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Find out all the ways Domain Early Access can help you build vendor confidence to list.
The COVID-19 pandemic has put a stop to much of our big ticket spending. No overseas holidays, fewer trips to fancy restaurants and no more extravagant weddings.
So what are Australians doing? They’re buying luxury cars and searching for property. We have seen the highest number of luxury cars sales in Australia’s recorded history and changing demand for property.
Domain Research House data shows demand from serious buyers has increased in most capital cities around Australia, with more people opting for properties in the outer suburban areas as opposed to inner city addresses.
The other significant change has been their reasons for buying and selling.
Instead of being triggered by a specific life event like having a baby, getting married, or getting a divorce, buyers and vendors’ motivations are more aspirational. They’re looking for a better house or craving a change.
That means we are dealing with a lot of people who are thinking they may sell, but need to find something to buy first, which can be a tricky situation for agents to navigate.
Here some ways agents can inspire vendor confidence in 2020:
Get to the heart of your vendor’s problem
There are a number of common reasons why people sell – from job relocations to growing families right the way through to financial hardship. One way to inspire vendor confidence is to get really clear on two things:
- What is the problem you’re solving for the vendor?
- And, how urgent is that particular problem?
A good example of this is any investment property owners in the arts, entertainment or hospitality sector in Melbourne would be feeling the financial pressures of the pandemic at the moment. They may need to make a decision to sell those investment properties and to deleverage.
Once you know “why”, then you know exactly which other questions you need to ask and what information you need in order to qualify your client.
Grow buyer demand through off-market
We live in a world that is very unpredictable. We don’t know what the market is going to be like in three weeks’ time, let alone six or nine months’ time. So agents have their work cut out for them when it comes to building vendor confidence.
Today’s vendors are asking two important questions:
- How do I really know what my property’s worth?
- What can I buy?
Good quality agents have traditionally built confidence by listing properties well ahead of the curve. Take the Christmas period for example, we would list properties in late November or early December for a January or February sale. More and more agents are now using this technique throughout the year by giving buyers early access to properties.
Having access to a pool of interested buyers can help give vendors more confidence to proceed in a transaction. They can make an informed decision on whether to sell or not based on that initial pricing feedback. It also gives them a good idea of the price range they can be shopping in when it comes to finding a property to buy.
Harness technology to help gauge buyer intent
A really good agent makes sure they can identify the people who are most likely to buy. Traditionally, we would look in the offline environment for people that are bidding at auctions, making an offer on a property, or coming back for a second appointment.
These people would normally go into an agent’s database. Having a database full of buyers can instil great confidence in both agents and vendors. But this confidence can be slightly misplaced. The reality is that very few of those buyers are as keen as they were on day one when they entered the database.
Thankfully today we have the advantage of technology.
By looking at what people are doing in the online environment, we can get a sense of their intent to buy. If people are looking at property online and frequently opening property alert emails, we can assume they have a high level of digital intent.
This is where technology like Early Access can help. For the first time, Domain is opening up its database and giving agents and vendors pre-market access to buyers who have a high level of digital intent.
This is a really important opportunity for agents who might not have those buyers sitting inside their own database. This kind of technology is starting to level the playing field, allowing agents to be able to access a pool of buyers that are looking to buy in that area.
Inspire vendor confidence and get access to high intent buyers. Discover what Domain Early Access can do for your agency.