Multiple buyers is a RESO for success

Archive for September 2019

Multiple buyers is a RESO for success

Success is often measured in numbers like cost, time or size and while RESO has plenty of positive numbers to share they don’t tell the whole story.

Tim Morris Real Estate agent, Jane Willson, recently sold a property at Broadview in SA using RESO and the numbers stacked up perfectly – the property sold quickly, the offers from 19 buyers came in thick and fast and the selling price, of more than a million dollars, was above the asking price.

But it was how accessible, fair and transparent the process was that impressed her vendor and buyers the most.

“Using RESO has transformed the buying and selling process – the response for this property at 10 Mcinnes Avenue Broadview SA was extraordinarily positive,” Jane says.

“When I spoke to some of the buyers some were unsure but once they accepted the invitation to register for the property on RESO and they saw that they had instant access to all the property documentation – the Form 1, the Certificate of Title and a suburb statistic report – they thoroughly engaged with the process.

“All the registered buyers were then able, in their own time and at their own pace and wherever they were, to develop an offer and click a button to put it on RESO.

“With enquiries from buyers coming at all hours – it makes sense to have a platform that works for them to access the property they are interested in – instantly.

“RESO provides an authentic and transparent line of communication from the agent to the buyers – it is fantastic – and even a developer from Victoria, pitching to buy the Broadview property, called me to tell me that ‘the RESO site is really good because it has all the information available in one place’. 

It isn’t just Jane and the buyers who enjoyed the RESO process, the normally under pressure vendor found it to be an excellent system.

David Smith and his family had owned the Broadview property for 45 years and using the RESO platform delivered an outcome where they are very happy with the price and conditions of the sale. 

“I found RESO to be better than the usual auction process because you know exactly where you stand and the good thing is that people don’t know who they are going up against, but they know that there are other genuine offers in play,” David says. 

“It works well – I am really happy the way it has panned out.  I found it easy – all I had to do was say I wanted the platform to be used.”

Jane says after a couple of weeks of inviting and connecting with buyers the property “went live for offers” on a Wednesday morning which were then ranked on Wednesday night, Thursday morning and evening and then again on Friday morning, lunchtime and lastly at 4pm.  

“The activity on Thursday was great and right up until close of offers on Friday people used the platform strategically,” Jane says.

“We made it very clear stating to everyone that the platform was being used for complete transparency – to give everyone the absolute equal opportunity to put their best offer and conditions into the platform

“It was then up to the vendor to decide on the best price, best terms and best conditions – with everyone on an equal playing field.

“While it was still a bit stressful for the buyers, they knew that all they had to do was put their best offer forward and they would be in the running for the property.  There was nothing personal in the process it was purely the platform holding the offers and then the vendor choosing the price and condition offer that suited the best.”

From a business process perspective Jane says RESO was enormously beneficial because with nineteen people making offers on the property, trying to get the best price and conditions at the end of the day would have been almost impossible.

“I don’t think I would have had the ability to contact every person putting in offers on a regular basis had I not used RESO because what happens is that you get to the end of the process and you have three or four buyers that you think are going to be the one but in the case of this property it actually wasn’t one of the early front runners who came forward with the best price and conditions offer,” Jane says.

“Instead of focussing on the top three or four offers I had the ability, because they were all clearly laid out in front of me on the platform, to call all of them because it was easy to manage all the offers that were presented in a format that I could access quickly.  

“And in the end people were actually making some substantial and exciting changes to their original offers.

“I was still contacting people on a regular basis so it didn’t take me out of the process in any way – it just took the personal emotion out of the process because it made it all totally transparent.

“I could say to everyone – you can see all the details and the paperwork on the system and then when you place your offers the vendor will be making the choice according to the offer and conditions that best suit them.  

“Everyone actually said to me they thought the process was fantastic and asked if it would be used in the future because they found RESO to be very fair and very transparent.”

“I will certainly continue to use RESO in the future and currently have a number of other properties being sold with RESO.”

Technology empowering first-home buyers

First home buyers are accounting for almost 20% of mortgage lending market and are leading the charge to buy residential property according to the QBE Australian Housing Outlook for 2019-2022 released this week.

