Buymyplace

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EXPERT OBSERVER
We’ve just entered what is traditionally the busiest time of the year for selling and it’s going to be a tough season. Property markets are cooling causing an increasingly tight and competitive market for those looking to sell. To achieve the best possible price in the current environment it is essential that sellers have greater control and visibility over the entire sales process – but how do you do this when you’re not actually in control?
Doing it yourself (DIY), is the best way to position yourself at the centre of a sale, and achieve the best outcome for you. You are actually the best person to sell your home as only you have your best interests at heart.
The benefits of selling, yourself
I’ve often heard that vendors believe they need a professional to facilitate the sale of their largest asset. My response to that is with that much at stake, shouldn’t you, the seller, maintain control? It’s a level of transparency that is very difficult to achieve with an agent, though can be achieved by taking the property to market yourself.
North America and Europe boast a significant portion of the market as DIY sales, with 23% of homes sold privately in Canada, 9% in the USA, and 44% in France. This sees vendors successfully transacting directly with the buyer market, realising the significant benefits of control, visibility and savings on commission. Whether selling yourself or engaging an agent, information is power.
Dedicated service
As the vendor, you are selling one property – your property. You have only one motivator; to sell your property at the best possible price. This means you can choose when you have open for inspections whether it’s during the week, after work, on weekends – it is completely up to you. You won’t need to limit potential buyers to a quick 30 minutes on a Saturday afternoon or the middle of the day when everyone is working.
Property knowledge
Agents will tell you no one knows local real estate like they do, and when it comes time to market the property, vendors are asked to leave their property so as not to “scare off” any potential purchasers. However, no one knows your property and your street like you do. You will always have a knowledge advantage over any agent, whether it be electricity costs, sunniest spot in the garden, or Joe across the road who keeps an eye on the place when you go on holidays – buyers love to hear these insider details from you.
Further, sellers are reliant on agents to tell them how many people attended, how many are interested and how many requested a copy of the sec. 32 etc. You never actually get the chance to engage with interested parties as they’re the property of the agents – agents who are not only responsible for the sale of your home, but the raft of other properties on their books.
Open for inspections continue and interest builds, still, the vendor has no contact with these ‘interested’ parties. The entire sales process is in the hands of the agent, a person who hasn’t slept a single night in the home and doesn’t know the unique benefits and quirks of both the property and the surrounding environment which make for outstanding sales attributes.
Money, money, money
The costs you will need to pay an agent upon the successful sale of your property can vary – often between 1.8 and 3 percent of the sale price. On a $600,000 home, that’s almost $20,000 you need to pay out of the sale of your home, out of your pocket. That’s a lot of money that could go to better use.
Immediate response to buyers
Provided you give them the privacy to look around, buyers appreciate the opportunity to ask questions of the owner directly, rather than filtering through an agent which draws out the process. You can manage open for inspections well by giving a quick outline of the house layout and advising buyers to come to you should they have any questions. Invariably the buyers have queries, whether it’s about recent renovations or a tree in the backyard so best to deal with these efficiently, and honestly.
Negotiation
Negotiation is often the major hurdle between choosing an agent or the DIY path due to the fear factor. However, it isn’t as complicated as it seems. By choosing to DIY you are able to be honest about your needs, and buyers can be honest about their own. In my experience, vendors who have elected to DIY report the process is less combative than it is using agents as the go-between. And when a rapport has been established between buyer and seller, it can make negotiation a pleasant and friendly experience.
If this isn’t for you, then there are services that can be offered where a professional can handle the negotiation component of the sale for you.
Overall, many first time DIY sellers advocate the experience as being a lot of fun. Being complimented on your home as well as achieving an agreement on price provides a huge sense of accomplishment and joy. Not to mention what can be done with the thousands of dollars saved in agent commissions.
Colin Keating is the CEO buyMyplace
 
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Why you are the best person to sell your home: buyMyplace Colin Keating 

