Kylie Davis knows the ‘PropTech’ space really, really well. With more than 20 years’ experience a researcher, presenter and marketing expert in the real estate and property industry, her insights help agents understand digital technologies and deliver excellent customer experiences.
Kylie makes it her business to source, connect with and then share the insights of the innovators disrupting the real estate industry.
One way in which she does this is through her PropTech Podcast where she explores the brave new world where technology and real estate collide and builds community between innovators and real estate agents.
RESO’s CEO, Kate Chalk, was Kylie’s most recent PropTech Podcast guest and together Kylie and Kate explored how RESO is pushing the boundaries of what’s possible and implementing technology that is creating amazing property experiences.
One of Kylie’s first questions to Kate was “So what are the pain points that you’re solving with RESO?”
To which Kate responds – “The pain points are really focussed around current and future human consumer behaviours and expectations that have changed and continue to change”.
“Obviously the consumer is very connected with information that they can get online, particularly about the property sales process. With a computer in their hand constantly they have the currency of convenience and they expect immediacy and efficiency in their transactions,” Kate says.
“But agents are only human with so many hours in the day. So we are automating the property sales process as much as we possibly can so agents can still give a really high level of service and create some transparency for their buyers and vendors.”
Having spent years working for CoreLogic Australia, Kylie knows buyers have a lot of complaints about the buying process, and one of their biggest complaints is always around transparency – Has their offer been accepted? Has the agent even received it? Is it even in the ballpark? What’s the next step?
“There’s a whole lot of opacity around that whole buyer experience that, as I understand it, you guys deal with,” Kylie says.
“That’s right – I think it may have been from one of your podcasts, where it was quoted that about 58% of buyers say they received average to poor service. So that’s obviously a lot of previously unhappy buyers that will hopefully become sellers one day and be looking for great transparency,” Kate says.
Kylie and Kate discuss and debate the above and many more critical points around how RESO makes the real estate sales process smarter, faster and simpler so please check out the link to the podcast below…
And please connect with RESO – especially if you’re an agent in SA, WA, NSW or Queensland where RESO is looking for more agents to test the game-changing online platform.
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.”
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.
“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.”
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 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.
“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.”
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.
Selling or buying a home is one of the most significant experiences we have to navigate through and so Nick is always looking for ways to simplify and improve the buying and selling process.
“Achieving the best outcome for my clients and assisting them in what is traditionally a highly stressful time to make the move in to the next stage of their life in a stress-free fashion is the most rewarding thing I can be involved in,” Nick says.
“A property I sold recently in Camden Park using RESO was the perfect example of providing a simple and streamlined process for the potential buyers and the vendor – and the time I saved going online was a game-changer.”
The property at 24 Whelan Avenue Camden Park was sold as a ‘Best Offer’ campaign running over three weeks, and both the vendor and the buyers were thrilled with the final price and the instant, yet still personal, online registering, documentation, offers and contract completion processes.
“I am always keen to try new technology and I believed this property was likely to have a good response in terms of large numbers of people coming through open inspections and then subsequently having multiple offers,” Nick says.
“So, I thought this was the perfect opportunity to give RESO a go and it was because we had 39 groups through, 14 offers through the platform and I was still able to negotiate a mutually agreeable final price for a quick sale.
“When we are in a hot market the old ways of making times to meet with buyers and discuss offers may have been suitable. But when we are in a more changing and challenging market, like we are now, having all the tools up your sleeve to make it far easier for a buyer to make an offer is essential.”
To get all the details, Chelsea Dwyer, BDM & Trainer of RESO, sat down with Nick and asked him to talk through why RESO is such a game-changer and now a vital part of his exceptional approach to communicating and optimising outcomes for vendors and buyers…..
Chelsea: Was the RESO platform easy for buyers to register and then move to offering?
Nick: All the feedback I have had from the buyers from the Camden Park sale has been really positive with everyone finding the process smooth. And that RESO has a great interface, that they didn’t have any problems navigating.
C: Did you upload any documentation to the RESO platform for this sale and, if so, what did you say to the buyers about the process?
