Selling with an REIQ accredited agency

REAL ESTATE INSTITUTEQUEENSLAND

REIQ

2 | REIQ

Selling with an REIQ accredited agency | 3

About REIQ accredited agencies

The Real Estate Institute of Queensland (REIQ) has been the state’s peak professional association for the real estate industry since 1918.

Almost 85 per cent of all real estate agencies in Queensland are members – accounting for more than 15,000 agents, salespeople, property managers, resident unit managers, auctioneers, business brokers and commercial agents state-wide.

With a strong reputation as the leading authority on real estate and property-related issues across Queensland, the REIQ:

• provides property research, advice and training to members;

• acts as a source of real estate products and services;

• provides a platform for dispute resolution between member agents, and

• undertakes political advocacy on behalf of its members and the industry.

The REIQ also supports the community by providing relevant industry information relating to the buying and selling of property.

The REIQ has an agency accreditation system for Queensland real estate offices.

The focus of this system is to promote the industry as a whole and profile accredited agencies as industry leaders.

Consumers can choose the agency they deal with based on the knowledge that REIQ accredited agencies have undertaken and are committed to continuing professional development and ongoing training.

REIQ accredited agencies provide peace of mind to consumers as they also:

• Are committed to the REIQ Standards of Business Practice;

• Carry professional indemnity insurance;

• Have access to REIQ standard contracts approved by the Queensland Law Society;

• Can access the latest property research data, and

• Adhere to industry best practice.

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About reiq.com

• Industry owned and Queensland specific property portal

• Second largest number of Queensland listings of all property websites in Australia

• Consumers can be confident in knowing all properties are listed with an REIQ accredited agency

• Comprehensive market research including suburb profiles with the latest median sale prices and Brisbane flight path information

• Useful information on buying, selling and renting Queensland property and the latest industry news

reiq.com features a Queensland-focused listing portal offered exclusively to REIQ accredited agencies at no additional cost to their membership.

Currently there are over 95,000 residential, business and commercial properties for sale and lease on reiq.com.

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Selling with an REIQ accredited agency | 5

For more than half of all property buyers, their preferred method of searching for property is via real estate websites. Ten years ago, only 2 per cent of sales were sourced from real estate websites – so property websites have come a very long way in just a decade. Just imagine what the next 10 years will bring!

The main factors encouraging a buyer’s decision to look at a property for sale in order of influence are photos of the property included in the website listing, website listings in general, emails/e-brochures, newspaper advertisements, colour real estate magazines, an agent’s window display and an agent’s signage on a property.

REIQ buyer and seller behaviour research

Original method of sourcing property % of respondents

Preferred method of searching property % of respondents

Influence of advertising % of respondents

By choosing to sell your property through an REIQ accredited agency, you have access to more information and research than almost any other seller in Queensland.

In fact, as well as the exclusive opportunity to have your property featured on reiq.com, your REIQ accredited agency can provide you with the latest property research and data.

The REIQ buyer and seller behaviour research, which is only available to REIQ members, provides an insight into what buyers want when searching for their next home to help you and your agent stay ahead of the game.

The research, which was conducted with buyers, sellers, renters and landlords state-wide in 2010, found that the majority of buyers bought within their local area.

On average, buyers take about 11 weeks to find the residential property of their choice. The average number of properties physically inspected before a purchase is 9.5. Most commonly, buyers are inspecting between six and ten.

The research found that general real estate websites, such as reiq.com, are the most common source of a buyer’s awareness of the property they eventually bought.

General real estate websites Agent personally introduced property Saw ‘For Sale’ sign on property Word of mouth Newspaper advertisement Email /e-brochure from agent Open for inspection Agent’s window display Flyer General real estate magazine Specific agent’s website Specific real estate agent’s magazine Other

Real estate websites Local papers Specific agent’s e-brochures/email Courier Mail Saturday real estate classified section Regional newspaper Property listing magazine Courier Mail pictorial section at front Other

Photos included in website listing Websites Newspaper advertisements Emails/e-brochures Colour real estate magazines Agent’s window display Agent’s signage on property Newspaper editorials/articles Letterbox drop (flyers) TV/radio

6 | REIQ

Type of selling method used % of respondents (Base: all sellers using the services of an agent [n=285])

These results show the benefits of using multiple channels to market your property. Your REIQ accredited agency has strong expertise in this area and can work with you to develop an effective marketing strategy for your property.When it comes to sellers, the research found that the chosen method of sale had a bearing on the timeframe in which their property has been sold. Sellers electing to sell their property via exclusive or sole agent listing have had the shortest wait time for their property to sell. The longest wait time has been recorded among those who have decided upon an open listing.

In terms of what encourages sellers to select the right agent to help sell their property, the three

Exclusive or sole listing Auction Open listing

REIQ buyer and seller behaviour research

Property sales through a real estate agent by region

Use of REIQ agent by region

Brisbane

93% 96% 97%Gold & Sunshine coasts Other coastal regions

Brisbane

92% 87% 88%Gold & Sunshine coasts Other coastal regions

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Influences when approaching an agent % of respondents (Base: all sellers using the services of an agent [n=285])

Influences when listing with an agent % of respondents (Base: all sellers using the services of an agent [n=285])

most common factors are in order of influence are the agent’s good reputation; the agent having a high profile in the area; and the agent being a member of the REIQ.

The top three factors to influence a seller to finally list their property with a particular agent are receiving a realistic appraisal for the property; feeling the agent was professional; and the agent being knowledgeable about the area.

The vast majority of sellers used an exclusive or sole listing. The top three most common methods of advertising used by sellers are signage on a property; general real estate website listings such as reiq.com; and open for inspections.

Overall, three quarters of sellers reported being satisfied with the service provided by their real estate agent, with nearly 50 per cent being very satisfied.

An agent’s level of professionalism is the main driver for satisfaction. The level of communication provided by the agent is the second most important contributor; while the agent’s negotiation methods are rated as the third most important satisfier.

Three quarter of sellers report they would use the same agent again or recommend this agent to their friends and relatives in the future.

Gave me a realistic appraisal for the property Professional when dealing with me Knowledgeable about the area Had a good reputation/well known in area I knew the agent from previous dealings Professional marketing campaign Willing to negotiate on commission No advertising costs Gave me a high appraisal for the property Other Don’t know

The agent had a good reputation The agent had a high profile in the area The agent was a member of the REIQ I knew the agent from previous dealings The agent’s office was close to your property The agent belonged to a large franchise or marketing group The agent was referred by someone The agent was a well known independent

REAL ESTATE INSTITUTEQUEENSLAND

REIQ