How Does RESO Ranking Work for Agents?
The RESO Ranking feature is loved by agents, sellers and buyers alike. For buyers, the ranking feature provides transparency around competition on the property – rather than being forced to rely upon the agent’s word. Sellers appreciate that their agent can drive the competition amongst the buyers to get the best price available on the property. But ultimately the agent is the real winner with RESO. Agents working with the RESO Ranking tool:
- cut the offer process administration time to a fraction of that traditionally taken with a manual offer process;
- deliver on seller expectations around competition and price;
- increase the sense of urgency that some buyers need in order to commit to making their actual best offer;
- capture unsuccessful buyer details and easily target them for alternate property listings;
- foster a working relationship with buyers built on transparency, trust and efficiency that can be leveraged in the future.
How does RESO Ranking work within the offer process?
Agents have several options available to invite buyers to the sale on RESO. Once buyers start submitting offers, the agent controls the timing of updating the buyers as to where their offer ranks against other potential buyers – without disclosing the actual amount on offer. Agents can adopt a variety of tactics to increase buyer competition. Agents remain in full control and can choose to rank after every offer is received, or at regularly timed intervals and can notify buyers to submit best and final offers. With the simple press of a button, Ranking provides buyers with transparency around where their offer sits in relation to the competition – without disclosing price. This means buyers are encouraged to offer to the limits of what THEY are prepared to pay for a property at their final offer. Ultimately, whether they are successful or not, every buyer can walk away confident that they had the opportunity to put THEIR best offer forward.
Using RESO Ranking to Successfully Manage Buyer Experience
Agents are well versed in managing seller expectations – setting out the current market conditions, the price they can expect to achieve over a given timeframe, and the myriad of other factors that impact their experience as a seller. What can be more difficult is managing the experience of the buyer. Despite each buyer being a potential seller now or into the future, that opportunity to make the best impression with every buyer interaction is sometimes overlooked or sacrificed – especially in the frenzy of a hot market. How many times has an agent heard “But I would have offered more” from an unhappy, unsuccessful buyer? As a buyer, there is nothing worse than being left with the perception that they were not given a fair opportunity to make a play for a property. Traditionally, there has been little opportunity for buyers to have transparency around the level of competition for a property and whether the agent is managing all offers fairly – or competently. With the agent’s obligations to comply with regulations restricting how much information they can disclose to other buyers around existing offers on the property, all parties are caught between a rock and a hard place. The RESO offer platform transforms the buyer experience, delivering a level of efficiency and transparency that buyers love. Once invited to the sale on RESO, the buyer is given a level of autonomy and transparency that has been lacking in the real estate industry. At a press of a button, agents can utilise the Ranking tool to automatically engage with buyers. When offers are submitted on RESO, the buyer knows that the agent can see the offer instantly. When offers are Ranked by the agent, the buyer can see where they stand in relation to the competition – and submit a further offer instantaneously. When the agent puts the call out for final best offers, buyers can see where they are ranked, know that they are on an equal playing field and can be confident that their best offer is going to be seen by the vendor at the same time as the competition’s best offer. No question. No doubts. Their offer didn’t get lost in a pile of paper offers at the bottom of the agent’s bag. They didn’t hold back that $20K thinking that the agent would call them to make another “final offer.” They had every opportunity to make their best offer to beat the ranked competition’s offers.
Leverage RESO Buyer Engagement
Buyers will remember the RESO experience – whether they are successful or not. They have a benchmark against which to measure all other agent interactions. They know that a RESO agent can deal with offers with speed, efficiency and professionalism. They know that they can trust a RESO agent to conduct property sales with integrity. They know that a RESO agent is going to get the very best price available for a property. And those buyers will come back as sellers.