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From comparing insurance prices to finding a date, and everything in between, the internet has transformed the way we conduct our lives. Every day, smart-tech companies are devising new online business models and creating a wave of disruption from which, it seems, no industry is immune.
Real estate is one such example, with online disruptors presenting a range of intelligent tools and selling models aimed at democratising the process, freeing us from commission and marketing fees, and delivering more transparency than ever before. There are online tools to help you value and sell your property, source your dream home, and lease out your investments.
Real estate is one such example, with online disruptors presenting a range of intelligent tools and selling models aimed at democratising the process, freeing us from commission and marketing fees, and delivering more transparency than ever before. There are online tools to help you value and sell your property, source your dream home, and lease out your investments.
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While online disruptors do offer a low-cost alternative to agent-based selling, they won't suit every seller. These models generally require a hands-on approach from the vendor, so it's good to check out the pros and cons - and the fine print - before signing up.
Here is an overview of the main online real estate sales tools you can choose from.
Here is an overview of the main online real estate sales tools you can choose from.
Know your value
Generally, the first step to selling your property is to get it valued by a real estate agent. The problem with this model? The agent wants your business and they want to make money. Sometimes the value they give you upfront, or the pressure they put on you to accept an offer from the first buyer who walks through the door, can be coloured by their quest for a quick profit.
So it's important to have a clear understanding of the market you're selling in, and know what your home is really worth before you list your property for sale.
Generally, the first step to selling your property is to get it valued by a real estate agent. The problem with this model? The agent wants your business and they want to make money. Sometimes the value they give you upfront, or the pressure they put on you to accept an offer from the first buyer who walks through the door, can be coloured by their quest for a quick profit.
So it's important to have a clear understanding of the market you're selling in, and know what your home is really worth before you list your property for sale.
Fortunately technology puts this previously specialised knowledge at our fingertips. A good starting point is REALas.com. Originally designed as a tool to help home buyers see past an agent's price-deception, this clever app takes the latest property and pricing data, local market knowledge from property experts, and input from buyers, then applies an algorithm to predict a property's sale price. According to the REALas website, the algorithm can predict within five per cent of what a property will sell for.
Registered users can access price predictions for properties that are already for sale. So if your home is not on the market yet, REALas can't predict a price. But it will give you a clear understanding of the value of comparable homes in your neighbourhood.
The service is free and available across Australia.
It's also worth checking out PropertyValue.com.au, which will provide an estimate of the value of your property by comparing it to nearby properties with similar attributes that are currently for sale, have recently sold or are up for rent.
Registered users can access price predictions for properties that are already for sale. So if your home is not on the market yet, REALas can't predict a price. But it will give you a clear understanding of the value of comparable homes in your neighbourhood.
The service is free and available across Australia.
It's also worth checking out PropertyValue.com.au, which will provide an estimate of the value of your property by comparing it to nearby properties with similar attributes that are currently for sale, have recently sold or are up for rent.
Test the market
If you're only half-committed to the idea of selling, you could put your home up on youWish.net.au. It's an obligation-free way to showcase your property to potential buyers and gauge market interest, without officially listing it for sale.
How it works: Load your photos and a description of your home onto the website, along with your ideal price. You will be alerted by email when someone enquires about your property. If they make the right offer, you can proceed with a sale. Otherwise, you're under no obligation to even reply to enquiries.
Cost: Listings cost $99 or $199 for 12 months, depending on how many photos you include. Professional copywriting, photography and videography cost extra. If you're a buyer, property searches are free.
If you're only half-committed to the idea of selling, you could put your home up on youWish.net.au. It's an obligation-free way to showcase your property to potential buyers and gauge market interest, without officially listing it for sale.
How it works: Load your photos and a description of your home onto the website, along with your ideal price. You will be alerted by email when someone enquires about your property. If they make the right offer, you can proceed with a sale. Otherwise, you're under no obligation to even reply to enquiries.
Cost: Listings cost $99 or $199 for 12 months, depending on how many photos you include. Professional copywriting, photography and videography cost extra. If you're a buyer, property searches are free.
Listing and selling
For decades, real estate agents have had the upper hand in all aspects of property sales and marketing. But thanks to a wave of online innovation, power is shifting back to the vendor.
Perhaps the most well-publicised real estate disruptor is UK-based Purple Bricks. Launched in Australia in 2016, this hybrid low-cost real estate selling platform charges a flat, up-front fee to list and market your property (either by private treaty or auction).
