PHOTO: Consumers are increasingly frustrated by the lack of displayed prices on listings
Property listings without prices have emerged as the primary frustration for homebuyers on realestate.com.au, according to a recent study conducted by the REA Group. The annual Property Seeker Survey, which encompassed feedback from over 6,000 buyers, revealed that the absence of pricing information tops the list of irritations when searching for and buying a property.
REA Group’s Chief Product and Audience Officer, Melina Cruickshank, highlighted that prospective buyers also expressed difficulty in finding properties within their budget due to inaccurate pricing on listings, causing disappointment. This insight coincides with REA Group’s efforts to collaborate with its agent partners to address these consumer grievances and enhance the transparency of pricing information on property listings.
Cruickshank emphasized that consumers are increasingly frustrated by the lack of displayed prices on listings, acknowledging that transparency from the outset is of utmost importance to buyers. The research indicated that a substantial 72 percent of buyers would bypass properties that do not include pricing information, presuming that they are beyond their budget.
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Cruickshank further mentioned that displaying a price can also assist agents in securing more listings. She revealed that numerous real estate agents have gained new listings by promoting transparency in marketing and selling their clients’ properties, which has become a significant trend in their research.
To address these issues and enhance the user experience, REA Group is in the early stages of a multi-year program aimed at balancing the expectations of both buyers and agents regarding pricing information on listings. This program is expected to be implemented step-by-step, taking into consideration the diverse markets and working closely with customers to ensure a satisfactory outcome.
Cruickshank noted that these steps will be announced in the near future and that extensive communication with customers has already taken place. She also highlighted the company’s continued investment in realestate.com.au member experiences, including tools like the Property Owner Dashboard with the realEstimateTM tool, which helps set realistic price expectations for sellers.
In conclusion, REA Group plans to keep collaborating with its customers to address consumer frustrations and provide more pricing details on property listings while maintaining a balance between consumer and agent expectations. The goal is to deliver a more transparent and efficient user experience for both parties.