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In a significant corporate milestone, a marketing drive that saw a lower north shore vendor achieve a price $100,000 above expectations marked the Raine & Horne network's 20,000th Amplify campaign.
Raine & Horne highlights Amplify as powerful, new technology that uses artificial intelligence and machine learning technology to market property advertisements across key social media platforms.
Exclusive to Raine & Horne, Amplify was designed by Norwegian firm CCT.
Raine & Horne Lane Cove director Alex Banning sold the oversized, two-bedroom apartment at 405/72-74 Gordon Crescent well before its 3 April 2020 auction date for $945,000.
According to him, that price was about $100,000 above expectation due to the massive number of enquiries able to be created by “the hyper-targeted” digital marketing platform Amplify.
Explaining how the technology works, Mr Banning said “each Amplify ad cleverly targets buyers based on their online profile and behaviours, with up to 72 different ad variants generated”.
“Amplify has a very ingenious algorithm that focuses on a buyer’s trigger points rather than the location, which can help generate more interest in a property and buyer urgency,” he noted.
“What I also like about Amplify is that it attracts plenty of out of area buyers. They may be looking at Gladesville or Artarmon and may not have Lane Cove on their radar.”
Mr Banning said that by using Amplify, “our vendor’s apartment attracted 96 groups to open homes with 12 contracts taken and, ultimately, there were five genuine buyers making offers before a contract was exchanged at $945,000”.
An apartment in the same block with a similar floor plan was sold by a different agent for $850,000 in late February.
He argued: “Amplify is a real point of difference for our network, which this result overwhelmingly demonstrates.”
The campaign reached about 1,800 genuine buyers and achieved a clickthrough rate of 20 per cent, the sales director flagged, as compared to an industry average that is closer to 5 per cent.
“Moreover, most of the interested parties who clicked through to the listing on the Raine & Horne Lane Cove website spent an average of nearly 6.5 minutes examining the property,” he continued.
“For an outlay of $680, which is a fraction of the fees charged by the property portals, the vendor attracted a target group of buyers with the assistance of Amplify and a fantastic sale many weeks before auction.”
Raine & Horne executive chairman Angus Raine expressed that Amplify attracts more active and passive buyers, sellers and tenants, boosts listing exposure and generates better results.
“This technology is exclusive to Raine & Horne and has increased our website traffic by an extraordinary 1,100 per cent,” he said.
According to him, the technology is “directly responsible for generating more than 2,500 sales listing leads for our agents. And savvy vendors recognise the massive reach of social and search marketing platform and how it can produce great sales results such $945,000 for 405/72-74 Gordon Crescent, Lane Cove, in record time.”
Since launching back in 2018, Amplify has reportedly been able to expose the Raine & Horne brand to an astonishing 128 million screens in Australia and across the globe.
“Amplify is directly responsible for almost 290,000 shares and likes for our property listings on social media,” the executive chairman added.
While also acknowledging Amplify’s straightforward dashboard and data analytics in real time as advantages of the technology, Mr Banning said: “I’m just delighted to be involved in the 20,000th Amplify campaign, which has helped to deliver a premium result for my vendor.”
ABOUT THE AUTHOR
Grace Ormsby
Grace is a journalist across Momentum property and investment brands. Grace joined Momentum Media in 2018, bringing with her a Bachelor of Laws and a Bachelor of Communication (Journalism) from the University of Newcastle. She’s passionate about delivering easy to digest information and content relevant to her key audiences and stakeholders.
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