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What is the single thing EVERY home buyer has in common? They have a limit on how much they can spend. What is the one thing buyers hate most? No price on advertisements – not even a guide or range.
In fact, 56 per cent of people looking on realestate.com.au scroll past advertisements without a price. This isn’t my estimate; it is a statistic released by the website.
If that doesn’t make you sit up and take notice, this will. A survey by the Real Estate Institute of Australia came up with even more alarming figures. When asked what the most frustrating thing about property buying is, you guessed it, “no price provided” topped the list with a staggering 74 per cent!
The survey also found a few other things that ticked off buyers.
- 57 per cent – no floor plan provided
- 42 per cent – not enough or poor-quality photos
- 38 per cent – no address provided
There are hundreds of advertisements on realestate.com.au that fail on all counts.
So, if you are part of the growing number of agents who don’t put a price guide on your advertisements, you have lost more than half of potential buyers who won’t see your beautiful photos, brilliantly written descriptions, and your expensively produced videos.
Darned obvious when you come to think about it.
I have friends in Western Australia who are planning a return to the east coast.
They have narrowed (if you can call it that) down their destination to the vast area from the Central Coast of NSW up to the Hervey Bay region of Queensland.
Basic requirements are a detached house with character and some privacy, four bedrooms, a couple of bathrooms, a pool, if possible, great broadband, and proximity to a beach, although this isn’t a deal-breaker because they also like rural locations.
There are literally hundreds and hundreds of properties that fit the bill.
What they do know is their budget. Like most people looking for a new home, they know exactly how much they can spend. They are cash buyers, just the folks we agents love.
This couple is like many other buyers and has set up searches on realestate.com.au. They scroll straight past anything with the following:
- Contact agent
- Awaiting price guide
- Best offer
- For sale
- By negotiation
- Preview
As an agent and coach, I have always encouraged price guides for both auction property and “for sale” property. (In Queensland, however, there is legislation saying they can only publish prices or guides for “for sale” listings, not auction listings, so that does make it difficult.)
The modern buyer wants speed, ease, and transparency. Don’t take my word for it. Look at the most successful online sales operators like Amazon, Uber, online travel bookings and so on. They all have a price, are quick and easy.
We can learn from one of the world’s richest men, Amazon founder Jeff Bezos, who still asks: “How quick and easy is it to do business with Amazon?” He bases his entire systems, training, and technology around this philosophy.
You may well be happy with your results, but think how much better they could be with a 100 per cent increase. Don’t believe me, do the maths. If those 56 per cent who now ignore your advertisements engaged with you, it will DOUBLE your inquiries.
Adrian Bo is a licensed agent and auctioneer, founder of a sales training academy adrianbo.com and author.
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