Throughout the month of May, Vendorable’s Co-founder Jason Weeks and Chief Business Development Officer Paul Hughes attended the MFAA’s Broker2020 national conference events. Vendorable attended as part of the Fintech Freeway representing the property technology community to brokers.
Australian property and mortgage broking are intertwined. Growth in broker originated mortgage finance over the past 20 years has been consistent, and has accelerated post-GFC. At present financial institutions report that nearly 60% of residential loans arrive via broker, rather than direct origination. This makes brokers themselves an integral part of both the property and finance industries.
On 2 June 2016 Vendorable’s co-founder Harry Lehmann spoke on a panel for the UNSW Smart Cities Research Cluster’s Smart Cities and Urban Innovation Symposium as part of the Vivid Sydney festival with five other start-up company CEOs and Directors from the thriving Australian property technology community.
Australia has an affinity with property. Children from a young age learn about real estate from their parents and the benefits of home ownership and investing. …
On 1 January 2016 amendments to the Property Stock and Business Agents
Act 2002 commenced. The changes prohibit real estate agents from engaging in a practice called underquoting. NSW Fair Trading explains underquoting
‘Underquoting describes when an agent understates the estimated selling price of a property. This can cause interested buyers to waste time and money on inspecting properties, getting reports and attending auctions based on misleading estimates of the selling price.’
The new laws apply to agents who are selling residential properties (as defined in the Conveyancing Act 1919 s 66Q). …
How two groups find and interact with each other to consume and deliver services is a problem best solved by information technology. And real estate services is no exception.
At Vendorable we’re focused on real estate sales — connecting vendors and real estate agents through a model that empowers vendors to select a real estate service provider with more information, greater transparency and better value for money. We use a specialised competitive tender to achieve this. But a model for selection on cost and promises alone is not enough unless it can measure service performance. …
The world is digital, and your agency agreement should be too. Thanks to an ingenious suite of state and federal legislation in Australia and New Zealand known as the Electronic Transactions Acts this is possible.
An electronic agency agreement makes pro-forma paper and handwriting obsolete as it enables property owners and real estate agents to transact online. Using Vendorable, vendors submit the key details of their property and advertise the availability of a real estate sales opportunity. Real estate agents then bid for that job with their key information such as commission and marketing costs. They can also include any…
Vendorable Googled “advertise property for sale costs” and were surprised to find there wasn’t a list of comparative prices. The lack of readily available information from some popular property classifieds websites was not encouraging. Discerning vendors most definitely want to know what their dollar can do for them in promoting their property for sale. We looked at how much it costs to advertise a property with the classifieds website and how long the ad stayed available to view — the period of the listing. Here is our interpretation of what is available in various markets across the globe (April 2015):
It is a big question whether or not to sell a property via private treaty or at auction. Each method has its own advantages. These vary according to timing, flexibility, competition, and value attainment.
In rising markets there is favouritism towards selling at auction. This is due to the increased sense of urgency and competition that an auction may provide. Having no price boundary, or expectations out in the open, can be advantageous in a hot market. However, as markets cool down, the skills to privately negotiate a sale become essential.
Selling by private treaty often involves:
Making sure that the agreement between agent and vendor is balanced can be crucial to the success of making a property sale. Agents need to be incentivized. And property owners need flexibility to ensure that if a property isn’t selling, they can change agents with little fuss. Vendorable is the world’s first online platform designed with this balance in mind.
Agents’ incentives come in two forms: commission and exclusivity. An agent who isn’t remunerated sufficiently for their work in selling a property will potentially underperform. In buyers’ markets this can prove fatal, and a property for sale can become…
The Property Scene in 2015
So far, experts are expecting 2015 to be a good year. The upcoming months in property investment are expected to match the steady highs of 2014 as foreign investment is still on the incline. The Australian dollar continues to be low — and costs for businesses are on the increase. Yet the low dollar, combined with low interest rates, are reinforcing Australia as an attractive investment option for foreign buyers.
Investors are also taking out more home loans than owner-occupiers. While owner-occupiers still take on more loans, recent data from APRA suggests that loans taken…