When all the stars line up at once!

Archive for Trends – Page 2

When all the stars line up at once!

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Partnering with agents to empower exceptional customer connections

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

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

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

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

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

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

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

“Agents who use the RESO platform can upload a property in a matter of minutes and provide buyers 24/7 access to the registration, offer and contract process.

“More and more agents are sharing with us that time and energy are being saved in spades with buyers being able to access all stages of the buying process online and respond to the different stages instantly wherever they are in the world.”

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

From hands…to heads…to hearts

The future of work for Australians, and people all over the world, is endlessly being questioned by those who fear the “robot revolution”.

Deloitte Access Economics released research this week that significantly debunks the myth that the path to prosperity is mechanical, showing, in fact, that the future of work is human.

Deloitte partner, and lead report author, David Rumbens, says while technology is driving change in the way we all work, and the work we do, we can actually use technology to create more meaningful and productive jobs.

That today’s jobs are increasingly likely to require cognitive skills of the head rather than the manual skills of the hands won’t be a surprise,” Rumbens says.

“Yet something new is also happening with jobs increasingly needing us to use our hearts – the interpersonal and creative roles, with uniquely human skills like creativity, customer service, care for others, and collaboration.”

CEO of RESO – Real Estate Sales Online – Kate Chalk, says real estate agents have always known the value of individualised attention and work tirelessly to deliver exceptional customer experiences to vendors and buyers – every day of the week.

“When it comes to buying and selling property, people want local knowledge, genuine and timely service and, of course, the best financial outcome they can possibly generate,” Chalk says.

“Deloitte’s The path to prosperity: Why the future of work is human report shows the biggest threats to our employment market could actually be a lack of workers with the right skills and a workforce that’s also feeling burnt out.

“RESO is a property technology tool that allows vendors and buyers to have an instant, transparent and simple property transaction processes from beginning to end – freeing up time, and money, better spent in other ways.

“By supporting agents to seamlessly manage sales online capturing all buyer details, their offers and conditions, from the first contact, right through to contract completion, precious time can be channeled into authentic, human interactions,” Chalk says.

“RESO ensures agents are still in the driver’s seat because the real estate transaction is personal, complicated and emotional, and agents have the skills to deliver exceptional consumer experiences.

“RESO has taken a collaborative approach with agents and the industry – working together to provide a digital choice that adds significant value to the real estate transaction process – because there is nothing “robotic” about the individualised services great agents provide.”

For details on how RESO supports agentsbuyers and sellers visit www.reso.com.au or call 1300 1230 91

Property sales transformation

As a millennial working with, and for, people of all ages, Zeina Rasheed experiences every day how the dominance of digital technology is heightening consumer expectations of the property buying and selling process.

A sales associate with Harcourts VennMillar, Zeina has been using REBid – now RESO – selling numerous properties and has found it easy to use and enormously beneficial in many ways.

“As the real estate sector transforms, agents will need to understand, and integrate, the latest in technological innovation to meet consumer needs and build brand and reputation, “Zeina says.

“Does every industry in the world operate the exact same way it did 10,20,30, 50 years ago – No.

“Emerging technologies are changing every industry so it is important for the real estate industry to also adopt new technologies designed to streamline and help improve processes.”

Zeina has some further insightful reflections to share……..

How easy have you found the platform to successfully complete property transactions?

Being a millennial agent, I find online to be extremely easy to use and helpful in managing and keeping track of multiple offers. The fact that it’s a mobile online system allows me to view offers and where buyers are at any time anywhere – there’s no need to carry bits of paper everywhere with me. I can simply login to my account and view the offers and their conditions, rank the offers to create competition and get an excellent result for my vendors. 

Why did you begin using the platform with your vendors and purchasers?

Stephen Venn and I have used the platform as a point of difference – there are many vendors out there that are too nervous about auctions so RESO offers the option to still create that competitive environment without the stress/nervousness of auctions. Vendors have been extremely open to the idea and have at times expressed one of the reasons they decided to go ahead with us as their agents is due to the option we offer. 

What has been the reaction of vendors and purchasers?

I have now used the platform for many properties and I found that 99% of buyers had absolutely no issue using the platform. In fact, I have received good feedback from buyers regarding its transparency and user friendliness. Nowadays, we live a very busy life, so for buyers, being able to submit an offer while at work, interstate, on holidays, or at home, etc… makes it so much more convenient for them. Rather than having to fill in an offer form, scan it, email it to the agent or in person. It streamlines the process for everyone involved – buyers, agents and vendors.

What are the main benefits you have found using the platform?

Our negotiations with the buyers combined with the competitiveness the platform creates allowed us to achieve an exceptional result for our vendor in Belair recently. We had three very keen buyers, all of which submitted their offers via REBid – now RESO – and over the course of a few days competed to secure the property. As an agent, when you say ‘’there are other offers on the table’’, buyers usually think/say ‘’of course you’re going to tell me that’’, but when they can see it for themselves via the platform, it creates a sense of competitiveness and urgency to act quickly. We were quoting $790-840,000, we achieved $875,000 for the vendor – an exceptional result. 

Why should other agents consider using RESO?

Many agents might think the platform is designed to replace their job – this is NOT the case, it is simply a tool to assist you in your negotiation process, not to replace you. If you use it right, it will help you in keeping track of multiple offers and negotiate and achieve the best price possible for your vendors.

Harcourts on RESO as an alternative from RESO on Vimeo.