Red hot market spells extinction for ‘dinosaur’ agents

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Red hot market spells extinction for ‘dinosaur’ agents

As Australian property sales boom, a new challenge is unfolding in our suburbs and regions.

Properties that were once attracting only two or three buyers pre-COVID-19 are now seeing surging buyer interest as Australia’s red hot property market marches on.

This is backed by new data from online property platform, RESO which reveals there are 25 buyers on average invited into every sale.

From an agent’s perspective, that is an average of 25 people per property, plus the vendors who are demanding two-way, 24/7 communications.

Certainly, while the current boom may present a golden opportunity for agents, it is also revealing agents’ biggest challenge – the inability to handle high volumes of enquiries. 

For those versed in the old-school of printing, emailing and texting the sales process, a crisis point is looming – either get onboard with new tech and adapt, or go the way of the dinosaur.

Paperwork is dead, long live tech

If the rapid agent uptake of new anywhere, anytime mobile tech says anything, it is that the old paper contract and communication-based methods are not long for this world.

Nathan Tonich of Realmark Urban who has been using online offer, acceptance and contract management system RESO for the past 18 months said the ease of an all-in-one solution made it a no-brainer.

“You don’t have to go out at 9pm at night to write up a contract and you don’t have to rush to the airport to get a signature for a FIFO client – they just put an offer in on their mobile so we can issue a contract,” he said.

“As an agent, your capacity is greatly increased because you can handle more listings and more vendors regardless of if you run with, or without an admin person.”

“The process is simply less stressed and people have commented that I am much happier.”

Along with an emphasis on service, Tonich puts Realmark Urban’s success in slashing the amount of days properties are on the market down to RESO.

“Prior to using RESO, properties were on the market for an average of 45 days,” he said.

“Since using RESO we went to 23 days, and now with the market red hot, this has now reduced to 14 days.”

The results stack up, not only for vendors and agents, but also for buyers.

“The feedback from sellers and buyers is how straight-forward the RESO process is to buy a house,” Tonich said.

“There is no being sent away with a blank contract and trying to work it out.

“I recently had a buyer who had offered on 12 different properties in the last six months with different agencies – he said using RESO was by far the easiest way to buy the property out of the 12 different listings.”

And with a new generation of buyers and sellers joining the property market, agents should expect demand for online contracts and improved communications to grow.

“Gen Z first home buyers are far more engaged in a process like RESO,” Tonich said.

“They feel more comfortable operating online and seeing the transparency of where their offer sits.”

How RESO works

On all reiwa.com listings, the user will see the RESO button as the call to action on the listing page.

When the user clicks on the button, they are directed to a RESO page where they can enter their details and request to:

●      Make an offer

●      View the property documents

●      Be kept up-to-date

The agent can then choose to contact the buyer directly, or get the buyer invited into RESO to make an offer online or view the property document.

Just by inviting buyers into a RESO sale, reps can automatically keep every buyer informed of any updates on the property sale.

All enquiries are passed to the relevant agent regardless and a RESO BDM will follow up with the agent to ensure there has been contact with the public user.

The agent /rep is then free to negotiate with the buyer as normal.

Originally posted on reiwa.com.au

How to get leads and maintain popularity in a market boom

This is a true story that happened to one of the, let’s say more popular, real estate agents in Perth.

Gavin, who’s identity we’ve chosen to protect, was having one of those days.

The top sales rep had received 125 buyer enquiries for the one property in a weekend and he was juggling a barrage of incoming calls, emails and texts.

Gavin is a machine but even this many buyers was too hot for him to handle – trying to keep all buyers up to date on what was happening with the property sale.

The challenge: manage the enquiries and lose his mind, or lose his hard-built reputation.

Gavin needed some help.  

Protect and grow your reputation

Reputations, as they say, are hard earned and easily lost and Gavin had no intention of jeopardising future listing leads.

And in this market boom, this story is not uncommon for agents.

The number of enquiries flooding in combined with the challenge of keeping everyone up to date is simply too much for one person to deal with.

So, what is the bottom line risk for real estate agents unable to respond to the deluge of enquiries?

Well, aside from the risk of not being able to keep everyone informed which undermines trust in the buying process, it is the ongoing reputational damage to the agent and the heightened risk of losing future leads that is the real threat.

It’s a simple risk management approach – manage ALL the enquiries and you protect not only your hard-built reputation, but also your future listings.

Easier said than done we hear you say, especially in the middle of a market boom.

Well, the solution is not as complex as it appears and it can fit snugly in your back pocket.

The 21st century solution

RESO is an online offer, acceptance and contract management system which allows agents to manage a mountain of offers and fast-track sales.

Forget managing multiple communication channels, REIWA’s new “‘make an offer’ button on each listing allows potentially hundreds of buyers to liaise directly with reps.

In the RESO platform agents also get an immediate alert as soon as one of their invited buyers requests an appraisal for their own property or a desktop valuation.

Meanwhile they are also able to gauge the interest of a property and provide updates to the seller.

It’s a win for the buyer, the seller and the agent.

There is greater transparency of the offer process; agents can handle more offers; and most importantly, they can uphold their reputation and their stream of future listings.

