Off-Market Misses the Mark in COVID

Industry News, Sales, Sellers,  Salespeople

The year-on-year rise in online real estate searches combined with social distancing should convince home owners that off-market strategies aren’t always the best way to sell property. Following an immediate dip in property searches in late March – as auction and open-home restrictions were enforced across Australia – property searches are now 35% higher than they were this time last year, according to realestate.com.au.

Lockdowns in Melbourne, which have suspended public auctions and open homes, have underlined the importance of multi-tiered digital marketing campaigns in engaging the marketplace. The data from REA Insights shows there’s heightened interest to find out what’s available in the property market. In fact, property portals are the only way for prospective buyers to assess market listings in Melbourne and Mitchell council areas right now as the Victorian Government tries to stem the second wave of COVID-19 transmission.

While the infection rates in Sydney aren’t as high, there are now reported cases in the inner-city, following on from the city’s south-western outbreak in early July. And the Queensland Government, having thought it had eradicated the virus by closing the state borders, has been trying to quell new cases. Even restrictions in Melbourne and Mitchell council areas aren’t replicated elsewhere, it’s reasonable to assume some people will not travel and mingle in crowds as much as they used to. That means sellers need to ramp-up their marketing to achieve the best possible sales outcome. As more people stay at home and retreat to digitally-connected lives, off-market strategies will lose their appeal.

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Very few buyers are on the databases of every agent in their marketplace. If you’re a seller, you cannot be certain your off-market strategy will engage buyers who are looking for your home’s amenities or block size, but hadn’t considered your suburb? Sure, there are some reasons why off-market campaigns are preferred by sellers: it’s private, can secure a quick sale and avoids marketing fees and the open home process. But the disadvantage is obvious: you can’t reach as many eyeballs if it’s not advertised. It’s highly likely any savings on marketing fees will be less than the premium generated by buyer or bidder competition through an advertised campaign.

The industry has pivoted to accommodate COVID-19. Online auctions have been a success and marketers continue to innovate with more sophisticated virtual tours and better communicated listings. While it’s difficult to quantify, industry feedback confirms the trend of off-market sales in Australia has risen dramatically in recent years. But is the chance of a quick sale that limits marketing costs worth it? In most instances, the competition triggered at auction or private treaty through multi-tiered campaign that engages various buyers will cover marketing costs; and, most likely, multiple times over. In today’s environment, off-market is selling your property short. As the old adage goes, ‘you can’t sell a secret.’

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Great training course was very informative. I feel I gained lots of knowledge and there is a lot of support from the REIQ team online, via phone and in person and am looking forward to starting my career in the real estate industry!
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Laura Stills
08:14 22 Oct 20
I found the REIQ Real Estate Licence Online Training Course was very good, easy to access, with brilliant course materials to read and assignments that really checked on your understanding of the details of every aspect of real estate practise. I enjoyed the course even though it took a few months due to working full time and found the support of the trainers and assessors very helpful and encouraging. Thanks REIQ Training team for helping me through!
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Lindy Lear
10:47 18 Oct 20
Gerry MacKenzie
Gerry MacKenzie
06:53 12 Oct 20
Good course. Materials and tools given to finish the course easily. Was no problem to finish. Support is there if needed it.
Jade Dodds
Jade Dodds
09:11 09 Oct 20
I would like to share with you our experience that we have recently had through the REIQ Professional Development Team.We have had an awesome start to 2020 thanks to the great service provided by the REIQ Professional Development Team. Congratulations to Liz who started and finished her Certificate of Registration Course with the REIQ in December 2019. She loved the training, particularly the fact the trainers are experienced and still walk the talk and are active in real estate. Fast turnaround for marking of the assessments with help on hand by way of tutoring if needed meant she could get the Application to Office of Fair Trading for her registration happening quickly. We are thrilled, from start to finish with the course and application to Fair Trading she had her Certificate of Registration within 5 weeks. Really impressed with the training, help and support team REIQ gave Liz and the quick processing time by the Office of Fair Trading.We also regularly use the Property Management Support Service and General Agency Advice Service and believe it offers great value for our membership. The PMSS team provide practical advice by practising property management professionals who can relate to the everyday challenges property managers face.Keep up the good work Team REIQ,
RE/MAX Ignite
RE/MAX Ignite
05:56 21 Jan 20
I cannot recommend REIQ enough. The training, environment & staff were beyond my expectations. A special mention for Rachael who is a trainer at REIQ. Rachael knows her stuff. Her knowledge of the industry and style of delivery helped me get across the line and score my dream job.
Paul Conway
Paul Conway
05:11 15 Jan 20
I wasnt sure that I would get through the Agents and Licence course with everything I had on, made an attempt a year ago with another provider that went totally pear shaped but the REIQ course is structured in a way that made sense. While all of their trainers are experts in their field, they offer onsite student support on Tuesdays with Rachel providing the right advice and reassurance to get you there, even if you havent studied for a while. If you've ever wanted a career in Real Estate this is where you get started!
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Great staff that are always helpful.
Kensington Ràpoza
Kensington Ràpoza
11:20 28 Dec 19
Great friendly environment
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David Priest
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Shannon Goldsworthy
Shannon Goldsworthy
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Recently completed my Licence course and thoroughly enjoyed the in-class tutorials taught by highly professional trainers with many years of industry experiences. The student support that is available every Tuesday is an extremely helpful resource, again with very experienced trainers to ensure you get the right advice the first time. REIQ has really structured the entire full Licence course end to end thoughtfully, especially when you’re new to this industry. Highly recommended!
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Julian Phua
07:01 02 Oct 19
Recently I completed the Real Estate Licensing course at REIQ and was blown away by the help and support provided by Ms. Connie McKee who is a trainer at REIQ. Connie is very professional and has years of knowledge and work experience in the Real Estate Industry.I am glad I chose REIQ as my pathway into the Real Estate Industry.
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Eagle Real Estate
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Just done two days interactive training with Melissa Sullivan. Sensational! Such a great presenter and electric delivery of material. Quick paced and hands-on!Very glad to have been in this class!!! Awesome
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10:29 19 Jun 18
Welcoming and friendly staff, always available to support their members. The Property Management Support Team is particularly helpful. Well worth the subscription fees just to have access to advice from these experienced practitioners.
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Haydn Denovan
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Jacqui McKeering
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02:01 08 Mar 18
Proud to be a member of such a prestigious organisation. Thank You for the support 🏡
Jamie Smith
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Michelle Wright
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Annette Jeffs
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Adam Milton
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Katie Cotton
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Liam Hanlon
Liam Hanlon
12:06 05 Sep 17
Had Melissa Sullivan conducting the sales registration course for the past two days I have to say I think this woman is inspiring she kept the class focused and engaged throughout the two days. I dont normally complete surveys but felt that I wanted to share that this lady has inspired me to give sales ago and I never thought i would say that as i have been a PM and honestly never thought I could see myself as a sales agent... Thanks Mel for such a great two days
Karen Riddell
Karen Riddell
07:04 03 Aug 17

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