Post Covid Different
by Mal James & Gina Kantzas
We feel it’s time to communicate differently.
We have felt for a while that our headlines, our stats and our comments were beginning to join the noise, rather than truly help you separate from it.
Over the next few weeks we are moving more to the practical and away from the theory.
So please cut us a little slack as we continue to innovate in Buyer Advocacy, Marketnews, Ratings, Bidderman and Sell management, 100 Auction tests and Multi-listing.
We are beginning to drill down for the individual and walk away from noise of the herd.
Market in a Minute
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Its 6:00pm Saturday – what a week
Executive Summary
1. Stales are drifting
2. More underlying demand moving to action
3. Innovative Marketnews Multi-list begins
Stales sort of mopping up!
All things considered the Stale Rate (that is remains unsold) on homes we covered in the Opening Market 100 Auction test (Feb and mid-March) is neutral to weak at 50%.
The opening market 100 auction test saw a clearance rate of 67%, meaning 33 homes passed in.
16 of those homes have since sold
8 have been withdrawn
9 still for sale
However, of the 16 that sold – 11 were soon after (pre lockdown) and only 5 since lockdown started.
In a strong market you could expect a stale rate for this time frame of around 10%.
The lack of sales and withdrawals shows the market is at best drifting on homes that don’t hit the mark early in the campaign.
Underlying demand acting
The market feels like it is getting stronger again after a real kick in the guts during the lockdown.
However, the higher the dollar value of the home, the less buyers there are.
At the Top, it may be getting noisier, but it is still low on actual transactional numbers.
Mid-range if you have the price right and the home is ready to move in or makes sense to fix, then you can sell – there are buyers.
Still a lot of above market pricing on off-markets and this is creating issues for those that want to sell and felt off market was the way to go.
Two homes we are managing the sale of now – moved from off-market to on-market this week. Both are really good homes and the decision to go public was because our clients want to increase their chances of selling, by encouraging buyer commitment.
The market is finding buyers are not committing in an off-market setting and that is not their fault – they are seeing so many above market prices in the off-market, that overall trust in this method of sale has dropped for now.
It doesn’t matter whether or not the home is off or on market – there are still less buyers than February and therefore the market for most is off 5-10% in price. If you are off-market and above market then you will not sell. Of course, that is your right, but …….
All that said the market feels like it is getting better every week (off a low base).
Multi-list begins
Play Video
Marketnews Multi-list starts today and is designed to help move the industry through some uncertain times by giving:
- A seller more access to buyers
- A buyer more access to sellers
- An agent more access to buyers and sellers
Problem: Many high-end buyers and sellers are better suited to the off-market, rather than on-market for reasons of privacy, cost, timing and “freshness”
Currently: After the first week or two of an agent bringing buyers through an off market home or an agent helping a buyer with “his or her homes” everything grinds to a halt.
Why?: The agent has no financial incentive to work the grape vine and talk to other agents about other buyers. In real estate, as in any business if you are not paid, you don’t work.
Answer: Marketnews Multi-listing:
Sellers you choose an agent to “manage” your home sale. That agent’s role is to manage your home in the marketplace. Trust us, open slather rarely works.
Sellers you can agree to pay an additional commission if another agent brings another buyer to your home. It costs you nothing unless their buyer buys the home. Lower risk than advertising – lot lower risk and cheaper than simply lowering your price.
Your management agent now goes and “sells” your home to, rather than hides your home from, the market and other agents.
FAQ
Q: How do I get started?
Talk to your agent if you have a favourite. If you don’t talk to us.
Mal 0408 107 988
Q: How much commission should I pay?
We can help you with that and yes we have a financial interest if you choose us to help you. That’s the whole idea. You actually want to get a lot more agents ‘vested’ in your home.
Q: What happens if it doesn’t work after say three to six months?
Well either your managing agent isn’t working or you have an issue such as price or simply there are no buyers for your home right now – at least you haven’t overexposed your home on a false premise or spent tons on wasted marketing.
Q: What’s in it for buyers.
Currently buyers either have to do all the legwork themselves and ultimately, they still don’t know if they are seeing all options or the price is right, as they have no professional advice “vested” in helping them. If this takes off at James Buy Sell, we would rebate in full any shared commissions if they were available.
Q: How do I know Marketnews Multi-list is real?
As all buyers and sellers are managed by an agent it’s a lot more likely:
The homes on Marketnews Multi-list are truly for sale.
The buyers are truly real.
Let us navigate our market better, through these uncertain times
THE BUYERS AND SELLERS BELOW ARE REAL AND MORE WILL FOLLOW.
Bayside
Port Phillip
BRIGHTON • BRIGHTON EAST • HAMPTON • ELWOOD • ALBERT PARK • MIDDLE PARK • SANDRINGHAM
Big Family
Big Spaces
Brighton
Multi-list (buyer)
We want big spaces – pool – tennis court – big rooms. We have four children and we want Brighton – maybe Elwood or Nth Brighton. We have 10-12m for the finished product – a bit less for a serious renovation.
Appointments through our chosen agent only via Marketnews Multilist.
Join Buy or Sell free Marketnews Multi-list.
Stonnington
Court Location
Ready to move-in
Toorak
Multi-list (seller)
Which part of Toorak is the most desirable – the best street is?
Macquarie or Irving – St Georges or Lansell. This home lies in a court location surrounded by the latter two of those great streets.
This home will shortly be up for sale and is brand new and currently lived in by its creators and owners as they renovate their other masterpiece. It’s all about it’s finishes, it’s private views and it’s places for objets d’art
Appointments through your chosen agent only via Marketnews Multi-list.
Join Buy or Sell free Marketnews Multi-list.
Boroondara
HAWTHORN • KEW • CAMBERWELL • CANTERBURY • SURREY HILLS • GLEN IRIS • RICHMOND
Chrystobel
Grace Park
Hawthorn
Multi-list (seller)
Drive down the street – you’ll know the home without being told the number. It’s the one that can’t be mistaken.
One of Hawthorns grand homes will shortly be up for sale – with a valuation for these times and all paperwork your advisors will request.
Appointments through your chosen agent only via Marketnews Multi-list.
Join Buy or Sell free Marketnews Multi-list.
