Proptech To Help Real Estate Agents Survive Covid19

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Proptech To Help Real Estate Agents Survive Covid19

This is an article written by KYLIE DAVIS

With multi-party inspections and auctions now shut down, real estate agents everywhere are looking for tech options to help them to continue to list, sell and manage properties digitally. 

Here’s a quick summary of the Australian proptechs that can help you keep operating. 

1. Technology to keep you in contact with your market

Everyone is now scanning social media constantly so now is a good time to build your social media profile and finally get your EDM strategy under control. Look at ACTIVEPIPE to set up your EDMs so that you’re tracking, engaging with clients and generating leads and CAMPAIGNTRACK to help automate your listing marketing. 

But if listings are slowing, look at how you can create great content further up the marketing funnel to build your reputation as a market expert. HOMEPREZZO turns your data feeds into great content in the form of suburb videos and reports while REALCONTENT offers a range of ready-to-go articles already pre-written.

Turning that content into targeted advertising is the next step and there’s now a range of tools to help real estate agents do that without needing to master Facebook Ad Manager. Check out SPOKEAPP .IO which will automate digital ad creation for Facebook, Instagram and GoogleAds. ADFENIX and CCT are other options being used by agents in Australia. 

Or if you want to outsource it altogether, use this time to check out PLEZZL or SOCIALESTATE which offer more media-agency based services.

2. Technology for appraisals and sales workflow

Look to new appraisal tools that allow you to create pitches for potential vendors and support the end to end sales process. Options like PROPOSAL POINT will allow you to create interactive presentations and send them easily. Schedule a Zoom meeting or Google Hangout to run through the proposal with your vendor.  

Full  end to end digital sales solutions can be found in REALTAIR which has products called Pitch, Sign, Flow and Track to let you appraise, pitch and manage sales documentation from end to end and connects seamlessly with CAMPAIGNTRACKREAL TIME AGENT also manages end to end sales administration saving four hours per property in paperwork. 

3. Technology for digital forms and contracts

Whether you’re in property management or sales, one of the risks of everyone working from home is having multiple copies of forms and contracts sitting on desktops in various state of completion. Now more than ever is time to embrace DocuSign and digital forms and contracts from REI FORMS LIVEREALWORKS in Queensland or FORMS LIVE in Victoria. Standardised Covid19 forms have now been loaded for easy access. 

4. Technology for virtual staging

If the virus has caught your sellers on the hop and you’ve not had time to stage it, send internal shots to BOXBROWNIE who will not only fix the lighting, but can install virtual furniture, carry out some virtual renovations or just clean up the clutter. It’s ridiculously affordable. 

5. Technology for Open Homes

There’s a myriad of tech that allows viewings to be done digitally. If your sellers are okay with you visiting the property you can do a quick virtual walkthrough with HOMELIVE or create a virtual tour with  VIRTUAL TOURS CREATOR so you can see where people stop and click. DIAKRIT also offers virtual tours. 

But if your sellers barricade the doors, there’s still an option. Check out REALAR. Provide them with a floorplan and your portal listing photos and they will build an augmented walkthrough that will help buyers feel like they’re really there. If you need a floorplan created, BoxBrownie can build one cheaply for you.

6. Technology to keep you selling

With public auctions now banned, it’s time to look at digital options. Realtair have just launched AuctionNow, while WA proptech OPENN NEGOTIATION is another digital auction site.

There’s also a growing number of transparent negotiation systems including RESO and MARKETBUY. Both allow you to receive offers centrally, share them with your sellers and inform all buyers when a strong offer has been received (but it won’t necessarily share what those offers are). Both apps encourage interested parties to put their best foot forward and will allow your team to close sales without coming into the office. MarketBuy can behave like an auction if you wish it. 

7. Technology for property maintenance 

With tenants spending more time at home, the maintenance requests are likely to step up rather than slow down. Email is NOT the tool to manage this. 

You need to help your tenants self-service to resolve issues where possible and have jobs briefed and ready to go in a way that can be easily tracked.

To this end, check out RENTAL HEROES which is a clever chatbot that allows tenants to report issues quickly and easily using SMS or chat, and get help or create a clear brief. Kiwi newcomer TAPI has a nice product called Tenant Concierge that allows tenants to report issues 24/7 helping you acquire all the details and assess the need for a call out. 

