Promoted by MarketBuy
Data is sexy! *pauses for the inevitable groans from agents everywhere*
Yes it is a bane of existence for most sales agents, but for us property geeks and those making big picture decisions on brand, corporate, sales and market strategy, good data is our life blood.
Hopefully though, if you’re a sales agent you haven’t zoned out yet, as the data in this article is insights gained from sales agents using the online offer management solution Market Buy.
In fact, agents using Market Buy around the country saw their listings sell for an average $56,848 more than the first offer made, earning them an additional $1,136 per sale (assuming a rate of 2% commission).
Interestingly, this number varied depending on the length of the sale run via the Market Buy platform, with a sweet spot appearing at the 5-10 day mark. A sale run for 5-10 days total, averaged an increase of $69,388 from first offer to final sale price from an average of 23.18 offers. Proving categorically the old real estate adage “You’ll likely see your best offer in the early stages of the campaign.”
This resulted in an additional $1,387 on average for sales agents running sales between 5-10 days in length and of course allowed them to reduce their “Days on market” figure considerably.
Buyers have embraced more than just the competition that Market Buy provides, as the number of offers a sale received remained fairly stable regardless of the sales end time.
There was a small increase in the average offers for sales finishing between 9am and midday or 6pm and 9pm as might be expected, but otherwise offers remained fairly consistent throughout the 9am to 9pm window – demonstrating that buyers will happily take advantage of the convenience offered by Market Buy.
Most impressively, the average days on market for all sales on Market Buy across Australia and New Zealand for Quarter 1 was just 16.42 days with 55% of sales selling in under 10 days.
“In this market the fear of missing out is very real for buyers and have a competitive, convenient, online process is giving buyers a genuine opportunity to secure property without the uncertainty of the old ‘first and final’ blind offer process,” said Market Buy CEO Dave Stewart.
“Buyers are often willing to pay more to secure the property and that’s what we’re seeing with Market Buy, they’re not hedging their bets anymore, they’re going all out to get the property they want.”
If you’re curious to see how Market Buy could work for you, why not request a free demo at www.marketbuy.com.au/demo