The progression of COVID-19 restrictions, including a ban on open inspections and auctions and social distancing measures for workers, is impacting all Australian property workers who are now searching for new ways of doing what they have always done – serve their customers.
COVID-19 is first and foremost, a public health issue, with the wellbeing of Australians, and the global population, our ultimate focus and so the real estate industry needs to adjust.
It is hard to contemplate the extent of this crisis and all the people it is impacting and so we send our heartfelt thoughts to everyone as we all deal with the situation as best we can.
And it is – we are seeing agents all over the country embracing technology like RESO – Real Estate Sales Online – to facilitate efficient transactions anywhere and at anytime, to manage their businesses.
RESO CEO Kate Chalk says the team has been working for hard for a couple of years to develop and continuously update an online platform that provides exceptional customer experience outcomes for agents, buyers and sellers.
“Auctions and open inspections have been banned so an online platform like RESO, where all the information, documentation and sales process is online, transparent and able to be accessed every minute of every day from any device, ensures properties can still being bought and sold.
“During these challenging times, we would encourage agents to test and use the technology at their disposal to ensure uninterrupted high levels of customer service,” Kate Chalk says.
“Real Estate Institutes and Group heads around the country have developed COVID-19 toolkits that include, some technology options because the technology is there and with RESO it is free to register and be trained through online webinars or one-on-one online training sessions.”
Responsive agents, like Harcourts VennMillar Principal, Stephen Venn, are adopting sensible measures like technology to sell their properties.
To facilitate customer service during this challenging COVID-19 health crisis Stephen announced RESO’s technology would power his sales process and is advising his team to do the same.
“We are providing the Real Estate Sales Online (RESO) offer platform to buyers to limit as much one-on-one contact as possible as we are finding this is making those wanting to put offers forward far more comfortable and the conversations are done more over the phone,” Stephen Venn says.
“Further to this, the provision is made for multiple offers to be ranked using RESO and I have been selling, utilising this platform for nearly two years now, with great success.
“I have found RESO to be user-friendly for buyers, particularly the vast majority who are used to technology, and buyers now, more than ever, appreciate the flexibility around the opportunity to submit an offer in their own time and their own space.”
The RESO team is working to help agents deliver a seamless, professional online customer experience that allows agents to stay working for as long as possible during these difficult times.
“RESO allows agents to facilitate the offer, acceptance and contract process online for buyers and sellers,” Kate Chalk says.
“Agents who use the RESO platform can upload a property in a matter of minutes and provide buyers 24/7 access to the registration, offer and contract process.
“Registration and training is free and that is also all done online.”
The global disruption and rapid change we are experiencing is highly challenging, but it is important to remember that it is our health, safety and welfare, and the welfare of our families, that is most important.
CEO of QBE Phil White House says more than 110,000 first-time home buyers entered the market in 2018 due to more onerous lending conditions forcing many potential investors out.
“Although tighter lending standards, declining property prices and uncertainty related to the economy have deterred some first-home buyers, we still expect a similar number to be getting the keys to their very own property this year,” White says.
“It’s certainly been an interesting year for Australian property.”
Prices across all capital cities are expected to stabilise in 2019/20 after experiencing slowing growth or declines in the past two years with the combination of an easing of lending serviceability buffers and lower interest rates expected to assist borrowers.
Strong population growth and a sharp downturn in new dwelling completions should result in the dwelling balance across most markets tightening from 2020/21. This will provide some positive impetus to prices.
The RESO platform has been designed with feedback from the real estate industry
RESO CEO Kate Chalk knows the value first-home buyers, many of them millennials, bring to the property market.
“Millennials are typically born between 1981 and 1996 and now represent the most influential age cohort in today’s residential property market because they are a significantly larger group than Generation X, or those born between 1965 and 1981,” Chalk says.
“The RESO platform – Real Estate Sales Online – has been designed with feedback from the real estate industry to deliver to these changing consumer expectations and a heightened need for speed and transparency.
“In a nutshell, as technologically empowered homebuyers begin to dominate the property market, tools like RESO, deliver options for agents that vastly improve the end-to-end experience for both vendors and buyers.”
Selling or buying a home is one of the most significant experiences we have to navigate through and so Nick is always looking for ways to simplify and improve the buying and selling process.
“Achieving the best outcome for my clients and assisting them in what is traditionally a highly stressful time to make the move in to the next stage of their life in a stress-free fashion is the most rewarding thing I can be involved in,” Nick says.
“A property I sold recently in Camden Park using RESO was the perfect example of providing a simple and streamlined process for the potential buyers and the vendor – and the time I saved going online was a game-changer.”
The property at 24 Whelan Avenue Camden Park was sold as a ‘Best Offer’ campaign running over three weeks, and both the vendor and the buyers were thrilled with the final price and the instant, yet still personal, online registering, documentation, offers and contract completion processes.
“I am always keen to try new technology and I believed this property was likely to have a good response in terms of large numbers of people coming through open inspections and then subsequently having multiple offers,” Nick says.
“So, I thought this was the perfect opportunity to give RESO a go and it was because we had 39 groups through, 14 offers through the platform and I was still able to negotiate a mutually agreeable final price for a quick sale.
“When we are in a hot market the old ways of making times to meet with buyers and discuss offers may have been suitable. But when we are in a more changing and challenging market, like we are now, having all the tools up your sleeve to make it far easier for a buyer to make an offer is essential.”
To get all the details, Chelsea Dwyer, BDM & Trainer of RESO, sat down with Nick and asked him to talk through why RESO is such a game-changer and now a vital part of his exceptional approach to communicating and optimising outcomes for vendors and buyers…..
Chelsea: Was the RESO platform easy for buyers to register and then move to offering?
