A simple fix to dreaded buyer drop off
As astute money man Warren Buffet once said that “If you don’t find a way to make money while you sleep, you will work until you die”. While this sentiment may be directed at the individual or worker, Property Developers should also take note.
The reality is today, that the consumers and investors buying property are diverse – culturally, geographically, and behaviourally, but, one thing all consumers have in common is that they value convenience and likely they all shop online.
Convenience, whilst valued highly by customers, can often be overlooked by businesses when determining customer experience objectives.
Put yourself in the customers’ shoes. Right now, the buyer attitude is shifting from FOMO (Fear of Missing Out) to Fear Of Overpaying (or FOOP). This means buyers are doing their research and shopping around online to find the right property at the right price.
Most property developers will have available properties listed online, but seldom enable buyers to purchase via the project or developer website. Crazy.
If you can’t sell real estate while you sleep, you are missing out on profit.
E-commerce is not a nice to have
COVID has permanently changed not only the way that people buy, sell and rent homes but the way that they want to engage in property. Some tools that were once optional selling points are now firmly must-haves: online inspections, virtual masterplans, electronic document signing, digital contracts & settlement portals to name a few. Yet, buyers still need to play the waiting game when it comes to purchasing online.
Your website is the only salesperson working 24/7/365
Yet, it is your only salesperson that isn’t ACTUALLY converting buyers.
Let’s look at a common purchase process for buyers
Step 1: Select desired region, set a budget and property parameters (i.e sqm, aspect, proximity to schools, etc)
Step 2: Research online – find projects in the desired area with available properties, make note of those that meet your criteria
Step 3. Select desired property & submit a contact form on the project website
Step 4. Wait
Step 5. Take the opportunity to compare neighbouring projects and properties
Step 6. Follow up with a call
Step 7. Visit sales office
Step 8. Told your desired property has been sold.
Return to step 1.
This process is deeply flawed, it disadvantages buyers with high-purchase intent and leads to poor customer experience, along with many opportunities for buyer drop-off.
Is your project website a ‘drop off zone’?
Let’s look at the purchase process for buyers where Release.Me ‘Buy Now’ tool is enabled
Step 1: Select desired region, set a budget and property parameters (i.e sqm, aspect, proximity to schools, etc)
Step 2: Research online – find projects in the desired area with available properties, make note of those that meet your criteria
Step 3: Select desired property and Buy Now in two simple steps – fill in contract details & pay a holding deposit
Step 4. Celebrate with a glass of bubbles
Using Release.Me, property developers and agents can get on with business, enjoy their weekends and not sit around twiddling thumbs at an empty sales office. As soon as a buyer opts to Buy Now via the project website, you’ll be notified via text message and email.
You can then call to congratulate the buyer and arrange contract signing.
For buyers, it takes less than 15 minutes to purchase and means they can lock in a property of their choice, from the comfort of their home, office, or even the park, at a time that suits them. Buy Now can also be used to direct buyers to purchase while they may be on the phone with a sales consultant or even at the sales office, to speed up the process and lock in a deposit right away.
Reasons to adopt an e-commerce tool in off the plan sales:
1. Reach more buyers by enabling them to transact online, at any time
2. Generate passive sales with no extra effort
3. Reduce the time and cost of sale
4. Reduce resource expenditure while maximising profit
5. Put an end to ‘buyer drop off’
Online sales in Australia recorded a 31.8% year-on-year growth during the 2020/21 FY.
Industries ranging from manufacturing to finance, retail, and logistics rely on digital automation for efficiency, accuracy, cost-effectiveness, sustainability, and user experience. Property developers can too reap the benefits of digital automation through e-commerce.
How you can start selling passively in the next 30 minutes:
1. Create your free seller account here
2. Publish a ‘Buy Now’ listing in under 10 minutes, and
3. Place the link on your project website and sit back while the magic happens
Book a demo to see just how simple it is.