Property Compass powers MyHome’s “invest” section
Website portal www.MyHome.com.au has just launched the ‘invest’ section of its website utilising the Property Compass as its display platform. By launching its invest tab, MyHome.com.au has become the first major traffic portal in Australia to display listings specifically to cater to property investors.
Naturally, we are delighted to welcome MyHome.com.au as a new client and look forward to assisting them to serve their investor clients.
This relationship is also expected to benefit other Property Compass clients. In particular, property sellers will gain greater exposure to prospective buyers and this will entice more sellers to make their properties available to our network. This in turn gives client advisors more properties to consider for their clients.
For enquiries, please Contact Us via www.PropertyCompass.net.
Release 1.5.4
Property Compass
Version 1.5.4 Release Notes
Hello,
We are happy to announce the latest release of our property compass software. This version brings a significant piece of functionality with the introduction of downloadable Personalised Investment Reports (PIR).
Once properties and scenarios are specified on a shortlist the report can be generated by clicking the Reports button from the shortlist page.
Information for each property and scenario is then exported into an informative yet easy to read PDF document which can be downloaded.
The introduction of the PIR, offers a valuable tool for our B2B partners using our software to offer professional advice to clients on property investing.
Over the coming weeks we will be increasing the functionality of the reports to include:
- More information, including all supporting documentation, i.e. floor plans, depreciation
- Customisable reports, allowing the user to select which pages are desired
We hope the introduction of the PIR report is well received by our customers and business partners alike.
Regards
Galen Parker
CTO
Getting Started
1. Business Login
This link can be found on the right side of the bottom of the page.
2. Log in
Enter your Username and Password into the Sales Administration Area and click Login.
3. Business Administration Options
The system links all the various participants involved in a lead/referral and sales advice. To ensure your participation is linked; Steps 1 and 2 are vital. Here you are able to enter details about yourself, your team and your network.
Step 3: here you are able to select via ‘Display & Syndication” which properties you want to make available on your site. Via ‘Project’ and ‘Estate’ you can load properties.
Step 4: Gain access to online support documents including flow charts.
Please note: we offer support via ‘live chat’, phone and 1 on 1 meetings: click here to contact us.
4. Sales Administration Options
Sale Home: landing page
Manage Leads: Manage leads and submit new referrals
Property Search: links to the properties, search and report
Deal management: List/copies of submitted Sales Advices
Discussion Groups: here you are able to monitor and contribute to the progress of a sale until settlement.
5. Get Familiar
The best way to get to know the Property Compass and its potential is to use it! Try all the tabs, alter the assumptions, view the results, add properties to your shortlist, create scenarios and print a report.
Resources
These forms can be used to expand and train your network.
Reserving a property
Here are the steps to reserve a property.
1. Sales Administration Area
By logging into the system, any submissions – including both general referrals and actual ‘Sales Advices’ (on holds) – can be assigned to your account.
This link can be found on the right side of the bottom of the page.
2. Log in
Enter your Username and Password into the Sales Administration Area and click Login
3. Monitor service delivery
In the Sales Administration area you are able to monitor service delivery of sales and referrals.
To submit a new sale click on ‘Property Search’
4. Reserve the Property
From most pages (e.g. ‘Shortlist’ page) you are able to reserve the property by clicking on the ‘Reserve’ button.
5. Sales Advice
The Sales Advice indicates your client’s intention to proceed towards purchasing this property.
Please fill in all details, including any special conditions.
6. Deal Management
You can view all submitted Sales Advices by clicking on Deal Management.
7. Discussion Groups
Progress commentary on the sale is provided in the Discussion Groups. You may view and add additional commentary to assist in progressing the sale to settlement.
Resources
- Securing a Property – timelines (PDF)
- The Contract Process (PDF)
Referrals
Here are the steps to send a referral.
1. Log into the Sales Administration Area
By logging into the system, any submissions – including both general referrals and actual ‘Sales Advices’ (on holds) – can be assigned to your account.
This link can be found on the right side of the bottom of the page.
2. Log in
Enter your Username and Password into the Sales Administration Area and click Login.
3. Monitor service delivery
In the Sales Administration area you are able to monitor service delivery of sales and referrals.