8. Technology for property management

It will be extremely difficult for your team to work from home if you are still using a legacy property management system. Now is the time to evaluate the cloud-based options for property management. Check out PROPERTYME,INSPECTREMANAGEDOURPROPERTYCONSOLE CLOUD and PROPERTYTREE. 

This is not a definitive list but it’s tech that is easy to introduce even in the short term.

Andrew Kyriacou’s selling tips during COVID-19

With restrictions on opens and auctions Andrew Kyriacou from Xsell Property is thankful he and his team have had the RESO – real estate sales online – platform up and running for more than six months.

Hear more about how RESO has kept Andrew selling…

Anthony Kyriacou from Xsell Property

Q: How do you use technology and how have you approached the last couple of weeks?

A: I’m one who has always been an advocate of technology. Anything that I can leverage time with I’m a big fan of.

Q: When did you start using RESO and how has that helped you saving time and serving your customers?

A: I’ve been using RESO now for about six months and for me what was critical, it’s not about saving my time and making life easier for us in our procedures but also for the client as well. We want to try and make things as easy as possible for everyone.

Q: How have you found the technology? Is it user-friendly?

A: I’ll give you a recent example. Several weeks ago I was selling a property and one person was actually working in the mines, so you can imagine you’re restricted to the facilities there. So, all you have to do is press the link, the buyer fills in a few details, submit – there you go. You can show those reports to the vendor, so it’s very simple.

Q: With restrictions on opens and auctions, how has RESO made your processes easier?

A: What I’m seeing out there is a lot of buyers struggling in terms of the processes, given what’s happening in the last few weeks. So, for us, because we’ve embraced this technology early, I wouldn’t say business as usual but we’re still able to conduct deals and help out clients as comfortably as possible.

Q: How have you found business? Are people still looking to sell?

A: Just like people need to shop for groceries there’s no exception for real estate. People need to buy and sell all the time due to their specific scenario. So, we’re making life easier by using online platforms like Docusign, Virtual Tours, Facebook Live and RESO.

Q: How does RESO help you streamline your services?

A: What I like about RESO is its user friendly with other platforms. For example, when they’re putting their offer in using the RESO platform, one button and it straight away goes into REI forms and your contract is formulated. It is absolutely a lifesaver.

Q: In the current circumstances, what would business be like without RESO?

A: In the current climate we’re in, if I wasn’t using RESO we would not be productive at all. Remembering we are solution providers to the vendors problem and RESO certainly helps facilitate that.

How digital innovation in real estate makes buying and selling more secure

This is an article published in Domain on Tuesday, April 7, 2020

Written by KATE FARELLY

The changes forced on real estate agents by the government’s COVID-19 social distancing measures have led to a mammoth uptake of proptech in a bid to keep business afloat.

“The virus has accelerated agents’ adoption of some of this technology and it’s made a lot of businesses realise they’ve been overly dependent on legacy systems,” says Kylie Davis, founder of the recently formed Proptech Association Australia.

“[These systems] don’t allow them the flexibility to let their staff work from home and those agents have been scrambling for new options.”

Davis says many proptech (property technology) options are already well-tested and offer highly functional solutions that make processes for buying, selling and leasing more robust and secure. 

“The benefits to sellers, buyers, landlords and tenants are light years ahead of what the old manual system can do,” Davis says. 

Stephen Venn, principal of Harcourts VennMillar in Adelaide, was an early adopter of Reso, an online sales platform that records the entire transaction including every buyer and every offer, making it independently auditable. 

Stephen Venn

He also uses Openn to conduct online auctions and says there’s no question these platforms enhance his business processes.

“We started using them before we were forced to and the take-up from buyers has been quite positive, particularly now when they expect agents to be doing everything online.”

Ray White Carrum Downs BDM Victoria Cox started using Forms Live four months ago and recently incorporated DocuSign to better adhere to social distancing guidelines.

“We saw that was the way the world was going anyway and it integrates with our CRM,” Cox says. “It’s a lot faster and easier to get things done and we can make changes from wherever we are. We’re not dealing with paperwork and we’ve cut out those waiting days.”