Realmark agency executive director WA Scott Fletcher is a champion for digital change.

“I love RESO because it is simple and easy to use,” he said.

“It allows an agent to invite more buyers into the offer process in a friendly manner – removing barriers whilst providing an additional layer of transparency through its ‘ranking’ function when dealing with multiple offers.”

How it works

On all listings, the user will see the RESO button as the call to action on the listing page.

When the user clicks on the button, they are directed to a RESO page where they can enter their details and request to:

●      Make an offer

●      View the property documents

●      Be kept up-to-date
 

The agent can then choose to contact the buyer directly, or get the buyer invited into RESO to make an offer online or view the property document.

Just by inviting buyers into a RESO sale, reps can automatically keep every buyer informed of any updates on the property sale.

All enquiries are passed to the relevant agent regardless and a RESO BDM will follow up with the agent to ensure there has been contact with the public user.

The agent /rep is then free to negotiate with the buyer as normal.

Originally posted on reiwa.com.au

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.”

Shining the spotlight on the Sunshine State

With a room full to the brim with talented real estate professionals, the REIQ Awards for Excellence event was a huge success last night.

The REIQ Awards encourage, recognise and promote excellence and best practice and competition was fierce, with 106 finalists across varying individual, agency and external categories.

REIQ CEO Antonia Mercorella says the calibre of submissions this year was second-to-none.

“We are continually heartened by the quality of the professionals within our sector, and this year is no different,” says Mercorella.

“Real estate is a competitive industry, but the REIQ’s annual Awards for Excellence is a great way for our community to come together and celebrate each other’s successes.”

RESO was thrilled to be a finalist in the Industry Innovation Award category alongside Agent Dynamics, Market Buy, Properlytics and RiTA by AiRE.

RESO CEO, Kate Chalk, congratulated the winning RiTA by AiRE team expressing how exciting it is to be part of a group of Australian Proptechs working to deliver tech-enabled solutions that are rapidly removing the pain points agents, buyers and sellers all experience across the real estate process.

“We are really proud to be part of an amazing group of innovators developing solutions to the critical problems facing this industry,” Chalk says.

“RITA uses artificial intelligence and automation to deliver a daily list of optimised leads to real estate agents and is another example of a productivity tool that can supercharge the existing human and technology resources within a real estate agency.

“The RESO team is passionately working to enhance transparency in the real estate sales process and deliver a seamless, professional online customer experience that allows agents to focus on the human touch points that are so important.

“What RESO does so well is help agents facilitate the offer, acceptance and contract process online for buyers and sellers,” 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.

“Real estate agents all over Australia work really hard to deliver exceptional outcomes for clients, but as the real estate sector transforms, they will also need to continually adopt the best technology options for digitally savvy buyers and sellers. 

“The feedback we are receiving is that time, energy and money 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.

“Both RESO and RiTA by AiRE deeply value, and are investing in, technology that enhances the ability of agents to provide exceptional levels of customer service.”

A great night

The Real Estate Institute of Queensland (REIQ) is the state’s peak professional association for real estate practitioners representing 4000 individual members, 1600 agency offices, and more than 15,000 property professionals including principal licensees, salespeople, property managers, auctioneers, business brokers, buyers’ agents, resident unit managers, and commercial and industrial agents across Queensland. 

Congratulations to all of the 2020 Awards for Excellence Winners…..

Best Media Report – Mikaela Day – Gold Coast Bulletin, News Corporation

Business Broker of the Year – Dustin Slypen – Link Business

Business Development Manager of the Year (Property Management Office) – Jamie-Lee Billerwell – Code Property Group

Buyers Agency of the Year – Propertyology

Buyers Agent of the Year – Matt Reeves – Your Property Hound

Commercial Agency of the Year – Raine & Horne Commercial Brisbane Southside

Commercial Property Manager of the Year – Alana Johnston – Colliers International Brisbane

Commercial Salesperson of the Year – Hunter Higgins – Colliers International Brisbane

Community Service – Agency – Wythes Real Estate

Community Service – Individual – Carla Haddan – Place Estate Agents Bulimba

Corporate Support Person of the Year – Debra Aleckson – Wythes Real Estate

Franchise or Cooperative Office of the Year – Colliers International Sunshine Coast

Industry Innovation Award – RiTA by AiRE

Large Residential Agency of the Year – Laguna Real Estate

Medium Residential Agency of the Year – Solutions Property Management North Lakes

Regional Residential Agency of the Year – Kingsberry Harcourts

Regional Salesperson of the Year – Johnathon Merton – Laguna Real Estate Gympie

Residential Property Manager of the Year – Tamara Weight – Kingsberry Harcourts

Residential Salesperson of the Year – Brett Andreassen – Plum Property

Small Residential Agency of the Year – Xperience Realty

Young Professional of the Year – Patrick Ivey Harcourts – Property Centre

Auctioneer of the Year Nominees – Justin Nickerson – Apollo Auctions

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.

Talking all things property technology

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.

Link to the podcast – https://kyliecdavis.com.au/2019/11/episode-5-reso-transcript/

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