CEO of QBE Phil White House says more than 110,000 first-time home buyers entered the market in 2018 due to more onerous lending conditions forcing many potential investors out.

“Although tighter lending standards, declining property prices and uncertainty related to the economy have deterred some first-home buyers, we still expect a similar number to be getting the keys to their very own property this year,” White says.

“It’s certainly been an interesting year for Australian property.”

Prices across all capital cities are expected to stabilise in 2019/20 after experiencing slowing growth or declines in the past two years with the combination of an easing of lending serviceability buffers and lower interest rates expected to assist borrowers. 

Strong population growth and a sharp downturn in new dwelling completions should result in the dwelling balance across most markets tightening from 2020/21. This will provide some positive impetus to prices.

The RESO platform has been designed with feedback from the real estate industry

RESO CEO Kate Chalk knows the value first-home buyers, many of them millennials, bring to the property market.

“Millennials are typically born between 1981 and 1996 and now represent the most influential age cohort in today’s residential property market because they are a significantly larger group than Generation X, or those born between 1965 and 1981,” Chalk says.

“While generations differ in their use of various technologies, Pew Researchshows us that 93% of those who turn ages 23 to 38 this year own smartphones and nearly 100% use the Internet and so they expect to research, purchase and finalise property purchases online.

“The RESO platform – Real Estate Sales Online – has been designed with feedback from the real estate industry to deliver to these changing consumer expectations and a heightened need for speed and transparency.

“In a nutshell, as technologically empowered homebuyers begin to dominate the property market, tools like RESO, deliver options for agents that vastly improve the end-to-end experience for both vendors and buyers.”

The 18th edition of the QBE Australian Housing Outlook is authored by BIS Oxford Economics in collaboration with QBE Insurance.  Access the Housing Outlook at https://www.qbe.com/lmi/news/reports/housing-outlook

For more information on how RESO can help agents improve their efficiency and enhance relationships with first-home buyers go towww.reso.com/agents/

RESO continues to achieve exceptional results

Two weeks after deciding to use RESO, Brett Johnston’s first buyer on the platform resulted in a cash sale within 24 hours of the buyer viewing the property.

This exceptional result is just one example of how Brett has found RESO to be “a simple process, where the agent is still in control yet enables buyers to review sales documentation and make an offer online at their convenience”.

Brett Johnston

Brett Johnston Real Estate is a boutique agency operating in Kalamunda and the Perth Hills area and with more than 30 years’ experience in residential property, Brett is thoroughly committed to providing personalised service to every one of his valued clients.

Among other accolades, in 2011 and 2012 Brett was nominated as Kalamunda Chamber of Commerce ‘Business Person of the Year’ and in the reiwa.com 2012/13 Annual Awards, he attained ‘Ten to Fifteen Million Dollar Club’ status.

As a member of the Real Estate Institute of Western Australia (REIWA) Brett has access to, and embraces, the latest market information including technology tools like RESO, that is endorsed by REIWA.

“Being a small boutique business, I like the idea of integrated technology to help clients make purchasing or selling streamlined and simple,” Brett says.

“I have found buyers really engage with the platform – all the comments that I have had have been positive about their experiences. And the information you can place on the platform for them to access makes it a really beneficial process for them.

“The document management process is also simple to upload documents relevant to the property with a couple of clicks of a button.

“I use the RESO platform as a way in to invite buyers to get more information about a property and from there it is simple for them to make an offer if they so choose,” Brett says.

“RESO has integrated beautifully into my workflow processes – uploading documentation, inviting buyers, seeing which byers have accepted your invitation – is all at the click of a button.

“But my personalised client service is the focus with RESO as I communicate with buyers and deliver exceptional service.  That part hasn’t changed, but the flow of information has made everything so much simpler.”

Brett Johnston talks about his experiences with RESO

For more information, or to book a FREE training session, contact Rachel Coulter on 0447675958 or if you are in WA visit the RESO booth at the REIWA Connect Conference on September 30.

Or visit reso.com.au for further details.