Multiple buyers is a RESO for success

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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.”

RESO continues to achieve exceptional results

Two weeks after deciding to use RESO, Brett Johnston’s first buyer on the platform resulted in a cash sale within 24 hours of the buyer viewing the property.

This exceptional result is just one example of how Brett has found RESO to be “a simple process, where the agent is still in control yet enables buyers to review sales documentation and make an offer online at their convenience”.

Brett Johnston

Brett Johnston Real Estate is a boutique agency operating in Kalamunda and the Perth Hills area and with more than 30 years’ experience in residential property, Brett is thoroughly committed to providing personalised service to every one of his valued clients.

Among other accolades, in 2011 and 2012 Brett was nominated as Kalamunda Chamber of Commerce ‘Business Person of the Year’ and in the reiwa.com 2012/13 Annual Awards, he attained ‘Ten to Fifteen Million Dollar Club’ status.

As a member of the Real Estate Institute of Western Australia (REIWA) Brett has access to, and embraces, the latest market information including technology tools like RESO, that is endorsed by REIWA.

“Being a small boutique business, I like the idea of integrated technology to help clients make purchasing or selling streamlined and simple,” Brett says.

“I have found buyers really engage with the platform – all the comments that I have had have been positive about their experiences. And the information you can place on the platform for them to access makes it a really beneficial process for them.

“The document management process is also simple to upload documents relevant to the property with a couple of clicks of a button.

“I use the RESO platform as a way in to invite buyers to get more information about a property and from there it is simple for them to make an offer if they so choose,” Brett says.

“RESO has integrated beautifully into my workflow processes – uploading documentation, inviting buyers, seeing which byers have accepted your invitation – is all at the click of a button.

“But my personalised client service is the focus with RESO as I communicate with buyers and deliver exceptional service.  That part hasn’t changed, but the flow of information has made everything so much simpler.”

Brett Johnston talks about his experiences with RESO

For more information, or to book a FREE training session, contact Rachel Coulter on 0447675958 or if you are in WA visit the RESO booth at the REIWA Connect Conference on September 30.

Or visit reso.com.au for further details.

Change brings opportunity

In our everyday life, as more and more tasks become digitised, the technology available to us is being adapted and enhanced at a rapid rate.

Over the past few years the real estate industry has been focusing significant energy on technology and innovation and how they can help improve productivity and provide even better customer experiences.

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

KPMG has identified a set of key industry trends – in the image below – that they believe require technological solutions to ensure real estate businesses can adapt and thrive.

Global Lead of Real Estate Consulting, Sander Grunewald, says the Real Estate Innovations Overview shows a bright future across real estate for those leveraging innovation, but only if it is part of a long-term strategy.

“The real estate sector needs to act to embrace innovation and increasingly recognise the opportunities of this digital transformation in their strategy,” Grunewald says.

“Over the past three years we have seen an increase in interest in PropTech and real estate innovations.

“In our view, any real estate company not exploring and exploiting property technology and innovation should question its strategy.”

Recently more than 700 speakers from around the globe shared their technology ideas at the 5th FUTURE: PropTech event in London.

Key players in PropTech, like Heather Staff, the co-founder of Spectrean online tool that helps agents find properties to sell, described how quickly things are changing.

“Until recently there has been a lack of innovation in the area of helping agents do their day to day job better so there will be a lot happening in that space in the next few years,” Staff says.

RESO CEO Kate Chalk says Real Estate Sales Online(RESO) is an example of technology that helps agents work more efficiently – reducing their costs of doing business through automation, speed, a seamless end-to-end process and scaling of the property purchase.

Agentswho use the RESO platform can upload a property in a matter of minutes and provide buyers 24/7 access to the registration, offer and contract process,” Chalk says.

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

To see how RESO can help agents improve their efficiency and enhance relationships with buyers go to www.reso.com/agents/

When all the stars line up at once!

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Partnering with agents to empower exceptional customer connections

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

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

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

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

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

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

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

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

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

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