Pricing listed properties - using a band
Good afternoon,
I am a new user of this system, and while I am loving it, I am finding one feature quite frustrating - properties are defined as a set price instead of a band. We all know that there are several prices for a property when it goes on the market – the rateable value, the asking price, the seller’s price, the buyer's price and the sold price. We can almost guarantee that there won’t be an exact cross match.
I am finding that I am missing reverse matching opportunities because the price associated with a property is too exact.
I have been a developer in a past life so I understand why that option has been selected, to simplify the matching criteria. Unfortunately from a user’s prospective, we are missing opportunities, potential buyers; the lifeblood of our business.
On another system I used, it matched lower than the lowest value and higher than the highest value to capture as many buyers as possible. That system would be ideal. Plus whenever people are looking to buy on portals they can filter on price, lowest and highest value.
Given that exact cross matches are unlikely in our industry I am wondering if you would consider adding a price band for a property as you do with buyers. I appreciate that it is a fundamental design/foundation issue, but I think that it is imperative that the functionality is considered.
What do others think?
Glenda
Glenda Buschl
shared this idea
Hi Glenda,
Thanks for the feedback.
The primary reasons we’ve gone this way is for two reasons:
1. Data Compatibility: One of our main concerns is data transfer to third party services and websites – the majority of these sites (with exceptions for commercial property categories) support only a single discrete search price. If we supported a range we would be having to make a best guess for the user which we have found is often not desirable from the user’s perspective (we used to run a “price range” style input in a previous iteration of the product).
2. Simplicity: We’ve found that it’s somewhat difficult for user’s to grasp the intersection of two ranges (and more so when user’s only input a single value into those ranges).
We’d say the portals have gone with this strategy (single price for property, price bracket when searching) for the same reasons as we have – it’s difficult for agents, vendors and purchasers to understand why properties come up outside of their explicitly stated price ranges.
As a work around, we’d recommend instead entering a broader price range for your purchasers and / or tenants depending on how sensitive you think they are to their price brackets and depending on whether you set your match prices on properties lower or higher.
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Anonymous
commented
10% Leeway for advertising portals higher and lower than listed price. E.g. $419,000 advertised property I would like to show up in the under $400k and over $400k property searchers but this isn't possible. Realestate.com.au allow a 10% margin each way but REX doesn't allow this.
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Glenda Buschl
commented
This feature is especially important when there is a price adjustment.
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Hi Glenda,
Thanks for the feedback.
The primary reasons we've gone this way is for two reasons:
1. Data Compatibility: One of our main concerns is data transfer to third party services and websites - the majority of these sites (with exceptions for commercial property categories) support only a single discrete search price. If we supported a range we would be having to make a best guess for the user which we have found is often not desirable from the user's perspective (we used to run a "price range" style input in a previous iteration of the product).
2. Simplicity: We've found that it's somewhat difficult for user's to grasp the intersection of two ranges (and more so when user's only input a single value into those ranges).We'd say the portals have gone with this strategy (single price for property, price bracket when searching) for the same reasons as we have - it's difficult for agents, vendors and purchasers to understand why properties come up outside of their explicitly stated price ranges.
As a work around, we'd recommend instead entering a broader price range for your purchasers and / or tenants depending on how sensitive you think they are to their price brackets and depending on whether you set your match prices on properties lower or higher.
Hope that helps.