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