A NSW agent has found a way to eradicate ‘gazumping’, where a buyer makes an offer higher than the one that has already been accepted and thus succeeds in acquiring the property.
Andrea Tucker of Tucker Real Estate on the NSW South Coast has been in the real estate industry for more than 18 years and says the adoption of new technology has transformed her business.
Ms Tucker uses Lawlab software to track the progress of each of her sales in real-time. The transparency also extends to her clients.
“There’s often criticism placed on agents through a perception that we wipe our hands clean once a sale is locked in,” she said.
“It’s been so valuable for clients to be able to have a 'behind the scenes' look into what we do. When clients are privy to this insight they see the money they spend is well worth it – matching the effort from our side as agents."
She added: “Before partnering with Lawlab, if we had an external buyer, by the time we set contracts up for them, got them signed and posted in the mail, two weeks may have passed.
“That’s a lot of time to not know for sure whether a sale has been made, and on many occasions this left us wide open to gazumping.”
Being a regional agency means the platform has become a critical tool in Tucker Real Estate’s operations. Hours away from any major capital city, they needed a solution to speed up the conveyancing process.
“We can say we’ve got a buyer in the city – a minimum three-hour drive away for us – and they respond with ‘let’s sign the contracts today’,” Ms Tucker said.
She added that keeping the clients involved in every step of the process has added value to the service she provides.
Clients no longer have to follow up to check on the status of sales. In turn, agents aren’t chasing conveyancers asking for an update.
“It’s saving us hours and hours each week,” Ms Tucker said.
[Related: Conveyancer streamlines sales]