RESO fast gaining a reputation as a game-changer
“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
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