02 Oct
I’m sure you’ve all seen the recent media coverage about REA.
While these articles aren’t really telling us anything we don’t already know, it’s a good reminder that we’re all in the same boat – and that as leaders, it’s our responsibility to do what we can to steer our industry in the right direction.
Unfortunately, a heavy reliance on any single provider effectively takes away our ability to choose; choose what’s best for us and choose what is best for our clients.
But the good news is this is exactly why REIP was created. In the last few years, REIP has made some big strides towards industry collaboration, independence and choice, and we’ll continue to do so.
So, I thought I’d take a minute to reflect on how we as an industry are feeling, and what steps we can take now to help move our industry forward in the direction we want.
According to a recent article in The Guardian:
- Troy Holmes, Director of Holmes Real Estate in Sydney believes that REA are trying to get between the agent and the vendor and ultimately, take a percentage of every sale.
- REIA President Leanne Pilkington has also expressed concerns about REA trying to get more deeply entrenched in sales transactions, pointing to their acquisition of businesses like Mortgage Choice, Campaign Agent and PropTrack.
- Lisa Pennell, CEO of Barry Plant says the reality is either consumers end up bearing the brunt of price increases or agents are forced to eat into their own commissions to secure listings – neither of which is a desirable situation.
No one is suggesting that competition is a problem, but to have one a single dominant player in any industry is a justifiable cause for concern.
I also don’t think anyone is suggesting that as an industry we suddenly stop using REA products, but they shouldn’t be the only tool in the toolbox that agents have at their disposal.
With this in mind, REIP is creating an ecosystem of industry partners who can provide an alternative (or add on) to what REA currently offers.
As an industry we need to start using solutions that are industry backed, industry owned, and industry operated.
When we start to do this we can then truly start taking back control of the future of our industry and shift the balance from one dominate industry player to a playing field of genuine choice.
Our current (and ever growing) partner ecosystem is made up of:
CMA / Data Insights – REIP Nexus – Your industry owned CMA tool
Property & Agent Marketing – PropertyMate
Offer management – Propps
Tenancy application – Sorted
Conveyancing – Settle Easy
Listing portals – PropertyMate & View
Leadership & Culture – Real Care App
Agency marketing – The Real Estate Voice, ListOnce
Industry Advocacy – REIA
If we want to move away from the ‘bear at the door’, we need to be proactive with the products and services we chose to use. Just like the ‘Australian made’ retail decisions we make each day, an ‘Industry backed’ choice will not just support the new players in our market, it will also help shift the balance of power back into the hands of our industry.
Until next time,
Stay connected.
Sadhana Smiles
CEO, Real Estate Industry Partners
Your industry-backed and owned CMA and market insights tool helping you drive your real estate business with your data
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