AUSTRALIA’S biggest real estate company says it’s working on a new approach to attracting home buyers in Melbourne.
The Real Estate Institute of Victoria (REI) says it will soon release a new online tool to help real estate agents and property managers better market properties.
It will be developed as part of its “Real Estate for Sale” initiative and it will allow agents to upload an online survey that they can use to find properties that are likely to sell in the future.
It comes after a report by REI said the number of properties listed for sale in Melbourne in 2020 fell to a record low.
The REI report said the city’s home market has been “in tatters” and that demand had dropped to levels not seen since the Great Depression.
The report found that home sales in the city had dropped from a peak of over 13,000 in 2014 to a little more than 6,000 last year.
In Melbourne’s north, home sales dropped by almost 5 per cent in the past year, the REI found.
It is not clear how much of that drop was down to the Great Recession.
But REI chief executive Greg Ruch said the report highlighted the need for more agents to be more competitive with other properties.
“Our real estate industry needs to change and become more competitive.
We can’t continue to do what we’re doing, we need to change,” he said.”
Real estate agents need to be competitive and our real estate market needs to grow, so we’re looking at ways we can increase the competition in the market.”
Real estate agent Andrew Scott says the real estate agent market is now a “frictionless competition”.
“It’s not as difficult as you might think, it’s less stressful, more efficient and more fun,” he says.
“The real estate business is in a good place and the market is improving and I think the realtors and brokers need to keep up with the times and not fall into that trap of looking for a buyer in a market where there’s no buyer, no buyer.”
Mr Scott says he doesn’t think that will be a problem for agents.
“There’s no problem with being competitive,” he told 7.30.
“It’s just a matter of doing it more efficiently.
If I do something well, it doesn’t matter what the market thinks.”
It is a real competitive market now and if we can do it better, we can grow the market and help people have a good life.
“Mr Ruch says the new tool will help agents better understand where their properties may sell and which ones they should buy.”
I think that is the next step in the process of developing that tool,” he explained.”
We’re looking to bring it to the realtor community and hopefully that will give them a better understanding of where their property is going to sell.
“In 2020, REI estimates more than 3,000 agents in the Greater Melbourne region sold properties for a profit.
The company says the average listing price for a property in Melbourne fell to $2.9 million.
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