Agencies have reported a significant uplift in Pay Later applications as the property market turns from a seller’s to a buyer’s market, according to CampaignAgent.
The real estate Pay Now, Pay Later provider said the percentage of vendors selecting Pay Later has increased by 37 per cent since May 1 2022.
With more than 25 per cent of national listings using CampaignAgent, the option to receive up to six months to pay for VPA is proving an essential tool for nervous vendors.
CampaignAgent has long been an industry leader in VPAPay solutions and its latest fresh approach to Pay Now, Pay Later real estate is paying dividends to real estate businesses nationally.
Seth Watts, Co-Founder of CampaignAgent, said the company’s customers live in a world of possibility, opportunity, excitement, and sometimes fear and uncertainty.
“We’ve responded to a changing market by increasing our VPAPay loan term from 90 days to up to six months to help vendors commit to a sale with certainly an opportunity,” he said.
“It’s been amazing watching vendors embrace the change almost immediately.
“We genuinely share that experience with them – and we’re here to help them achieve their goals.
“It’s not about numbers, interest rates, or percentages. It’s all about driving better outcomes for the real estate industry and their vendors.”
Shaun Moriarty, CEO of CampaignAgent, said the option was designed to turbocharge real estate sales and business.
“CampaignAgent was built to help de-risk agencies by removing the debt they carry when inventory takes longer to sell and when it’s even harder to replenish listing stock,” he said.
“As interest rates rise, property prices soften. We expect that agencies that require vendors to pay upfront will be left competing with their hands behind their backs.”
CampaignAgents VPAPay, offers vendors, and agents, access to more Pay Later funding amounts and up to six-months to align marketing and staging costs even more closely to the sale proceeds of a property.
It also equips agencies with more flexible funding options to help them market their properties.
For listing agents, VPAPay minimises the friction with vendors to make conversations easier and more valuable, focused on investing in the right marketing.
CampaignAgent’s industry-leading Pay Now, Pay Later solution – VPAPay – streamlines the marketing process for agents and, with a strong focus on transparent transactions, provides trust and security for vendors.
It allows vendors to align payment of their marketing with the sale proceeds of their sale rather than upfront at the start of a campaign.
As Australia’s red hot property market starts to cool, CampaignAgent noted convincing vendors to outlay thousands of dollars could prove difficult,
“Presently, vendor-paid advertising can range from $4000 in more affordable regions to well in excess of $20,000 in some areas of Australia’s capitals.
“The challenge the industry faces is maintaining vendors’ confidence in the need for and value of investing in marketing.”