Times have certainly changed in the past few years, and many industries are still struggling to catch up. From UBER to AIRBNB, every area of business and how we like to shop has changed radically over the past few years and shows no signs of slowing. The real estate industry is now different from massive changes happening in technology and how buyers like to find their new home.

So, if you are looking to get SOLD in this new environment, like it or not, it would be wise to be familiar with the new rules!

EDUCATED BUYERS

Ten years ago, agents would be flooded with calls from buyers, all looking to secure the latest information from the marketplace. But not so today. Today's modern buyer is the most educated and up to speed we have ever seen. With every bit of information they need at their fingertips, there is little or no need to speak to an agent at all, certainly not in the initial research stages. Most buyers are more up to speed with the market and with recent sales than the average agent!

So, what does this mean if you are selling in this marketplace? It means that, firstly, you need to be 100% transparent. There is no fooling anyone anymore. Buyers are quickly and easily able to find out every piece of history on your home, including how much those reno's cost.

It also means that pricing correctly is so important. With a flick of their fingers on their phone, buyers decide whether your home is worth coming to or not. In this competitive landscape, encouraging buyers to come and have a look has never been harder. With every fact on tap, they can quickly assess from their armchair at home whether, in their opinion, the home is priced correctly. Previously we had the luxury of having some padding around the price, unfortunately not in 2020.

MILLENIALS

Millennials, believe it or not, are dominating the residential real estate buyers' market. Members of this generation have been finding stable jobs, with combined household incomes reaching from $150,000. Most Millennials have been found to prefer middle- and upper-middle class homes and are expected to account for 45% of the market and lead the mortgage pack.

So what should sellers do to tap into this burgeoning market? One thing for sure is to leverage the use of the Internet. Millennials are known to research online first before making purchase decisions. Sellers should also offer homes that are sustainable and have plenty of usable space. Also, consider offering properties located in bustling cities where the cost of living is more affordable. For buyers, the current market means improving communication with sellers, being straightforward with what they want in a home and enlist the aid of a real estate professional.

TECHNOLOGY RULES

Give us more, more, more. This is the cry of today's consumer. Just for a moment, consider your last purchase online. How easy it was, how easy it was to research, and just how much research did you do? And if we are all honest, we expect and like to research everything we buy these days, and the Internet makes it oh so easy!

Businesses are having to be more creative and to look for interesting ways to improve the buying experience for the consumer. To educate them to help them make a decision and to beat the competition.

At DUET, we are using several unique tools behind the scenes to give our clients the advantage in the marketplace. The most important of which at the moment is a 3D virtual tour. This used to cost upwards of $2000 for our clients and now can be done from as little as $200. It enables buyers to walk through the home from anywhere in the world easily. Last month alone, we had 5000 views of our homes from all over the world because of this tool, three homes sold just because we made it easy.

As technology improves, buyers expect a better experience, just as you as the home seller also deserve and want a better experience.

LET YOUR FINGERS DO THE WALKING

The other advantage that comes with our new digital economy is the digital interview. As a family looking at buying or selling their biggest asset, it has NEVER been easier to do your research and make sure you find the right agent.

From online review sites such as Ratemyagent.com.au or agent rankings and profiles on realestate.com.au, it is becoming effortless as the consumer to cut through the hype and look at the facts. And let's face it, it's hard to choose an agent. Everyone sitting in front of you is good! That's why it's essential to do your research, just as you would with any other purchase.

It's very easy to research any agent, see their last sales, how long does it take them to sell a home? Do they actually sell in your area?

Never have consumers been so lucky, but never have home sellers needed to be so aware of what marketing they use if they hope to secure the perfect buyer and that perfect price. At DUET, we are always looking for the next big advantage for our clients in the marketplace. Our staff is continually researching new trends and attending notable technology releases that will give the families we serve the lead in the marketplace.

Due to the privacy around our unique offerings, we aren't able to go into the details within the scope of this blog. But if you would like to meet with one of our experienced Property Consultants and talk through how we can help you get to where you need to be, please don't hesitate to call or email us.

Yours in Real Estate,

Duet Property Group

#1 Listing & Selling Agency in the Western Suburbs 2019 (YTD)