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The high cost of online Google advertising has been highlighted by auditors Grant Thornton amid the latest financial report on the ASX-listed, BuyMyplace (BMP).
The DIY selling platform has reported a $2.8 million loss in its recent half-year results, noting currently only three percent of listings are DIY in the Australian market, "an exceptionally low number compared to international markets."
It is still aiming for breakeven which is expected to be achieved at 350 listings per month, with an average order value currently sitting within $800 to $900.
BMP spent $870,000 on advertising and marketing, some 68 per cent up on the prior period, and more than half of its $1.5 million revenue.
In its independent auditors' review, Grant Thornton noted the company's latest net loss, up from $1.7 million in the prior period, indicated that "a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern".
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<div>BMP, founded in 2007, was listed on the ASX in 2016.</div>
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<div>Helping home sellers sell their homes without an estate agent for as little as $700, BMP has sold more than 5000 homes since 2009 worth $2.7 billion. It stood at 2800 home in early 2016 on its backdoor ASX listing.</div>
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<div>It claims 77 percent of the properties sell within 90 days.</div>
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<div>BMP, which has a market cap of $9.4 million, has had to rely on Google Ads and Google Keywords to promote its services to consumers.</div>
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The newly appointed BMP CEO Colin Keating told The Australian Financial Review it was "not unusual" for micro cap companies at BMP's stage of growth to have concerns pointed out by its auditors.
But he said BMP remained highly viable, and that since taking over as CEO in November last year, a significant review had seen BMP address the increased cost of Google advertising.
Keating took over from Paul Heath who led the company during its IPO in early 2016 which envisaged the possibility of 8000 annual property listings, $10 million annual revenue and $3 million EBITDA by 2019.
The recent shareholder update advised BMP’s focus on promoting the brand through marketing had "led to a leading position in the market, ultimately resulting in an increase of web traffic and number of listings."
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BMP enjoys $1 million working capital facility provided by KM Custodians which owns around 10 percent of the company's shares.
Currently the facility is drawn to $500,000.
It indicated net cash burn for the quarter of $880,000 was slightly higher than the previous quarter.
"The increased burn was directly associated with technology initiatives that have already delivered efficiencies in the operations platform.
"These efficiencies were reflected in a reduction of inbound tickets from existing DIY vendors thus providing a more effective customer experience in conjunction with establishing operating margin levers and scalability."
BMP recently undertook an extensive search of potential digital marketing agencies to replace the incumbent provider.
"This search highlighted several areas of opportunity in terms of optimizing the marketing spend and driving enhanced growth from a new digital marketing strategy," shareholders were advised.
The new digital marketing agency partner commenced with BMP earlier this month facing the challenge of the slow down in residential property listings across the Australian real estate sector, along with increased competition from other disruptors.
The former CEO Peter Butterss recently tendered his resignation as a director of the company with lawyer, Stephen Moulton joining the BMP board.
Property Observer understands BMP is currently in a number of discussions with potential merger partners and acquisition targets.
Discussions have taken place with five targets which could see to $16 million potential additional revenue in year one.
The shares are currently trading at 14 cents having hit a 2016 peak of 50 cents.
 
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Escalating online Google advertising cost hits BuyMyplace selling platform profit results

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DIY real estate agency buyMyplace Group announced it has entered into arrangements with a financial services group to offer up to six months’ interest-free credit to help customers prepare their home for sale or in covering their sale or moving costs. 
The two products being introduced through through its tie-up with subsidiaries of the FlexiGroup Limited are: 
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<li>Oxipay, a buy now and pay over time finance solution. Customers will be able to use Oxipay to upgrade their buyMyplace package or cover other costs such as conveyancing or property inspections over four instalments. </li>
<li>Up to six months’ interest free on purchases of $250 or more via the Lombard 180 card. The facility will allow buyMyplace customers to manage pre-sale expenses such as small renovations, landscaping and other home improvements which may in- crease their sale price, as well as post sale costs, such as moving or costs associated with their next property purchase.</li>
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The arrangement is in line with buyMyplace’s aim to become a one-stop property shop, according to its CEO Paul Heath.
“We want to give vendors the best outcome when it comes to the sale of their property and a smooth transition to their next home,” said Heath. 
“House prices are increasing and by giving vendors an interest free option to make improvements to the property they have for sale, or even enabling a renovation to their next home, we can create a better outcome while reducing some of the stress in moving.” 
Heath said that buyMyplace would not profit out of this arrangement as it will not earn any commissions nor pass on any merchant fees to its customers. 
<a href="https://buymyplace.com.au/" target="_blank">BuyMyplace</a> follows a fixed fee <a href="https://www.urban.com.au/news/64649-buymyplace-offers-purplebricks-style-property-selling-model-with-fixed-fees" target="_blank">Purplebricks-style operating model</a>. Heath said earlier that vendors would save more than $15,000 in agent commissions through its model.
CEO of FlexiGroup, a top 200 ASX company, Symon Brewis-Weston welcomed the partnership, saying: “It is exciting to be working with leading DIY commission free real estate compa- ny, buyMyplace, to provide its vendors greater convenience as well as an easy transition between properties. 
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DIY real estate agency buyMyplace partners with FlexiGroup arm to offer interest-free credit to sellers