Click on ‘Manage Leads’ to update the status and enter comments about the progress of a lead.
4. Submit Referrals
Click on ‘Submit New Referral’ to pass referrals on.
Property Compass Launch
The Property Compass website was officially launched on Valentine’s Day (14 Feb 2010) and aims to provide prospective and current alliance partners with everything they need to know to effectively incorporate this simple technology into their businesses.
Property management
The performance of any proeprty is underpinned by property management.
Resources
Working with investors
Understanding your client’s needs is fundamental when matching suitbale properties.
In this section, we discuss the general state of the real estate market and suggest ways in which you can improve how you serve property investors – things to do, things to avoid and things to be aware of.
If you would like to improve your effectiveness in uncovering and satisfying the investment needs of your clients, we are available to assist you by formulating and implement a training program specific for your business. We provide this on a paid consulting basis. Feel free to contact us to discuss how we may be of assistance. You may also like to click here to view a sample training schedule.
Real Estate Market Ethos
Australian market ethos is currently focused on serving vendors (sellers). Real estate agents’ livelihood maybe mistakenly dependent on their ability to secure listings, creating a narrow view of opportunities to make a sale and a modern day real estate agency
Existing real estate websites and search sites were designed as advertising sites to generate sales leads/ enquiries back to the selling agent (or vendor). In essence these sites are electronic newspapers
Evolution of the industry has failed to accommodate the current and conflicting needs of the selling and buying community, for example:
- How to specifically match property to investors’ needs
- Real time information exchange
- Ability to engage franchise and business network databases to expedite matching properties to buyers’ needs, whilst keeping advertising costs to a minimum. Most franchise networks have hundreds of offices nationality/internationally and yet, none are linked technologically. Regardless of technology limitations or number of offices within a franchise the listing agent seldom if ever invites the entire franchise network to assist in finding a buyer.
- Little to no regard has been given to provide relevant timely information and disclosure to mitigate buyer risks. As known in the industry by, caveat emptor, Latin for “let the buyer beware“
Industry Practice
As it stands in Australia today, the real estate industry is geared towards serving the seller (vendor). Investors’ needs and motivations are markedly different to those of property sellers and owner occupiers. The Property Compass addresses these differences and in addition, it creates an independent representation for buyers and sellers, removing any potential conflict of interest and providing greater transparency for property investors.
If for some time you have seen or heard of the growing mismatch within the investment property industry where the needs of property investor’s were matched to so-called suitable properties, then a story of someone losing money may come to mind.
Then you may also agree that the industry is overdue for a new approach. An informative approach is needed, one that focuses better on serving the investors’ needs. By providing comprehensive disclosure of property information and highly sophisticated evaluation tools, reports and calculators online this can assist investors:
a) with securing a suitable investment property; and
b) identify and reduce potential risks.
The system and processes available by using the Property Compass will enable you to easily create a shortlist from a vast number of properties. This will help you to bridge the gap between properties and your client’s needs. This is ‘Product Matching’.
Market Clichés
Clichés used by some investment property companies such as “we have the best investment properties” are only true for a certain investor with specific needs matching those properties.
Wrong message
Another commonly used sales strategy focuses investors only on new residential properties. This style of selling is sending the wrong message to potential new investors and is blatantly inaccurate. Investment can be in ALL property types including; existing homes – units, commercial, car spaces, industrial units.
Potentially biased
Advocating that a property is worthy of investment simply because of duty; when representing the interest of the seller/vendor/developer is expected, but that does not mean the property is suitably matched to an investors specific need.
Old thinking
These views represent a very narrow approach on of how to best serve ALL your clients. Working with your clients is about removing any assumption that a suggested “best” list will suffice for all your clients and their respective varying needs. This approach is very unlikely to yield long term client loyalty.
Product Matching: new thinking
Product matching is about aligning your client’s needs against a suitable property. When a property is not (currently) available then it is best to delay the sale rather than try and convince your client of the potential of a prospective property that does not in reality match their specific requirements.
Property Compass is a great idea with a unique solution to a common problem in the investment property industry. It delivers a revolutionary new system connecting property sellers to networks of investors through market-leading technology.
