While mainstream headlines may indicate the current property market is somewhat turbulent, Market Buy Chief Executive Officer John Hellaby said agents with the right recipe are getting deals done.
He said despite some uncertainty, thanks to rising interest rates and the global pandemic, hardworking agents could generate solid results if they capitalised on buyers’ desire for convenience and immediacy, along with pricing their properties well and executing an astute marketing campaign.
“We’ve seen some great numbers in terms of sales on the Market Buy platform,” Mr Hellaby said.
“There’s still an average of 14 offers per property sold and we’re seeing, on average, seven buyers registering to make offers on those properties.
“There are still buyers in the market, they’re just not moving with the same urgency of a year ago.”
Mr Hellaby said while agents worked for the sellers, in a market like the current one, making it easier for buyers to make offers is having a positive impact.
The modern buyer doesn’t just want convenience. They demand it.
Market Buy data shows that one-in-five offers are made on a buyer’s lunch break, one-in-four is made out of hours, one-in-2.5 offers are made during the evening commute, on- in-nine is made after 7pm and before 6am and one-in-six is made before lunch.
“We are finding that the trends happening inside the sales is what is most interesting,” Mr Hellaby said.
“There’s this idea that buyers are sitting on the fence and not wanting to make offers.
“But our data shows differently. Buyers are, in fact, making offers but on their own terms and in their own time.”
That’s why making it possible for buyers to make offers via their mobile phones is critical in the current market, according to Mooney & Co Director Jo Mooney.
“We can’t risk putting any barriers, (real or perceived) in front of buyers,” she said.
“Giving them the ability to act through Market Buy on their own time and terms provides the path of least resistance.
“Buyers are literally relieved that they don’t have to schlep to an office and be put into a small box with an agent to make an offer, and both buyers and sellers appreciate knowing in real time where they stand at all times.”
As has always been the case, Mr Hellaby said agents also needed to ensure they priced each property right.
“Setting your property at the right price has always been a critical part of the sales process, and that hasn’t changed. In fact, it’s more important than ever,” he said.
The second element is marketing your property effectively.
“Marketing has always been a key aspect of the sales process, but like effective pricing, high-quality marketing is particularly important in the current climate,” Mr Hellaby said.
“In an increasingly noisy market, making your property stand out from the crowd is imperative.
“Those are the three key strategies that successful agents are executing on and winning with in this market.”