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BuyMyplace has signed a conditional agreement to acquire on-line conveyancing business MyPlace Conveyancing.
MyPlace Conveyancing was founded in October 2014 in Bendigo, Victoria with the backing of local law firm Robertson Hyetts.
Paul Heath, CEO of buyMyplace said conveyancing is an essential element of any property sales transaction and My Place Conveyancing’ provides the appropriate contracts for the respective state legislations as well as the usual conveyancing services required for transfer of property.
"The addition of conveyancing to our in-house product offering will provide our customers with a complete ‘one stop shop’ solution from listing their property through to settlement," he said.
“MyPlace Conveyancing is a natural acquisition for buyMyplace with buyers and sellers able to manage all contact via desktop and telephone, without the need to visit a conveyancer or solicitor.
“With approximately 500,000 properties listed in Australia, each year, Conveyancing is estimated to be in excess of a $1 billion market and this is a significant additional opportunity for buyMyplace.
Tim Robertson, of Robertson Hyetts Solicitors, which is selling MyPlace Conveyancing to buyMyplace sees the sale as a positive one for both parties.
“We have spent almost three years developing Myplace Conveyancing and we feel that buyMyplace, an online real estate business, is ideally placed to acquire the company and take it to the next level due to the obvious synergies,” he said.
The acquisition is expected to be earnings and cashflow positive for buyMyplace in FY2018, with completion of the acquisition expected to occur in July.
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BuyMyplace acquires MyPlace Conveyancing

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Commission-free real estate company buyMyplace has achieved record results in revenue, gross profit and listings, with revenue growth up 111 percent on Q1 2016 and 23 percent on the prior quarter.
Thy suggest its commission-free proposition for Australian property vendors.comes with savings of around $20,000 on commissions and fees.
Despite a total market downturn of 4.9 percent on the same period last year, buyMyPlace had an extremely productive quarter, Paul Heath, chief executive office of buyMyplace said.
<a href="/images/2016/10/24/BMP%20revenue.jpg" target="_blank">Click to enlarge</a> 
<img src="/images/2016/10/24/BMP%20revenue.jpg" alt="">
“We have essentially doubled the business in just two quarters,” he suggested.
buyMyplace is also heavily promoting its national auction capabilities from October, giving vendors throughout Australia a wider suite of options to sell their property themselves.
“Auctions are an increasingly important element of our services and key to our growth in Sydney, Melbourne, Brisbane and Gold Coast, where auctions are more common”, says Heath. 
“We can provide virtually any vendor in Australia some of the best Auctioneers in their local area who will not only auction the property, but will also oversee the signing of the contracts, once the property is sold’, Heath continues. 
In line with its promises at listing on the ASX in March, buyMyplace has previously announced strategic partnerships with AFG to offer mortgages, finance and insurance, plus Movinghub for utilities connection services.
It has now added <a href="https://beforeyoubid.com.au" target="_blank">beforeyoubid.com.au</a> to the partnership stable, offering vendors and buyers the option to arrange independent pest and property inspections for the property and recover a portion of the cost to other potential buyers requiring the reports. 
From October, buyMyplace launched the “Ultimate Exposure” package to vendors at $1795 which will include professional photography, copywriting, vendor support from one of our licensed real estate agents, professional negotiation and a feature listing on <a href="https://realestate.com.au" target="_blank">realestate.com.au</a> or priority placement on <a href="https://domain.com.au" target="_blank">domain.com.au</a>.
“For under $2,000, we want to provide vendors virtually everything they might expect from a traditional real estate agent, and remove the stress of negotiations, which some people may feel uncomfortable managing alone,” says Heath. “Not surprisingly, we have already had strong interest in this package, as well as sales to a number of vendors.”
BuyMyplace has recorded a 238 percent increase in leads on Q1 FY16 indicating the record breaking quarters it has achieved are projected to continue in the future.
It gross profit is up by 31 percent on prior quarter and more than 3,000 vendors have successfully sold their properties via buyMyplace.
“We are also very pleased with how our increased marketing has performed with unique visitor traffic to our site in Q1 up 88 percent on prior corresponding period and up 17 percent on prior quarter”, Heath advised.
<a href="/images/2016/10/24/BMP%20visitors.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/10/24/BMP%20visitors.jpg" alt="">
 
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