Market Buy’s new direct deposit function is helping agents keep their deals together in a market where single buyers are submitting offers across multiple properties.
Market Buy Chief Executive Officer John Hellaby said agents were able to use the platform to request the deposit, which was then paid immediately into their trust account, bypassing Market Buy altogether.
“It doesn’t touch us in any way, shape or form,” Mr Hellaby said.
Given the current market, Mr Hellaby said being able to identify genuine buyers was a huge advantage for agents.
“In certain markets, and in certain demographics, buyers will make multiple offers on multiple properties,” Mr Hellaby said.
“Then before the cooling off period, they’ll decide which property they want, and pull out of the others.
“Agents then end up with crashed contracts, and disappointed vendors.”
Being able to collect that deposit immediately after the completion of the sale ensures the offer is genuine, Mr Hellaby said.
“You know the offer is genuine, the contract is genuine, and the buyer is genuine,” he said.
“It provides that peace of mind and confidence for agents, that they’re not dealing with someone who is simply playing the field.
“The contract is in play.”
It’s easy to get involved. Market Buy agents simply need to reach out and let the team know they want access.
“We can quickly activate the feature for them,” Mr Hellaby said.
“And then we can guide them through the process.”