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