Nick: All the feedback I have had from the buyers from the Camden Park sale has been really positive with everyone finding the process smooth. And that RESO has a great interface, that they didn’t have any problems navigating.
C: Did you upload any documentation to the RESO platform for this sale and, if so, what did you say to the buyers about the process?
N: I uploaded the contract and the Form 1 so all the documentation was accessible. I explained that RESO provides the opportunity for them to submit their offer instantly. And when we rank the offers they can see where they stand in the offers and can subsequently revise their offers and conditions as often as they like.
C: What did you find after ranking the offers during that sale process and did you personally get in touch with all the buyers?
N: With ranking I found that one buyer, in particular, increased their offer three times. Not everyone did revise their offers but those who did, moved to their final and best offer and revised either price or conditions, or both. The platform meant that I was making less phone calls but was able to focus those calls on the top few offers. This streamlined the process and made it more time efficient. And having the ability to follow up the ranking with the courtesy message “we are now moving into final and best offer” did make it so much easier and more user-friendly for everyone.
C: What was the highlight of using RESO to sell this property and would you like to use it to buy a property?
N: Being autonomous and seeing people be able to get in there and change their offers at 7pm at night while I am at home and getting alerts was a highlight. It was great to be able to monitor the process as it was happening. And personally, I think RESO is a good system. Some of the buyers referred to it as an online auction platform which isn’t correct because it does give people the ability to have their offers subject to other conditions like finance or building inspections. I think it is just about educating buyers and helping them understand and feel at ease with the (buying) process. They still have the ability to ask questions across the whole the process but importantly it makes it all more transparent.
C: Did you find with the best offer by sale that you got offers faster than you would have doing things the old paper way?
N: Yes, we had two weekends of open inspections before offers closed and everyone who came through was sent the invitation to register and submit an offer. I did get an offer on the night of the first open inspection which put me in a position where I could categorically say to people there were offers on the property.
C: Do you think the ability to submit offers online was the reason you got so many?
N: We live in a world where we are time poor so taking a couple of hours out of your day to meet with an agent and place an offer – I can see how people might see that as a drawback. Providing all the documents up front through the platform is good because it gives people the time to look through it all, seek advice and be confident so that the transition from letter of offer to contract is then just so much easier. With this property we had 39 groups through and 14 registered with RESO to give an offer. Nine groups made offers but there were 14 actual offers because some made multiple offers. It was a great outcome.
C: To define that process in physicalhours rather than as a digital option – how many hours would you estimate it would’ve taken?
N: If I was managing that sale in the way that I have before and physically sitting down with all the people interested and putting offers directly into the contract of sale you would at least be talking about an hour to 1.5 hours per appointment. With nine offers that would be a minimum of nine hours plus driving. And then add to that revising offers – there is certainly a great deal of time saved with RESO.
C: How did you find the RESO process in terms of facilitating the negotiation process?
N: It didn’t inhibit that process at all in, in fact, it facilitated a smooth and mutually beneficial negotiation. The successful buyer was a result of negotiation from their “final and best offer” on the RESO platform. When I was with the owner presenting all the offers from the RESO platform I had the contract filled out and ready to sign with all the final offer details submitted through RESO. But the owner wasn’t quite happy so we simply rang the successful buyer and negotiated a mutually agreeable price. So I was able to negotiate manually but I just didn’t have the time lag of having to re-do paperwork and shuffle it all back and forth.
I will be definitely using RESO again, in fact, another property has just launched.
If you would like a quick and easy run through of the platform give Rachel a call on 0447675958 or Chelsea on 0488002539 or you can email firstname.lastname@example.org
Savvy REIWA members all across the vast area of Western Australia have been accessing the latest real estate market data, statistics, sales information, calculators and suburb profiles online for years.
As more tasks become digitised, Real Estate Institute of Western Australia CEO, Neville Pozzi, knows how important it is for agents to embrace technology and innovation that can improve productivity and provide even better customer experiences.
“reiwa.com is a comprehensive and trusted local knowledge source which provides agents, buyers and sellers with online tools that help simplify one of the biggest decisions in their life,” Pozzi says.
“Which is why developing new ways to connect and providing people with the most up to date information is quite important for us.
“Beyond sourcing valuable information, we assist our members in embracing new technologies which help to make certain tasks quicker and improves the customer’s experience with tools such as inspection apps, digital forms and making greater use of CRM’s to manage data and engage with customers.
“To remain relevant, we know that real estate agents all over the world need to embrace technology to deliver superior services, reduce their costs and make things as simple as possible for everyone involved.”
Real estate specialists from around the globe shared their wisdom at the FUTURE: PropTech 2019 event in London recently and among the key themes was the need for digital innovation to be focussed on ways to support agents to do their day to day jobs better.
“End to end solutions, like that offered by RESO – Real Estate Sales Online – is the way of the future as the real estate industry embraces technology to become more streamlined and give consumers better experiences,” Pozzi says.
RESO CEO Kate Chalk says 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.
“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,” Chalk says.
“More and more agents are sharing with us 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.”
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.
“In some respects the industry has been slow to embrace leading edge technology but that is all changing as businesses seek to become more efficient, reduce their costs and use technology across multiple platforms to better manage and use information collected by the business,” Pozzi says.
“RESO is an essential component in the industry’s drive to do these things to become more efficient and improve the overall consumer experience.”
“Together we offer all our clients the complete package of sales and property management and a high level of service and professionalism,” Emily says.
“As an agent, RESO creates a digital platform for us to have private information ready for viewing any time of the day or night for our clients, information they want is there already available to them 24/7.
“Making an offer on a property via online technologies is the way of the future, RESO is one step ahead forging the path for agents to incorporate this technology already.
“RESO is the future of negotiating – transparent, efficient and available 24 hours in the palm of our hands.”
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