Sydney-based agent Max Wagschall of The Agency Lower North Shore is happily working from home using Realtair, a digital platform managing the sales process from appraisal to settlement.

“Some agents have come unstuck because they didn’t have systems in place but there’s nothing really holding me back in terms of what I can do for clients and I can continue the workload I was operating at [pre-COVID-19],” he said.

National operations manager for First National Ed Atkinson says he aims to provide members with as many services as possible so they can continue conducting business. 

Atkinson has built First National Hyperlocal, a platform that enables single-click marketing within a certain kilometre radius of any given listing. With buyers stuck at home, his software ensures agent listings find an audience via property portals like Domain and social media platforms. 

“Every week we’ve been publishing out to our network and we’ve got agents that are absolutely smashing it right now, aided by proptech,” he says.

Davis believes anything that adds transparency to real estate transactions and makes the process faster and easier is a good thing.

“When this is all over, anyone who goes back to the old ways of doing business needs their head read,” she says.

Online platforms help real estate agents adapt to new rules

This is an article published in InDaily on Monday, March 30, 2020

Written by Jessica Bassano

Interest in an Adelaide-based online real estate platform that reduces the need for face-to-face interactions between agents and clients is skyrocketing as the latest COVID-19 restrictions force the industry to rely on digital services.

The surge of interest follows last week’s federally imposed ban on in-room and onsite auctions as well as open inspections, which dramatically changes the way Australians buy and sell houses.

While digital platform Real Estate Sale Online (RESO) has experienced steady growth since launching almost 12 months ago, RESO CEO Kate Chalk said interest in the software had doubled in the past fortnight.

She said the platform had already been adopted by 428 agents across Australia, with about 1085 houses uploaded to the software from agencies such as Ray White, Harcourts and First National.

“Agents used to have to drive around and get contracts and while they might get an offer via email they still had to go get the contract signed up,” Chalk said.

“RESO is digitising the transaction process.

“But it doesn’t take away the human interaction. It just means the agent, vendor and buyer don’t need to be in the same room as one another because the whole process can be done from start to finish with everyone sitting in their individual homes.”

The platform is among a number of tools real estate agents are adopting so they can continue selling properties despite COVID-19 restrictions. Other digital platforms being adopted include live streaming sites Auction Now, GAVL and Facebook Live as well as video conferencing software Zoom Video Communications and Google Hangout.

Ray White Norwood last week brought forward seven auctions to Wednesday ahead of the new government restrictions banning traditional auctions and open inspections from Thursday. The company is now looking at several digital options to bring future auctions online.

Ray White SA Chief Auctioneer John Morris said adapting to digital platforms would allow the business to continue with auctions in spite of the restrictions.

“When Scott Morrison gave his press release, everyone sat panicked in our industry. But we got down to work and began looking at alternative ways to work – online portals, off-site bidding, remote bidding, all of that sort of thing,” he said.

“There is always opportunity in adversity.”

RESO was developed for property sales including private, pre and post auction and best offer by and can be used for single or multiple offers.

Chalk said the platform streamlined all of the paperwork associated with buying a property, pulling  it all into the one place.

“Agents who 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,” she said.

Chalk said not only did this save real estate agents between five and nine hours of work per client, it allowed agents to rank offers.

“The buyer gets an update when the agent has updated the sale, so everyone gets included,” Chalk said.

“We have a level of transparency, which is really important for the buyer, so they can see where they stand. For example, if the buyer’s offer is the second out of four they have the ability to make another offer.

“Buyers can also look at all of the documents and they can put in their conditions without having to see anyone – they can do it from their couch. Then the agent can show the vendor all of the offers and the different conditions and the vendor can choose which offer they want.”

It is all about the technology – #workingwelltogetherapart

Since 1989 Realmark has sold more than eleven thousand Western Australian properties but business has never looked like it does now.

REIWA award winning agent Nathan Tonich, and the Realmark Urban team, have adapted to working with clients who are all #stayinghome thanks to a range of technology solutions.

It is early days in terms of COVID-19 and Nathan knows even more changes are on the horizon, but having adopted the RESO online offer and management solution he is safely and efficiently still selling properties.

