The transformation currently underway for online marketplaces globally is unprecedented. Companies are either in survival mode or entering survival mode. Listings are down, revenues are down and teams are stressed.
Although nobody knows when the lockdowns and restrictions will end, we know they will end - there will be a life after this. The question is what kind of a market will we be in.
Right now, marketplaces are looking at products to support a world of social distancing, from video tours and VR to supporting remote working. Discussions are now being had about what’s next. Interestingly, this evolution intersects with many marketplaces desire to get closer to the transaction.
The 2017 HSBC Beyond the Bricks report shows that the research phase of homebuying is already digitised. 89% recent home owners looked for available properties online, 86% searched online for house prices and 70% went online to help research where they would like to live. This is where portals currently sit. They are facilitators of research and points of first contact. It’s at this point however that the “digital split” occurs.
Beagel white label technology connects the next link in the chain by embedding bidding in the portal. Even in normal circumstances, your business is highly competitive; we’re deep in the bidding vertical so you can concentrate on the core business. Plus as a Microsoft partner company, you and your clients benefit from the increased stability, reliability, security and supportability you demand.
According to Charlie Nunn, then HSBC’s Head of Group Retail Banking and Wealth Management:
“The process of buying a home will change beyond recognition in the coming years. It will be a more streamlined transaction, with buyers and sellers having greater control and relying much more on technology.”
The market openness to the technology is exemplified by the Beagel SaaS platform beagelbid.ie, launched in the Irish market in 2019. Over €1bn of offers have been powered by the platform in the period. Prices achieved are 4.5% over asking price and completion rates are over 99%. These figures speak for themselves.
Why is this? The IPSOS/MRBI Trust: the Truth studies consistently show that 70% of people don’t trust estate agents; they’re ranked alongside journalists & politicians.
Online bidding gives buyers and sellers a window into the workings of the bidding process. It shows that agents have a sound business practice that’s being adhered to.
Rather than sending a blind enquiry on a property, someone can now register their interest, see exactly what the current offer situation is and be kept up to date on the sale - live In essence, the marketplace becomes the facilitator of transparency and trust; the independent third party.
By putting buyers in control of the process, portals now become gatekeepers of trustability. This is a critical position previously lacking in the industry. As Robert J. Shiller wrote in Finance and the Good Society:
“As standards for trustability continue to rise, the companies, brands, and organizations shown to lack trustability will be punished more and more severely.”
Marketplaces now evolve from 'top of funnel' lead generation providers to trust facilitators. By working with Beagel, there’s now no need for the old 'leap of faith' as transparency and trust are readily available at the click of a button.
As Mike Del Prete wrote in Millions More Buyers (2020):
“To grow, portals still need to provide new, value added services to customers, and not simply raise prices.”
In a Covid-19 world of social distancing, remote working and ever-growing expectations, trust becomes the competitive advantage.
Healy Hynes: CEO Beagel.io