N: I uploaded the contract and the Form 1 so all the documentation was accessible. I explained that RESO provides the opportunity for them to submit their offer instantly. And when we rank the offers they can see where they stand in the offers and can subsequently revise their offers and conditions as often as they like.
C: What did you find after ranking the offers during that sale process and did you personally get in touch with all the buyers?
N: With ranking I found that one buyer, in particular, increased their offer three times. Not everyone did revise their offers but those who did, moved to their final and best offer and revised either price or conditions, or both. The platform meant that I was making less phone calls but was able to focus those calls on the top few offers. This streamlined the process and made it more time efficient. And having the ability to follow up the ranking with the courtesy message “we are now moving into final and best offer” did make it so much easier and more user-friendly for everyone.
C: What was the highlight of using RESO to sell this property and would you like to use it to buy a property?
N: Being autonomous and seeing people be able to get in there and change their offers at 7pm at night while I am at home and getting alerts was a highlight. It was great to be able to monitor the process as it was happening. And personally, I think RESO is a good system. Some of the buyers referred to it as an online auction platform which isn’t correct because it does give people the ability to have their offers subject to other conditions like finance or building inspections. I think it is just about educating buyers and helping them understand and feel at ease with the (buying) process. They still have the ability to ask questions across the whole the process but importantly it makes it all more transparent.
C: Did you find with the best offer by sale that you got offers faster than you would have doing things the old paper way?
N: Yes, we had two weekends of open inspections before offers closed and everyone who came through was sent the invitation to register and submit an offer. I did get an offer on the night of the first open inspection which put me in a position where I could categorically say to people there were offers on the property.
C: Do you think the ability to submit offers online was the reason you got so many?
N: We live in a world where we are time poor so taking a couple of hours out of your day to meet with an agent and place an offer – I can see how people might see that as a drawback. Providing all the documents up front through the platform is good because it gives people the time to look through it all, seek advice and be confident so that the transition from letter of offer to contract is then just so much easier. With this property we had 39 groups through and 14 registered with RESO to give an offer. Nine groups made offers but there were 14 actual offers because some made multiple offers. It was a great outcome.
C: To define that process in physicalhours rather than as a digital option – how many hours would you estimate it would’ve taken?
N: If I was managing that sale in the way that I have before and physically sitting down with all the people interested and putting offers directly into the contract of sale you would at least be talking about an hour to 1.5 hours per appointment. With nine offers that would be a minimum of nine hours plus driving. And then add to that revising offers – there is certainly a great deal of time saved with RESO.
C: How did you find the RESO process in terms of facilitating the negotiation process?
N: It didn’t inhibit that process at all in, in fact, it facilitated a smooth and mutually beneficial negotiation. The successful buyer was a result of negotiation from their “final and best offer” on the RESO platform. When I was with the owner presenting all the offers from the RESO platform I had the contract filled out and ready to sign with all the final offer details submitted through RESO. But the owner wasn’t quite happy so we simply rang the successful buyer and negotiated a mutually agreeable price. So I was able to negotiate manually but I just didn’t have the time lag of having to re-do paperwork and shuffle it all back and forth.
I will be definitely using RESO again, in fact, another property has just launched.
If you would like a quick and easy run through of the platform give Rachel a call on 0447675958 or Chelsea on 0488002539 or you can email email@example.com
In our everyday life, as more and more tasks become digitised, the technology available to us is being adapted and enhanced at a rapid rate.
Over the past few years the real estate industry has been focusing significant energy on technology and innovation and how they can help improve productivity and provide even better customer experiences.
KPMG has identified a set of key industry trends – in the image below – that they believe require technological solutions to ensure real estate businesses can adapt and thrive.
Global Lead of Real Estate Consulting, Sander Grunewald, says the Real Estate Innovations Overview shows a bright future across real estate for those leveraging innovation, but only if it is part of a long-term strategy.
“The real estate sector needs to act to embrace innovation and increasingly recognise the opportunities of this digital transformation in their strategy,” Grunewald says.
