The Australian Real Estate Conference (AREC) 2018 brought together thousands of individuals all over the country, aiming to learn new strategies and to get the latest information about the trends in the real estate industry in Australia as a whole.
Sky News wanted to know more about the real estate market in the Upper North Shore. Here is the transcript from the interview:
Wayne, thank you so much for chatting to us today. So, tell us what market trends you see at the moment?
At the moment, we are seeing a lot of transition for couples downsizing out of their homes, moving from the upper north shore which is a very leafy type of suburb, down to the northern bays of Sydney. People are going for the beach lifestyle.
In your business, what accomplishments are you most proud of this year?
This year, I’ve doubled my team. I’ve gone from having two people in the team, now there are four of us in the team. That’s going to allow us a lot more leverage.
What areas are you seeing the most growth in?
Most growth I’ve seen is in social media. I think there’s incredible opportunity once you learn how to use that space really well.
What’s been your most memorable listing?
My most memorable listing is when I sold John McGrath’s house for him. That’s something I’ll never forget. I was quite honored and I’m obviously very proud of that.
What are vendors looking for when they’re selecting an agent?
Good question. I think there are four parts there. The first part is lots of energy from the agent. Honesty is also pretty important. A great strategy and a different sales plan to reach as many bars as possible. The agent should also be a good negotiator. These are the four things that vendors are really looking for.
What’s a tip on how to achieve the best price for a vendor?
Invest heavily in your marketing upfront because that way you’ll have the best buy reach there is. There are lots of combinations. It’s a reasonably small investment in marketing right across all the avenues that we use to potentially get a much larger return.
What do you expect from the market over the next six months?
Stability. I think with the banking rule commissions almost progressing, APRA tightening up lending laws about a year ago, but then they’ve slightly been loosened again.
The last couple of weeks have seen a very stable market and I expect the next six months to be quite stable.
Marketing obviously as you said is so crucial for a vendor to get the most successful sale. Why is that do you think? Why is marketing so important?
It’s super important because you can’t sell a secret, number one, and why you need a selection of different avenues to choose where you do your marketing is.
Different people use different mediums. I still find a lot of people read the paper. Obviously, a lot of people are very tech savvy and social media is a very good avenue. But you know, you’ve got to get the property out there in the marketplace.
The very nice thing these days is you can use a multiplying effect in social media.
What is your goal for every event or marketing campaign that you run?
Obviously to get the highest price. But leave no stone unturned when it comes to marketing.
I think that a lot of agents think people want to choose the cheapest marketing package. But I think the other way around. I think make investment, let’s leave no stone unturned, let’s get this property out there in the broadest marketing space we can.
And then when it comes to choosing the price or accepting the price at the end, you can be confident you’ve done everything.
46 of the top 50 advertisers in Australia use print advertising. Why do you think that is?
Because it works, I think. Interesting enough, one of the papers we use on the north, we did a bit of research. We actually interviewed all of our purchasers for 12 months.
We found that 65% of people did use the web. But we also found that 35 percent of people first saw that property in the paper.
Looking at News Corp & Realestate.com.au, they often talk about print and digital being a more effective combination rather than in isolation. What are your thoughts on that?
I would agree with that because that piece of research we did before also showed that when we really drill down into it, 28% of people were driven online because they first saw the property in the paper.
So they’ve seen the paper, then they go to the website to look for floor plans, videos etc. In some situations, that increased our Open For Inspection attendances by 42%.
Just on local area marketing, 8 out of 10 homebuyers use their local newspaper during their move, mainly to get a sense of their new community. How important is local area marketing to you?
It’s super important because you’ve got to realize, newspapers go back historically, almost 30 years, maybe more. You probably have the exact number. People have been reading local papers for a very long time. That trend is continuing especially some of the older people that aren’t tech savvy.
Some people we deal with haven’t got e-mail addresses. But their source of information is the local paper.
Well, it’s been great to get your thoughts. Thank you so much for chatting today.
Lovely to talk to you.