Powered by MOMENTUM MEDIA
realestatebusiness logo
Subscribe to our newsletter SIGN UP

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

rpm logo latest

Big freeze looms for listings price

04 November 2014 Michael Crawford

Estate agents may see prices to advertise premium property packages on realestate.com.au frozen until January 2016 due to the perceived complexity of the current pricing structure.

A new pricing model that linked ads with postcodes, factored in median house prices and supply and demand dynamics led to price points rising.

REA chief executive Tracey Fellows told the Australian Financial Review that due to feedback from customers, the number of price points for premier property listings will be reduced.

“The connection of the price that the vendor pays for selling their property, based on the location of that property, makes complete sense to our customers,” Ms Fellows said.

Advertisement
Advertisement

“In the implementation of this change, of course, our customers had thoughts that they shared with me. And my job as CEO is to respond to what the customer has said.

“I can confirm we are reducing the complexity and number of price points for premier property across Australia.”

A spokesperson for the REA Group said the company had offered Victorian agents the choice of receiving a 7.5 per cent royalty payment to be handed onto vendors or $22 price per property sold in return for sales information, provided they signed up to the new market-based pricing model by 1 September.

Big freeze looms for listings price
HouseGraph
lawyersweekly logo
FROM THE WEB
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast
Do you have an industry update?
REAL ESTATE BUSINESS NEWSLETTER
Ensure you never miss an issue of the Real Estate Business Bulletin. Enter your email to receive the latest real estate advice and tools to help you sell.