“Over the past three years we have seen an increase in interest in PropTech and real estate innovations.
“In our view, any real estate company not exploring and exploiting property technology and innovation should question its strategy.”
Recently more than 700 speakers from around the globe shared their technology ideas at the 5th FUTURE: PropTech event in London.
Key players in PropTech, like Heather Staff, the co-founder of Spectrean online tool that helps agents find properties to sell, described how quickly things are changing.
“Until recently there has been a lack of innovation in the area of helping agents do their day to day job better so there will be a lot happening in that space in the next few years,” Staff says.
RESO CEO Kate Chalk says Real Estate Sales Online(RESO) is an example of technology that helps agents work more efficiently – reducing their costs of doing business through automation, speed, a seamless end-to-end process and scaling of the property purchase.
“Agentswho use the RESO platform can upload a property in a matter of minutes and provide buyers 24/7 access to the registration, offer and contract process,” Chalk says.
“More and more agents are sharing with us that time and energy are being saved in spades with buyers being able to access all stages of the buying process online and respond to the different stages instantly wherever they are in the world.”
To see how RESO can help agents improve their efficiency and enhance relationships with buyers go to www.reso.com/agents/
The future of work for Australians, and people all over the world, is endlessly being questioned by those who fear the “robot revolution”.
Deloitte Access Economics released research this week that significantly debunks the myth that the path to prosperity is mechanical, showing, in fact, that the future of work is human.
Deloitte partner, and lead report author, David Rumbens, says while technology is driving change in the way we all work, and the work we do, we can actually use technology to create more meaningful and productive jobs.
“Yet something new is also happening with jobs increasingly needing us to use our hearts – the interpersonal and creative roles, with uniquely human skills like creativity, customer service, care for others, and collaboration.”
CEO of RESO – Real Estate Sales Online – Kate Chalk, says real estate agents have always known the value of individualised attention and work tirelessly to deliver exceptional customer experiences to vendors and buyers – every day of the week.
“When it comes to buying and selling property, people want local knowledge, genuine and timely service and, of course, the best financial outcome they can possibly generate,” Chalk says.
“RESO is a property technology tool that allows vendors and buyers to have an instant, transparent and simple property transaction processes from beginning to end – freeing up time, and money, better spent in other ways.
“By supporting agents to seamlessly manage sales online capturing all buyer details, their offers and conditions, from the first contact, right through to contract completion, precious time can be channeled into authentic, human interactions,” Chalk says.
“RESO ensures agents are still in the driver’s seat because the real estate transaction is personal, complicated and emotional, and agents have the skills to deliver exceptional consumer experiences.
“RESO has taken a collaborative approach with agents and the industry – working together to provide a digital choice that adds significant value to the real estate transaction process – because there is nothing “robotic” about the individualised services great agents provide.”
The digital revolution has been a massive game-changer for all industries.
Consumers now expect to receive information, answers to their questions and access to a range of services immediately, from ordering food to receiving pre-approval on a loan for a home that they then buy online as well.
Comparing the behaviours of mobile consumers in Australia with other geographies shows our level of engagement (or perhaps obsession) with our smartphones to do everything, suggests we’ve not yet reached ‘peak smartphone’ – the peak level of usage.
What does this mean for the highly valuable property transaction?
In the proptech space, these digital user experiences are delivering transparency and driving conversion in the real estate market.
The simple and efficient online tool is supporting agents to seamlessly manage sales by capturing all buyer details, their offers and conditions, from the first contact, right through to contract completion.
RESO CEO Kate Chalk says vendors and buyers want instant, transparent and simple property transaction processes from beginning to end.
“Reducing administration costs and time delays and boosting transparency can only increase the value and level of customer service in what is generally the largest transaction of a person’s life,” Chalk says.
“RESO has been designed with feedback from the real estate industry to deliver to changing consumer expectations and a heightened need for speed and transparency.”
RESO now has more than 170 agents registered on the platform and is managing hundreds of properties being listed every week.
While RESO is leading the way in property transaction transparency there are also a number other proptech start-ups working on improving efficiency and transparency in other ways.
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