“At the moment we haven’t felt a huge negative impact in terms of results,” Nathan says, “in fact, I just sold two RESO properties in three days”.

“They weren’t brand new listings – they both had been on the market for a few weeks – but they sold nonetheless.  And since the escalation in restrictions I have still had some good sales and the rest of the office is having the same experience – properties are still selling at the moment.

“Nevertheless, we are preparing for greater changes while also responding to restrictions that have already been put in place to open inspections and auctions.”

Nathan says one of the first effects he is seeing is a drop-in people choosing to go to market because they are unsure of what the process will look like.

“I did five appraisals in the week before the greater restrictions were put in place and two of those appraisals, given a normal climate would probably come onto the market this week or next week but they are probably holding off for at least the next two to five weeks to just wait and see where we are heading,” Nathan says.

“I do also have a few properties coming onto the market in the next week or two and a couple of those vendors have contacted me and asked if it is the right thing to sell now or not. 

“My advice is that if you are looking to sell imminently then I would go ahead and do it because at the end of the day it may be harder down the track.  So, if people are looking to sell in the next six months, I think they should do it now and we have the processes in place to do that really well.”

Nathan says vendors don’t even have to ask about how he is going to manage the recent restrictions because he mentions it straight away.

“I know it is at the front of their minds and because we do have a solution for the problems it is easy to reassure them,” he says.

“It is one of the main selling features that I go through in the process – that we have the RESO online offer process that is also linked through DocuSign so everything is completely remote.

“I find that the RESO website document portal is also much better than most CRM’s because uploading documents is really easy and such a good way for people to access strata plans, minutes from recent strata meetings or anything that they need.  

“The processes of having documents accessible online through RESO is also a good way to get buyers to log on and make an offer because if they are interested enough to look at the documents they can really quickly and easily make an offer.”

Nathan and the Realmark Urban team have also adopted a range of other technologies that are perfectly feeding into the RESO online document and offer portal.

“Everyone has been setting up working remotely from home offices, which will only increase going forward,” Nathan says.

“I have also been encouraging people to embrace RESO and we are undertaking training sessions and also getting all our properties and all the relevant documentation up and ready on www.RESO.com.au 

“We have negotiated an exclusive package with one of the virtual tour providers and we are recommending to all our vendors and landlords that they use these online virtual tours so we can continue to provide access to properties. 

“We are also creating our own virtual tours by walking through the property and filming it on out phones and scheduling home opens on Facebook Live.”

For Nathan, and the team, technology is the key to keeping them all connected, servicing their clients and selling properties safely.

Adapting to the most uncertain of times

The progression of COVID-19 restrictions, including a ban on open inspections and auctions and social distancing measures for workers, is impacting all Australian property workers who are now searching for new ways of doing what they have always done – serve their customers.

COVID-19 is first and foremost, a public health issue, with the wellbeing of Australians, and the global population, our ultimate focus and so the real estate industry needs to adjust.

It is hard to contemplate the extent of this crisis and all the people it is impacting and so we send our heartfelt thoughts to everyone as we all deal with the situation as best we can.

And it is – we are seeing agents all over the country embracing technology like RESO – Real Estate Sales Online – to facilitate efficient transactions anywhere and at anytime, to manage their businesses.

RESO CEO Kate Chalk says the team has been working for hard for a couple of years to develop and continuously update an online platform that provides exceptional customer experience outcomes for agents, buyers and sellers.

Kate Chalk

“Auctions and open inspections have been banned so an online platform like RESO, where all the information, documentation and sales process is online, transparent and able to be accessed every minute of every day from any device, ensures properties can still being bought and sold.

“During these challenging times, we would encourage agents to test and use the technology at their disposal to ensure uninterrupted high levels of customer service,” Kate Chalk says.

“Real Estate Institutes and Group heads around the country have developed COVID-19 toolkits that include, some technology options because the technology is there and with RESO it is free to register and be trained through online webinars or one-on-one online training sessions.”

Responsive agents, like Harcourts VennMillar Principal, Stephen Venn, are adopting sensible measures like technology to sell their properties.

To facilitate customer service during this challenging COVID-19 health crisis Stephen announced RESO’s technology would power his sales process and is advising his team to do the same.

