Amid pandemic: Property market experiences surge in off-market listings
In light of the ongoing health crisis, experts found that housing stock in the market is substantially higher than what’s advertised online.
The global pandemic has dramatically changed the way real estate agents do business with a significant rise in the number of off-market property listings, which are properties that are listed for sale, but they may not be advertised through the standard mainstream channels. Agents typically market these “secret listings” to their individual networks.
This surge in off-market listings indicates housing stock in the market is substantially higher than what’s advertised online.
Websites such as ListingLoop.com.au, which recently announced a partnership with the Real Estate Institute of Victoria (REIV), reported a 58 percent increase in property listings in the past month despite individual property prices dropping by 8 percent on average.
With an industry-first no-sale, no-charge advertising model, ListingLoop.com.au provides a no-risk solution during this current market, according to ListingLoop.com.au CEO Rhett Dallwitz.
“We understand that sellers don’t want to pay upfront advertising fees, while agents are not in a position to carry these fees on behalf of their sellers. Our model is about paying for a result, not an advertising space. If we don’t bring a buyer through ListingLoop.com.au, there’s no fee,” Mr Dallwitz explained.
“Buyers receive superior and timely service by registering their home buying criteria and receiving an alert in real time the moment there’s a just listed or exclusively listed property that matches their needs. It’s a fresh and efficient take on the traditional model of property ‘searching’, especially now that a large percentage of properties for sale are not listed on the major websites.”
Further, ListingLoop,com.au protects property information such as the address and the sale price behind a login. Therefore, they can only be seen by matching buyers registered on the platform.
“Properties exclusively listed on ListingLoop.com.au are unable to be found on search engines such as Google, eliminating the window shoppers and time wasters,” he said.
The listings website also reported a 23 per cent increase in buyer registrations in the past month, demonstrating that there are still serious buyers ready to take action.
Buyer-agent relationships
Due to changing times, agents have been forced to be more agile, get creative, leverage technology and go the extra mile in building client relationships.
Former marketing strategies no longer work and determining how and where they spend their clients’ money to advertise their properties is reshaping how agents do business.
Jesse Raeburn, Property Partner, The Agency Albert Park and former agent and contestant on The Block said: “A huge number of our sales happen off-market and with advertising on the major digital platforms being so expensive, Listing Loop is a great option for my clients to advertise their properties without any upfront costs.”
“Listing Loop has also helped me attract extra enquiries through property matching for my off-market properties.”
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