New Listing Feature – Price Description Text

This week we added a long anticipated feature to our site, which is the ability to add price description text (e.g. Buyer Enquiry Over…) to your listings.  Previously, you could either display a fixed price or use one of the following terms: Tender, Auction, POA, Negotiation, Offers.  When using those terms there was no direct facility to add a price indication.

While many people got around that by adding it to the teaser header or main text, you now have the ability to add a price text description which will be displayed clearly in the search results and on the listing page, as shown below:

 

This feature is not currently available via electronic upload (though it will be added to our specifications when they are updated next year) but can be entered manually on our private site - please contact us if you require a login. 

The price text option is available for residential and rural listings (excluding rentals) and only on properties listed under POA, Negotiation or Offers.  When using these price options you will have access to the following drop-down list:

1. Asking price $_
2. Budget buyer from $_
3. Buyer interest from $_
4. Buyer enquiry over $_
5. Enquiries over $_
6. Negotiable from $_
7. Offers over $_

The list will be unavailable when the Fixed Price, Auction or Tender options are used.

Standard pricing rules do not change, that is, you still need to enter a fixed price for the fixed price listing option and a range for all the other options.  If is very important to remember that the range you enter is used for our search facility.  Therefore, if you enter “Buyer interest from $210,000″ – indicating that the vendor will consider any offers from that price - you must ensure that the minimum price entered in your range is also $210,000 (as in the example below) and not a lower figure.  This will ensure that the property does not appear in searches below that amount, thereby misleading and aggravating consumers.

 

That may seem pretty obvious, but we do come across a large amount of listings on the site with ridiculous price ranges.  For example a listing may have a range of $100,000 – $999,000, but in the text it might state that offers over $650,000 will be considered.  Listings like this obviously lead to a bad consumer experience on the site and leave the agent open to the risk of prosecution for breach of the Fair Trading Act.

As of July 2003, the maximum penalties for breaching the Act were increased to $60,000 for an individual and $200,000 for companies so it pays to be cautious.  You can view a copy of the guidelines here.

Used correctly, this new feature will improve user experience on the site and will also benefit agents and their vendors.  Consumers do not want to contact agents while they are researching the market.  If there is no indication of price they are likely to just skip past that property in the search results and move on to other listings with a price.  With this new feature they will now be clear of the vendors expectations and are more likely to register their interest in properties that they now know (not hope!) are within their price range.

 

November 21 2008 01:52 pm | Admin Hints & Tips

5 Responses to “New Listing Feature – Price Description Text”

  1. Steve Taylor on 21 Nov 2008 at 2:33 pm #

    Would it not be better to restrict the price range depending on the price.

    0-200k 50k range

    200-300k 60k range

    300-500k 75k range

    500-750k 100k range

    750-1500k 250k range

    1.5M-3M 500k range

    3M upwards 1M range

  2. Kerry Kissane on 21 Nov 2008 at 3:25 pm #

    Hi Steve,

    Thanks for your comment.

    This is something that we have been discussing and we will definitely be introducing some rules around this when we update the specifications next year.

    In the meantime, we just want to make sure that agents and administrators are aware of the current process and the need to consider their pricing more carefully than they perhaps have done in the past.

  3. chris barker on 28 Nov 2008 at 12:17 pm #

    It seems a hidden programing script linking the boxes would ensure these amounts are the same.

  4. david garratt on 29 Nov 2008 at 7:08 pm #

    for such a simple change to a field, this has got to be the most fustrating and long winded change on your website. could have been done in half an hour over two years ago

  5. Alistair Helm on 01 Dec 2008 at 11:49 am #

    If I can shed some light on this matter to answer some of the above questions.

    1. The website operates a search price query driven from the single price or price range delivered to our database in a data feed. This has not changed with the introduction of this new price description feature. The reason is that we rely on an accurate data feed from all of the 1,170+ offices which send us daily files electronically.

    2. We are proposing to instigate in early 2009 a “free form” range for pricing so anyone can search whatever range they want ie. say from $234,700 to $246,200.

    3. We define the price ranges and incremental price price points as a reflection of the database on a dynamic basis. We regularly review the database to ensure that the price ranges reflect the makeup of the database.

    4. The ideal strategy for any property should be to market a listing in one of two ways:

    (a) A single price
    (b) A indicative price – say “offers over $230,000″ – this is the text price field entered through the new field. In addition the data component of the listing should have a realistic range of say $230,000 to $275,000.

    5. I am not entirely sure of the statement that you are making David in regard to the field change – what may from the outside seem to be simple may not be so when seen in the context of the database administration of 114,000 listings from 1,200+ offices updated on an hourly basis. I would be keen to see if I have missed something here.

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