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.

Connecting with young home buyers for better customer service

The Federal Government’s mortgage guarantee scheme aims to help first home buyers enter the property market and according to the ABC, a month and a half into the program, 6,500 loans have been or are being processed. 

That leaves another 3,500 places in the scheme this financial year and another 10,000 spots will become available from July.

Under the scheme announced ahead of the May election, the Government is offering loan guarantees for properties with different caps for different cities and regional centres.

Just released data shows the scheme is helping millennials achieve their home ownership aspirations and boosting sales in regional areas.

Quoted in Elite Agent HIA Chief Executive Industry Policy, Kristin Brookfield, says 34% of applicants are aged between 25 and 29, with 76% between 18 and 34 and millennials making up the largest share.

“This represents 3055 first home buyers taking the opportunity to buy their first home sooner,” Ms Brookfield says.

“Where first home buyers are looking to live is also encouraging with a large number of applicants, including millennials, looking to buy outside the major cities of Sydney, Brisbane and Melbourne.”

RESO CEO Kate Chalk says Generations X (millennials) and Z are posing a challenge for the real estate industry because they are demanding to connect, research and purchase through digital devices.

“With the increase of volume of millennial, and younger purchasers, real estate agents are learning the value of online tools that place the property transaction process at their buyers’ fingertips,” Kate 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.”

While agents of all ages are embracing online tools millennial agents like Klemich Property Consultant and Personal Sales Assistant to Penny Riggs, Isabela Klemich, know the importance of technology across the property process………..

Isabela Klemich

Q: What is your personal experience with younger buyers and vendors when it comes to technology use and their expectations?

A: Younger buyers and vendors certainly prefer to communicate via email, text and even Facebook Messenger rather the over the phone – very rarely do they pick up the phone and make calls!  I recently listed a property and got as far as collecting the keys a few days before the first open before I realised I didn’t even have the vendor’s number – all our communication had been over Messenger, email or face-to-face   And more and more young buyers use text to communicate and communication can be done at all hours of the day – often at 9pm at night etc.

Q: How dominant do you think mobile technology use is and how will it affect property transactions in the future?

A: Very dominate – most people use their phones to search for property and people find agents and keep up-to-date online or over social media. 

Q: Do you think using technology like RESO.com.au will be how Generation Z expects to buy a home?

A: Most likely, yes – a lot of people just expect us to do things online. I think young people feel much more comfortable when things are done online – they don’t like having to make a call!

Q: What benefits do you see technology bringing to the real estate transaction process?

A: It can save us a lot more time and help us be more productive. Technology also helps us get more business.  But although I believe technology is really beneficial, we are still a people business and sometimes we just need to meet with people and chat! 

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.

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 fast gaining a reputation as a game-changer

First National Real Estate Lewis Prior Sales Consultant Nick Rogers knows that hard work, dedication and communication provide the strongest foundation for success in real estate.

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. 

24 Whelan Ave, Camden Park

“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.”

First National Real Estate Lewis Prior Sales Consultant Nick Rogers

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 info@reso.com.au  

Or check out https://www.reso.com.au/agents/

Main photo: Chelsea Dwyer, RESO BDM & Trainer with First National Real Estate Lewis Prior Sales Consultant Nick Rogers

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/