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With the summer holidays a traditionally quiet period for new listings, a CEO has suggested that in the short term, buyers and sellers should be changing tact.
Andre Costa, CEO of homes.com.au, conceded: “At a certain point in December, new listings dry up because vendors want to maximise their marketing spend in the new year.”
From his perspective, it means that “right now, what this means for buyers is that they should switch focus to off-market properties”.
He believes it’s the perfect time for buyers “to discover a personalised list of unsold on-market stock plus off-market properties”.
But he also noted that it requires “the right digital tools”.
He believes a better way of searching leverages artificial intelligence (AI) – technology which not only understands buyer intent but is also able to define “hundreds of endpoint data attributes for a single property listing by using natural language processing (NLP) and computer vision to catalogue property features”.
“Traditional search is time-consuming and clunky, which is a problem for the buyer and therefore also the seller,” he remarked, noting homes.com.au’s mission being “to change the whole experience and make it easy”.
But it’s not only buyers set to benefit during this period, sellers can too – with Mr Costa pointing out that “with the right property technology tools, off-market listings can open up the summer season and maximise the vendor’s results without requiring a big marketing spend”.
One way is through a unique feature to the site, simply called “Spaces”, which allows registered users to find matches for their own criteria, shortlist properties, and collaborate with family and friends.
The CEO said: “When buyers register and get set up, they unlock the power of our next-gen digital platform to serve up recommendations in the background, including off-market properties.”
“In fact, with our AI-enabled passive search, we can do the finding for you while you are lying by the pool!”