“We are providing the Real Estate Sales Online (RESO) offer platform to buyers to limit as much one-on-one contact as possible as we are finding this is making those wanting to put offers forward far more comfortable and the conversations are done more over the phone,” Stephen Venn says.

Stephen Venn

“Further to this, the provision is made for multiple offers to be ranked using RESO and I have been selling, utilising this platform for nearly two years now, with great success.

“I have found RESO to be user-friendly for buyers, particularly the vast majority who are used to technology, and buyers now, more than ever, appreciate the flexibility around the opportunity to submit an offer in their own time and their own space.”

The RESO team is working to help agents deliver a seamless, professional online customer experience that allows agents to stay working for as long as possible during these difficult times.

“RESO allows agents to facilitate the offer, acceptance and contract process online for buyers and sellers,” Kate Chalk says.

“Agents who 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.

“Registration and training is free and that is also all done online.”

The global disruption and rapid change we are experiencing is highly challenging, but it is important to remember that it is our health, safety and welfare, and the welfare of our families, that is most important. 

Gen Z demand online platforms

Expectations of how we buy and sell property are changing rapidly as a rising generation of Generation Z home buyers steadily moves towards investing in property or buying somewhere to call ‘home’.

Born between 1995 and 2009, Generation Z is the first generation born into a world where technology is omnipresent with the internet, smartphones and social media an indispensable part of life.

According to Sydney-based research firm McCrindle Generation Z are also the largest generation ever, comprising around 20% of Australia’s population and almost 30% of the world’s population.

Currently aged between nine and 23, there are more than two billion Generation Z on the planet, with 4.5 million in Australia.

RESO CEO Kate Chalk says they are the first fully global generation that has always been connected through digital devices and engaged through social media.

“The rise of Generation Z is signalling major changes for real estate agents as this digitally savvy generation demand online tools that place the property transaction process at their fingertips,” Kate says.

“Generation Z’s have little interest in traditional media, like newspapers and TV, but searching and purchasing online is how they roll,” Chalk says.

“The real estate industry has to adapt and be responsive to this emerging generation’s needs by normalising simple online tools that streamline access to every part of the property transaction process and deliver total transparency for all stake holders.

“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.”

Earlier this year REISA President, Brett Roenfeldt OAM, announced technology would be the focus of its 2020 centenary review in preparation for the massive shift in service delivery Generations Y and Z  bring to the real estate industry.

Brett Roenfeldt

“The rise and rise of technology, big data, automation and demand for real time solutions for consumers are all influencing our industry and must inform our forward strategy,” Roenfeldt says.

“The move to embrace technology will gain even more momentum in 2020 than it has had in 2019, which is good news for buyers and sellers, because digital platforms like RESO are all about enhanced user and customer experiences.”

Ray White Semaphore Sales Manager, Samantha Hirniak, certainly knows a thing or two about digitally connected consumers and buying property at a young age and uses www.reso.com.au for many of her property sales.

Samantha Hirniak

Samantha was captivated by the real estate industry as a teenager, purchasing her first renovation project at the age of 18 before buying and selling numerous other properties.

Samantha says buyers who are 35 years and under, and foreign buyers, have been grateful for the RESO platform because it enables a much faster and streamlined process to offer and purchase. 

“Mobile technology is more dominant than ever before and buyers want documents and answers yesterday,” Hirniak says.

“A recent Gen Z purchaser from overseas was extremely impressed and grateful we offered RESO and was shocked that in Adelaide all agents do not utilise this technology. 

“Mobile technology coincides with the faced past lifestyle people now lead and transparency, time management and a better buyer experience are basic requirements for this connected consumer generation.”

Agents, like Samantha, who 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.

Through automation, increased speed and the seamless online delivery of the property purchase from beginning to end, RESO’s technology enhances relationships with buyers and delivers exceptional outcomes for sellers.

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/

Change brings opportunity

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.

The recently released fourth edition of KPMG’s Real Estate Innovations Overview, in collaboration with Global PropTechand Holland ConTech & PropTech, shows just how much, changing technology will drive transformation of the industry over the next few years.

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/

When all the stars line up at once!

It’s been a big week for anyone interested in the property market.

Data released by CoreLogic on Monday showed that property prices in Sydney and Melbourne are up for the first time since 2017.

