Goodbye estimated market price banner

Getty Images -154822811

Many real estate agents are aware of our Property Insights feature called Trade Me Property Estimates - a computer generated estimate of what a customer’s house might sell for, which is based on RV data, sales information and user data on Trade Me.

Whilst we have received a lot of positive feedback from our customers, on the flip side, real estate agents have raised concerns about the Property Insight guide on our listing pages containing the RV and a link to the ‘Estimated Market price’.

Agent feedback regarding the Property Insight guide

A lot of agents believe that consumers view Property Estimates as an accurate source when in reality, the estimate sales prices can vary from the actual sales price.

In the New Zealand property market, we are currently experiencing the pressure of demand overtaking supply and exuberant sale prices as a result of competitive buying. A view held by many real estate agents is that RV’s are no longer an accurate indication of what a house will sell for in this current market and they want to avoid having difficult conversations with customers (for example, having to explain to buyers why they missed out on a property when it sells $100k over the RV).

At Trade Me Property we put our customers at the core of everything we do, especially when it comes to enhancing and improving our products.

Whilst our buyers love having the estimate sales price and RV information at the click of a button when looking at a property listing, agents don’t want this information highlighted on the property listing page.

We’ve taken your feedback onboard and recently made some changes to the property listing details page.  Previously when a client looked at a property listing, they would scroll down the page and come across a Property Insights guide which included the property’s RV and a link to view the property’s estimated price. If they clicked on this link, they would be directed to an estimated market price page for that particular listing on Property Insights with the sales estimate, rental estimate, RV and sales history.

What have we done?

When a customer scrolls down the property listing details page, the Property Insights guide no longer includes a link directing them to the estimated market price and the RV has been removed. What we have done instead, is change the text to direct the customer to look at street or suburb sale estimates and RV’s in the area surrounding the property that they are looking at (as opposed to directing them to the property listing page on Property Insights).

Customers can still go to Property Insights to find out what the estimate sales price is for a particular property, however, they will no longer be able to access this information directly from the property listing page.

Example of a Suburb level banner

811-1804-banner