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

Click to make an offer with reiwa.com and RESO

  • Real Estate Sales Online (RESO) have added a feature to the reiwa.com site
  • Interested buyers can register their interest or put in a offer

Adelaide-based Real Estate Sales Online (RESO) has done a deal with the Real Estate Institute of Western Australia (REIWA) on their listings portal, reiwa.com.

Straight off any property page on the site, buyers can click the ‘RESO’ button (see main image above) and register their interest or even make an offer.

In a hot property market, these are the things that can make a difference between being in the frame, or missing out on the deal.

A quick check on some of the rival property portals seemed to suggest reiwa.com was the first to market with this technology on their own site.

REIWA CEO Neville Pozzi said since the COVID-19 outbreak occurred, organisations are finding innovative online alternatives for those who prefer them.

“We are excited to be working with RESO to offer a simple solution to those who would like to not only put an offer on an interested property but can negotiate and purchase the property while in the comfort of their living room,” Mr Pozzi said.

“Agents will be able to communicate directly with potential buyers through the RESO platform, but they will also be able to gauge the interest of a property and provide updates to the seller.”

RESO CEO Kate Chalk said 10,000 users are enjoying the simplicity and ease of RESO.

“Buyers love easy access to all property details and documentation as well as offering and negotiating on a property online from wherever they are,” Ms Chalk said.

“Agents are updated instantly, as soon as buyers have made or updated their offer, resulting in faster response times, in what can be a nervous waiting time.”

“For the past two and a half years we have enjoyed working with REIWA and the wider real estate community in WA. We are excited to continue to provide an innovative and streamlined approach to buying and selling property”.

Originally posted in The Property Tribune

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.