The fee buys you a 'for sale' board, basic photography package and marketing on traditional online avenues as well as the Purple Bricks website. Plus, a Purple Bricks agent will negotiate with buyers on your behalf. You handle inspections yourself. You'll also need to oversee the sales management and legal processes, but this is facilitated by the Purple Bricks online platform and customer service teams.
See more stunning home exteriors
For decades, real estate agents have had the upper hand in all aspects of property sales and marketing. But thanks to a wave of online innovation, power is shifting back to the vendor.
Perhaps the most well-publicised real estate disruptor is UK-based Purple Bricks. Launched in Australia in 2016, this hybrid low-cost real estate selling platform charges a flat, up-front fee to list and market your property (either by private treaty or auction).
The fee buys you a 'for sale' board, basic photography package and marketing on traditional online avenues as well as the Purple Bricks website. Plus, a Purple Bricks agent will negotiate with buyers on your behalf. You handle inspections yourself. You'll also need to oversee the sales management and legal processes, but this is facilitated by the Purple Bricks online platform and customer service teams.
See more stunning home exteriors
Purple Bricks also offers a high level of transparency around how your sales campaign is progressing. Its online sales platform allows sellers to tweak their advertisement (including price) at any time, monitor viewings, receive and respond to viewing feedback or buyer queries, and see offers as they come in.
Cost: In Queensland, WA and SA: $4,999 for a private treaty sale and $6,369 for sale by auction (Purple Bricks will co-ordinate the auction and provide an auctioneer on the day). In Victoria and NSW, you're looking at $5,999 and $7,369 respectively. The company also offers upgrades, where you can pay extra for accompanied home viewings, extra advertising, additional photography, and a printed brochure.
Good to know: You have to pay Purple Bricks their fee regardless of whether your home sells.
Cost: In Queensland, WA and SA: $4,999 for a private treaty sale and $6,369 for sale by auction (Purple Bricks will co-ordinate the auction and provide an auctioneer on the day). In Victoria and NSW, you're looking at $5,999 and $7,369 respectively. The company also offers upgrades, where you can pay extra for accompanied home viewings, extra advertising, additional photography, and a printed brochure.
Good to know: You have to pay Purple Bricks their fee regardless of whether your home sells.
Buy My Place is another commission-free home sales alternative marketed as a 'DIY real estate agency'.
All packages include:
All packages include:
- a 'for sale' sign
- listings on major real estate websites including Domain, realestate.com.au, allhomes, as well as the Buy My Place website. Ads remain active until your home is sold.
- a printable brochure
- phone and online support
- online enquiry forwarding
- a market comparison report (to assist with valuing your home)
Next Address is an online property-matching tool designed to take the hard slog (and expense) out of buying or selling a home. The site uses algorithms to match buyer wish lists with properties for sale. The site was founded in 2015 by Ballarat-based former real estate agent Julie O'Donohue, and today features 6000-plus registered properties around Australia.
How it works: First, you create a detailed listing on the Next Address site. The platform then matches your property with buyers from its database. Those looking to buy a home set up an account and enter their property wish list (number of bedrooms, storeys and location, for example). The site then recommends suitable properties. Inspections are arranged directly with the property's vendor.
Essentially an agent-less model, Next Address brings the buyer and seller together. Inspections, negotiations and legals must be managed by the buyers and sellers, although the company does offer online and phone support.
Cost: $1,250 to list your home on the site. Fee includes:
Essentially an agent-less model, Next Address brings the buyer and seller together. Inspections, negotiations and legals must be managed by the buyers and sellers, although the company does offer online and phone support.
Cost: $1,250 to list your home on the site. Fee includes:
- online home listing and property matching
- online and phone support from qualified agents
- a 'for sale' sign
- an e-brochure
- an online system to manage inspections
- a social media marketing program
The pricier packages include extras such as professional photography, copywriting for your advertisement, a consultation with a real estate agent, upgraded ad listings, professionally printed brochures, and negotiation assistance. For those wanting to sell by auction, an extra $895 will get you some professional support and an auctioneer on the day.
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For-sale-by-owner options
There has been a proliferation of websites that facilitate the 'for sale by owner' strategy. Some are larger than others and fees vary. The key benefit offered by these companies is access to realestate.com.au - a major national real estate advertising website, which only accepts ad listings from registered agents. If you're doing a DIY home sale without access to a database of buyers, inclusion on high-traffic property advertising sites is essential.
Check out the following:
There has been a proliferation of websites that facilitate the 'for sale by owner' strategy. Some are larger than others and fees vary. The key benefit offered by these companies is access to realestate.com.au - a major national real estate advertising website, which only accepts ad listings from registered agents. If you're doing a DIY home sale without access to a database of buyers, inclusion on high-traffic property advertising sites is essential.
