"I wanted to know who was going to run my account," he said.

"None of the other companies would give me that information. They'd say, 'Pay it, and then we'll allocate you to somebody.' Whereas I wanted to interview and have a chat to these people before I actually engaged them, which they allowed me to do."

But only weeks after Matthew paid the fee, Dashdot entered voluntary liquidation, on May 28.

Dashdot published this farewell message on social media. (Source: Facebook)

The news came as Matthew was overseas on his first holiday in two years, just days after he had spoken with a Dashdot property strategist who had told him the company was still actively searching for a property.

"I was extremely embarrassed to have to tell my wife because it was me that brought all this to the table."

Glenn "Goose" McGrath, pictured with Gabi Billing, said the company had helped more than 1,800 Australian families buy more than 2,800 properties since its launch. (Source: dashdot.com.au)

Dashdot was founded in 2019 by Glenn "Goose" McGrath and Gabi Billing.

The website stated it used a combination of its proprietary technology and in-house software to help customers with their property investing experience.

In an open letter published on Dashdot's website, Mr McGrath said the company would enter voluntary liquidation on May 28 this year.

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In the letter, he blamed the startup's collapse on a rapid d