We recently discussed the new Market Based Pricing that new or renewing contracts with realestate.com.au changes to from July 1st, 2014 but how will real estate agents around the country react to the changes? Traditional industry news sites have now picked up on the story and the general feedback both here and on those sites has been fairly condemning and for many businesses that might spell trouble, but realestate.com.au has been there before. As far as they are concerned agents will whinge, whine, complain, stamp their feet, express their anger at their account rep and then forget about it and move on.
The renewal for the realestate.com.au subscription at our agency at Upper Coomera is up again and since we fall due in June and because realestate.com.au has switched to market based pricing method we now have three choices of subscriptions to choose from. The new market based pricing is so focussed on the price of your home its possible for more expensive properties in the same suburb to pay 20% more than cheaper properties. Because we are still on the old style Platinum subscription if we subscribe before June we can still do one more year on that model with the changes being to the monthly subscription price (naturally!!) and the platinum plans now only include 3 feature properties per month, not the customary 5.
As a followup to recent articles relating to the industry revolt and ACCC investigation into RealEstate.com.au, Australian Financial Review journalist Ben Hurley has released another article that takes aim at RPData and their valuation strategy . RPData have been working on a valuation system similar to US portal Zillow in the USA where they provide a valuation to consumers. Naturally this has upset real estate agents and valuers alike around the country
In a followup article to the Front Page Project Rebellion article, Ben Hurley from the Australian Financial Review has published a new story on an ongoing investigation by the ACCC into the activities of RealEstate.com.au and to a lesser extent Domain.com.au . Questions directed at some of Australia’s leading real estate groups have seemed to focus on excessive price rises (see 1 , 2 , 3 and 4 ) of realestate.com.au and the effectiveness of competition in the real estate online classified space. Simon Baker, the ex CEO and substantial shareholder in REA has made some interesting comments on this blog recently regarding realestate.com.au prices : If the franchise groups were serious about competing with realestate.com.au or at least providing a competitive offering, wouldnt they first start internally and attempt to organise group buying of REA subscriptions for their franchisees? Imagine if all Ray White or LJ Hooker offices got together and negotiated as one for their REA subscriptions (and additional products)
Over the past several weeks Ben Hurley from the Australian Financial Review has been conducting an investigation into the revolt by real estate agencies around the country against Realestate.com.au. Today on the front page of the Australian Financial Review Ben’s article “Real Estate Agents Revolt” appears.
In what seems like remarkable timing, sitting in my email this morning was an invitation to partake in the Annual Customer Satisfaction Survey for realestate.com.au. Now is the time to let REA know what you think of them, the good and the bad. The email includes a comment “The survey questionnaire can be completed by personnel who have contact with realestate.com.au” which seems to infer that you can get anybody in your office to also submit on your survey link.
Realestate.com.au has always promoted itself as a portal for real estate agents but recently we have seen a surge in real estate agents using technology to operate from a digital storefront and list their properties on the portal. At first many of these websites were not run by real estate agents but REA quickly enforced this rule.