Some 65 percent ofbrokers survey say closings/GCI is the most important factor when evaluating a product’s return on investment (65%). Buyside is able to show client’s ROI based on added closings. On average, Buyside clients see a 42 times ROI.
Northwood Realty Services, Pennsylvania
Around the country, inventory is tight. “We want to give our sellers and buyers a competitive advantage. Buyside allows us to premarket to buyers that a house that fits their needs is coming on the market,” says Tom Hosack, president, and CEO of Northwood Realty Service in Pittsburgh, Pennsylvania.
He says that agents can register what their buyers are looking for, so when the brokerage gets a listing, agents can match buyers with sellers for an in-house transaction.
“On a listing presentation, our agents like that they have the ability to tell the seller that they have real buyers who want to buy. They can even show them a graph of what buyers are looking for as it pertains to bedrooms, bathrooms, and price,” says Hosack.
This is especially important in this low-inventory market. Gone are the days of weekly sales meetings announcing listings coming to market soon. Instead, with Buyside, agents can see at a glance what matches their buyer’s criteria. “It’s great for our buyers to know what’s coming on the market before it actually hits the market. That way they can stay competitive with the offers,” he says. “These tech tools are a modern version of what used to happen at sales meetings.”
Building a Buyer Database
Hosack says Buyside imports their buyers’ requirements into the system, listing everything from which school districts they may want to price, number of bedrooms and more. So, when agents go to a listing presentation, they can show potential sellers the demand for the product. “Pricing is all about supply and demand. In the past, we didn’t know the demand. Now we do,” he says.
Getting Both Sides of the Transaction
For Hosack, the buyer matching is important because it allows him to sell more transactions in-house. Since using Buyside, he’s listed over 252 properties.
“Even more important than buyer matching is the ability to predict demand. It’s a market changer when you can sit with a seller and talk about what the demand looks like,” he says. The report is dynamic, so you run the report before the listing presentation and then go live with the seller showing how prices and demand is changing. “It’s a powerful tool in the listing process and it’s something different to offer. When we work with a seller and can tell them that we have real buyers who want a home similar to their home, it’s great. But, we want the home sold no matter what for the highest and best deal. If we can help the buyers find a house early, it’s a huge bonus.”
REAL Trends has been The Trusted Source of news, analysis, and information on the residential brokerage industry since 1987. We are a privately-held publishing, consulting and communications company based in Castle Rock, Colorado.
Accessibility: We are making efforts to be ADA Compliant. Should you have any challenges or questions please contact us at (303) 741-1000.