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Buxton Ballarat has emerged as a top 10 agency for the fifth consecutive year in an REB ranking this year. Its director outlined how it attracted high-quality buyers by using an AI program that matches them with properties.
The Victoria-based agency placed 10th in this year’s REB Top 50 Sales Offices ranking after selling 590 properties for $388.4 million during the 2023 calendar year.
Part owner and director Peter Burley attributed the results to fostering a culture of teamwork in his agency where agents collaborate with each other.
In addition, director Mark Nunn explained that Buxton Ballarat has implemented an artificial intelligence program called Buxton Connect, which matches buyers with specific properties based on their online activities and preferences.
“For example, if a buyer searches across different online real estate and social media platforms, this program identifies that client’s behaviour and preferences,” Nunn told REB.
“If the prospective buyer is looking at houses in the $700,000 to $900,000 price bracket, and we list a property for $800,000, our platform identifies them as a potential customer who might be interested in that house. It will drop an ad on their social media pages, or market that property directly.”
This strategy has increased the quality of Buxton Ballarat’s buyer pool by drawing high-quality buyers to auctions and open homes (instead of only growing the number of prospective buyers), he said.
Burley said that Buxton Ballarat sold a variety of properties in 2023, including small one- or two-bedroom apartments, multimillion dollar homes, blocks of land, as well as commercial development sites priced at over $25 million.
The agency has also transitioned to a paperless office and digitised tasks such as compiling files, while clients sign documents electronically. This, coupled with a digital marketing, advertising, and social media strategy has improved efficiencies, according to Nunn.
“It’s become easier to share documents with clients, which means they don’t have to come into the office to sign contracts or grab brochures,” he said.
“Everything can be emailed to them so they’ve got all the documentation they need without needing to meet face-to-face with the agents or their lawyers to sign contracts.”
Increasing the agency’s marketing and social media activity has been crucial amid rising interest rates and higher levels of mortgage stress among borrowers.
Days on market have tripled over the last 12 to 18 months, which has meant that Buxton Ballarat has had to increase its level of communication with vendors and buyers, Nunn said.
“We’ve increased our exposure on social media to market properties because rising rates have softened buyer demand,” he said.
The agency is aiming to settle properties faster this year despite the economic headwinds, Nunn said, while simultaneously positioning itself for growth by recruiting agents.
Burley reasoned that when the market tightens, opportunities present themselves for growth and expansion.
“We’re striving to grow our market share, in line with our growth mindset,” he said.
“When the market softens, the cream rises to the top while others who don’t perform will dwindle away. We will rise to the top.”
Nunn advised other agencies to embrace changing, noting that the COVID pandemic has taught agents to pivot in an evolving property market.
He concluded: “Don’t keep doing the same thing when the market changes. Every market changes differently, meaning demand is different in every marketplace. You need to adjust your business and accommodate for those changes.”
Click here to download the complete REB Top 50 Sales Offices 2024 rankings and report.
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