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Calls to consider real estate ‘essential’

April 01, 2020Grace Ormsby

In the event of further restrictions in response to the coronavirus, an industry group is calling for real estate services to be considered “essential” and allowed to continue its vital work. ...

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top 10 agents

1

ALEXANDER PHILIPS

Year of Experience: 17

Support Staff: 5

Residential Properties Sold: 208

Total Value of Residential Properties Sold:

$614,864,500

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TECH MARKETING SALES BETTER BUSINESS PROPERTY MANAGEMENT
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Kylie Davis reb 6 predictions for real estate in 2020

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Proptech Association of Australia reb New proptech association hits Aussie market

A new association has been rolled out which seeks to raise awareness of proptech within Australia’s real estate sector ...

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James Lampropolous WEB A project marketer’s take on being a successful ...

As REB’s top-ranked project marketing agent with over 20 years of industry experience, James Lampropoulos advocates fo ...

Louis Christopher WEB How to analyse property data

Property data is undeniably a critical tool, but how does one navigate the abundance of information available without p ...

Graeme Hyde WEB What makes a high-performing office?

With 25 years of industry experience under his belt, Graeme Hyde understands the formula for a successful real estate of ...

Tara Bradbury WEB A completely paperless approach to property manage ...

Tara Bradbury launched Active Agents last year as a means of presenting an entirely paperless property management operat ...

James Lampropolous WEB A project marketer’s take on being a successful ...

As REB’s top-ranked project marketing agent with over 20 years of industry experience, James Lampropoulos advocates fo ...

Positive Mindset in Business reb The impact of a positive mindset in the business o ...

Let’s be real: running a business or an office is stressful. Here’s a quick rundown of some insights on keeping yo ...

Cameron Black reb Lies and statistics: Has the property market actua ...

It seems like there has been a huge change of sentiment in the last month as a confluence of factors has come together t ...

short 850x400 june2019 How to get that big win

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MeganSmith 050719 cropped Ray White’s Megan Smith sells $14m property in B ...

Ray White Balmain sales dynamo Megan Smith has sold one of the most expensive houses in Australia this year, with the pr ...

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The federal government’s recent JobKeeper wage subsidy is set to significantly help relieve rental and mortgage stress ...

Bradley Beer reb New online calculator to ‘revolutionise’ prope ...

In what’s being described as a market-first, BMT Tax Depreciation has launched a new online calculator which it says w ...

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Home owners are being warned after a Western Australian electrician was fined $15,000 after incorrect wiring caused a Du ...

EVENTS
REB Awards 2018 logo 01 1
Real Estate Business Awards 2020

The REB Awards is the benchmark of success in the Australian real estate industry. It reflects not only the business astuteness of the country’s leading real estate operators and networks..

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Why we’ll keep delivering for our communities in the face of COVID-19

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As Australia tries to keep pace with a rapidly changing business and social landscape in the wake of COVID-19, Momentum Media is leading the way delivering essential content to our communities, writes Alex Whitlock, director of REB.

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Off-market property sales are here to stay

16 January 2020 Rhett Dallwitz
Rhett Dallwitz

As we enter a new decade, off-market property sales remain a hot topic as we see inner-city agencies do anywhere from 10 to 40 per cent of real estate transactions off-market — and this number is growing.

Regardless of it being a buyers’, sellers’ or neutral market, we are seeing increasing numbers of real estate agents look to off-market as the initial phase of a comprehensive strategy to win more listings and sell properties faster.

There’s a lot of discussion on the precise definition of “off-market”, which we define as properties that are listed for sale, but they may not be advertised through the standard mainstream channels.

We identify three key off-market considerations:

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1. Pre-market: Properties that are literally “just listed”, meaning an agent has just signed the listing authority with their vendor. This is the time between signing and preparing the marketing materials, which is valuable time where a serious buyer could be made aware of a property.

2. Affordability: Vendors may choose to sell off-market due to budget reasons, avoiding upfront VPA costs.

3. Privacy: Some vendors such as celebrities or high-profile business people may seek a more discreet approach or they don’t have an urgency to sell.

The traditional, non-technology-driven approach to selling off-market sees an agent work their own database of buyers, which excludes any other hot buyers out there not within the agent’s network. For buyers that are not registered on any agency databases, they’re required to proactively get in touch with their local agencies and request to be placed on their off-market notification list, or otherwise miss out.

In an era marked by instant gratification and audiences accustomed to immediate Uber and Tinder-like experiences, the natural extension is to move real estate from hours and hours of online property “search” to real-time property match alerts.

If you’re a vendor in Melbourne and cannot afford the average upfront marketing costs of $6,500 to $8,000 to run an on-market advertising campaign, this is where off-market really comes into the equation.

Some vendors may choose to sell off-market because they’re not in a hurry to sell, and it’s a great way to test the market.

An agent can create as much buzz and urgency (if not more) as an on-market campaign. There’s the exclusivity factor of knowing about a property before everyone else. There’s also the opportunity to secure a premium before the property goes on-market. Off-market properties often attract buyers that have spent months and months searching online and filling up their weekends attending open for inspections. They are willing to pay a premium because they are tired of house hunting.

Some may argue that selling property off-market risks underselling because the property has not been fully exposed to the market. It only takes one buyer to sell a property, not 20. An agent with excellent negotiation skills and a commitment to getting the right price for their vendor will never allow a property to undersell. Today’s vendors are information rich and have the ability to identify what is a fair and reasonable price.

In 2020, agents that don’t add a “just listed” or off-market strategy to their sales funnel will get left behind. In a world full of choice, agents that are proactive, understand their vendors’ needs and use technology to their advantage will truly stand out.

By Rhett Dallwitz, Listing Loop chief executive officer

Off-market property sales are here to stay
Rhett Dallwitz reb
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Why we’ll keep delivering for our communities in the face of COVID-19

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As Australia tries to keep pace with a rapidly changing business and social landscape in the wake of COVID-19, Momentum Media is leading the way delivering essential content to our communities, writes Alex Whitlock, director of REB.

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Do you have an industry update?
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