Check out the following:
Finding an agent
Perhaps the low-cost DIY sales option isn't for you, and you'd rather have a professional handle the process.
The internet has also democratised the search for the perfect real estate agent, and there are now several sites dedicated to helping vendors research potential agents and find their perfect match.
Perhaps the low-cost DIY sales option isn't for you, and you'd rather have a professional handle the process.
The internet has also democratised the search for the perfect real estate agent, and there are now several sites dedicated to helping vendors research potential agents and find their perfect match.
Realestate.com.au offers a search function that lists the agents who work in your suburb, how many sales they've completed in the past 12 months, average number of days it takes for their listings to sell and median sales price.
The search function on the Open Agent website is a little more sophisticated: it asks a series of questions about your property and what you're looking for in an agent, to create a personalised shortlist of potential candidates.
Local Agent Finder offers a similar service, taking the user through a few questions before presenting a comparison list of potential agents, showing commissions, marketing fees, and other service information. You then choose who to follow up with.
The search function on the Open Agent website is a little more sophisticated: it asks a series of questions about your property and what you're looking for in an agent, to create a personalised shortlist of potential candidates.
Local Agent Finder offers a similar service, taking the user through a few questions before presenting a comparison list of potential agents, showing commissions, marketing fees, and other service information. You then choose who to follow up with.
Vendorable, an innovative app that hit the Australian market in 2015, presents another way for property sellers to connect with agents. Owners can list their property on the app, along with information about what they're looking for in a sales professional and any other relevant information. Agents then competitively tender to win the job. The great part about this app is that it puts the seller in the driver's seat from the outset: you can set your own expectations around access, costs and preferred criteria.
Cost: Free
Cost: Free
Need help finding and buying a house?
Y our Hot Property operates as a buyer's advocate. Its step-by-step online program, the 'First Home Buyer Buddy,' is designed to guide first home buyers through the entire purchasing process, from finding the perfect property to negotiating on the price. Your Hot Property can also help buyers secure finance, negotiate the lowest price, and co-ordinate the conveyancing/legal side of the purchasing process. It offers nationwide services.
Cost: Varies according to the level of service required, however, the personal advocacy service usually ranges from around $4000. The First Home Buyer Buddy retails for $996. According to the company website, if Your Hot Property fails to negotiate a purchase price you're happy with, you don't have to pay.
Y our Hot Property operates as a buyer's advocate. Its step-by-step online program, the 'First Home Buyer Buddy,' is designed to guide first home buyers through the entire purchasing process, from finding the perfect property to negotiating on the price. Your Hot Property can also help buyers secure finance, negotiate the lowest price, and co-ordinate the conveyancing/legal side of the purchasing process. It offers nationwide services.
Cost: Varies according to the level of service required, however, the personal advocacy service usually ranges from around $4000. The First Home Buyer Buddy retails for $996. According to the company website, if Your Hot Property fails to negotiate a purchase price you're happy with, you don't have to pay.
Online property management
Whether you own an investment property and rent it out, or you're a tenant looking for a home to rent, it may be worth checking out Cubbi. This online platform offers a comprehensive and user-friendly alternative to traditional property management. It's designed to support and connect tenants and owners, reduce costs, and streamline the rentals process.
How it works: Cubbi guides property owners through the leasing process. Rental enquiries are sent via Cubbi. The owner then hosts inspections and meets potential tenants. The rental application is then submitted and approved via the Cubbi platform.
Cost: Listing your property on Cubbi is free, or pay $199 to add it to all 10 major real estate websites including realestate.com.au and Domain. Cubbi charges two per cent of the rent collected on the property.
Good to know: While Cubbi provides guidance and support to both parties, it doesn't make decisions on your behalf or negotiate between owners and tenants.
Whether you own an investment property and rent it out, or you're a tenant looking for a home to rent, it may be worth checking out Cubbi. This online platform offers a comprehensive and user-friendly alternative to traditional property management. It's designed to support and connect tenants and owners, reduce costs, and streamline the rentals process.
How it works: Cubbi guides property owners through the leasing process. Rental enquiries are sent via Cubbi. The owner then hosts inspections and meets potential tenants. The rental application is then submitted and approved via the Cubbi platform.
Cost: Listing your property on Cubbi is free, or pay $199 to add it to all 10 major real estate websites including realestate.com.au and Domain. Cubbi charges two per cent of the rent collected on the property.
Good to know: While Cubbi provides guidance and support to both parties, it doesn't make decisions on your behalf or negotiate between owners and tenants.
