In yesterday’s post I raised the topic of an effective online home sales portal and its potential impact on traditional Australian residential agency. So far we’ve seen some attempts to crack the market (buymyplace.com.au, forsaleforlease.com.au/, buymyplace.com.au… etc.) all of those listed here taking the low-cost / no agent approach. But what if there was a model that incorporated the best of both? A combination of low-cost sales and management portal with a full service agency…
Here we take a paradigm shift on how we currently see two diametrically opposed approaches to selling online. In order to approach this I suggest the manner in which the transaction takes place be viewed differently, what if the agent was removed from the listing and negotiation aspects of the process and replaced with an online mechanism that processed new stock to market and coordinated and concluded purchase or letting?
Now before those in the industry cry heresy, let’s re-consider those shifts in other industries like retail and financial services. All consumer driven. Successful business models facilitate markets they don’t necessarily set out to create them. (Apple we are looking at you….)
So here’s some food for thought, what if I could say purchase a home by reviewing all the relevant stock on the market be directed to appropriate information and inspection arrangements to be overseen by an ‘on-the-ground’ agent whose role is limited to coordinating access and the distribution of information. Final negotiation and agreement is facilitated online with a transparent, safe method and a range of ancillary services (insurances, removalists) are made available to choose from.
As a seller going to market I choose from a selection of marketing options, complete all the necessary contractual requirements am advised of my ‘on-the-ground’ sales agent who will be responsible for coordinating inspections. Buyer feedback is then fed through in direct report including contract and building requests keeping me up to date of my sale or letting activity via online automation. Final negotiation is transparent and safe. At the conclusion of the sale my ‘on-the-ground’ agent takes care of the transfer of access while I choose from a range of ancillary services to enable the move.
So there you have it, a potential sale and management tool that combines elements of the existing models. So what’s stopping it from coming into play? Here are a couple of hurdles;
- Consumer perception of an impersonal transaction.
- Traditional agency and franchise reluctance to embrace change.
- Larger online media vested interest.
Now the model suggested does step well outside the way agencies in Australia currently operate and there certainly doesn’t appear to be a franchise bold enough to move outside the confines of their existing business models. So where, or more importantly who will be the one to pursue something so ‘outside-the-box’? Any thoughts or feedback would be appreciated….