According to research by RP Data’s General Manager of product and information services, Greg Dickason, published in Real Estate Business Online, over 110,000 properties listed last year failed to sell.
“The substantial number of properties that failed to sell now presents an opportunity for agents.” According to Mr Dickason.
Using RP Data’s withdrawn listings tool, Mr Dickason worked out the potential commissions, based on a rate of 2.5 per cent, that were out there if these past listings could now be sold.
With dwelling values across the combined capital cities Index increasing by 4.7% through to the end of March 2013, the housing market recovery has broadly been underway since the end of May last year (source RP Data).
Mr Dickason said with the current market conditions, many vendors’ price expectations were not longer out of range.
“The price they expected to achieve last year and did not is now a price they might get.”
“A simple search would find what they expected to sell for last year, which could help an agent approach them and could guide the conversation that agent had.” Mr Dickason concludes. By running a simple AVM beforehand you will be able to show what the property is now worth and encourage the vendor to retest the market… with you.
The rp.prospector tool is where you will find new leads through the ‘Withdrawn Listings’ button.
Withdrawn Listings Refers to a property advertised for sale within the previous 365 days, with no listings advertising activity detected by RP Data for 100 days and no property sale recorded in the same period.
Find Leads Generates a list of properties in a given suburb most likely to list based on past sales data as it relates to current on-the-market conditions.
Listings Over 60 Days Provides a list of properties on the market for more than 60 days in the requested suburb.
For more information on how to use rp.prospector watch our short ‘how to’ video or call us on 1300 734 318. We host free online or in-house training, simply visit rpdata.com/training to book a training session.
Source: Real Estate Business Online