Dwelling values in Australia’s two biggest cities rose 0.1% and 0.2% respectively, with CoreLogic analysts attributing the trend to “lower mortgage rates and improved sentiment”.

On Tuesday the Reserve Bank of Australia cut interest rates for the 14th time in the current elongated monetary policy easing cycle that began in November 2011.

The official cash rate hit a record low of 1 per cent and the RBA governor Philip Lowe suggested the bank will be seriously considering further rate cuts in the months ahead.

On Tuesday evening the government’s full tax package passed the House of Representatives, with Prime Minister Scott Morrison promising tax cut lump sums of up to $1080 would be arriving in Australians’ accounts as early as next week.

Wednesday may have been a day of financial rest for the Australian economy but then on Thursday evening the Coalition’s full $158 billion income tax plan passed through the Senate.

And on Friday (today) the Australian Prudential Regulation Authority removed the serviceability buffer that requires banks to assess all borrowers against their capacity to repay their loan at 7 per cent.

RESO CEO Kate Chalk  says that The Financial Review’s headline “APRA bins buffer, lets lending rip” says it all this morning with details emerging that “under the new rules banks will merely add 250 basis points to the rate paid in order to assess whether or not the loan is suitable for the borrower”.

“We know how hard agents all over Australia have been working to provide exceptional service to Australian home buyers and vendors who have being doing it tough for a while and we truly welcome this string of good news for the housing market,” Chalk says.

“According to CoreLogic’s Research Director, Tim Lawless, a couple with two children and an income of $150k per annum can now increase their borrowing by around $67K.

“This is really good news and along with interest rate cuts and the government’s tax cuts arriving in bank accounts very soon, its onwards and upwards.

“We look forward to continuing to partner with agents to deliver exceptional customer experiences as the Australian property market continues to adjust to changing conditions.”

For more information about how RESO – Real Estate Sales Online – can help streamline the property buying and selling process please go to reso.com.au or call 1300 123 091.

Partnering with agents to empower exceptional customer connections

Thirty years since Australia first connected to the Internet and digitisation, blockchain, the gig economy, big data, cloud computing, artificial intelligence and virtual reality are just some of the ways online technologies are transforming our economy.

Consumers are certainly adapting to this seismic shift in digital interactions in what is being called the “Age of Continuous Connection”.

Nicolaj Siggelkow and Christian Terwiesch authored an article in the Harvard Business Review this month examining how a range of new technologies are enabling frequent, low-friction, customised digital interactions and helping to build much deeper ties between businesses and customers.

“By providing customers with services and products they’ve requested – as quickly and seamlessly as possible” businesses are responding to consumers who just want the buying process to be easy, Siggelkow and Terwiesch write.

Real estate and property technologies (RealTech/PropTech) are perfect examples of this “respond-to-desire” technology strategy and are changing the way we design, build, manage, invest in, and buy and sell property.

RESO CEO, Kate Chalk, says Real Estate Sales Online empowers property buyers with what are now the essential consumer capabilities of instant access to information, minimal friction in transaction processes, maximum flexibility in timing and location, and precise execution of the purchase.

“RESO also helps agents reduce their costs of doing business through automation, speed, a seamless end-to-end process and scaling of the property purchase,” Chalk says.

“Agents who 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.

“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.”

If you would a quick and easy run through of the platform give Chelsea or Rachel a call on 1300123091 or email info@reso.com.au

Easy and innovative property transactions at your fingertips

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. 

The Deloitte Mobile Consumer Survey found that 89% of surveyed Australians now own a smartphone, up from 88% in 2017 and 84% in 2016.  

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. 

RESO is a perfect example of this.

 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.

Researcher, presenter and property marketing expert, Kylie Davis,has written a blog post about 4 Proptech Innovators Creating Transparency In Real Estate Negotiations and included RESO.

“Four Australian proptech startups have introduced ways to improve communication around buying, and make the process more transparent,” Davis says.

You can read her blog post here and to see how easy RESO makes managing offers, conditions and contracts online – anywhere, anytime – the following video takes you step-by-step through the process……

RESO.com.au will help you achieve great results, so for more information please give us a call on 1300123091 or email info@reso.com.au