A major selling point of the media buying software is that a home owner, with the help of their agent, could decide to spend more or less with Domain Group (59 per cent owned by Nine, owner of this masthead) or News Corp’s REA Group depending on which one is sending through more inquiries from legitimate buyers.
Other platforms, including social media sites like Facebook, can also be tracked.
It’s for REA and Domain to continue to stay relevant by continuing to develop their platform and drive their audience.
«It’s for REA and Domain to continue to stay relevant by continuing to develop their platform and drive their audience,» he said.
He suspects the transparency might encourage vendors to spend more with the platforms, describing them as «underrepresented» when considering a home owners marketing spend of $15,000.
«The portals are underrepresented with a spend of $4000 to $4500… They’re less than 40 per cent of the total schedule and 90 per cent of the leads,» he said.
«[Agents] have in excess of a $1 billion marketing budget with no qualifications in marketing.»
Ex-Vizium managing director Travis Day, who has taken on the role of co-managing director alongside former group director of Domain Media Simon Kent, said the property industry had not kept up with technology.
«A number of other categories, automotive … finance, retail, they had been arguably quicker to adopt more contemporary practices,» Mr Day said.
«If you look at the agent environment we know agents are not digital marketing professionals. We have always talked broadly about the opportunity to create more value for those involved in property across the marketing spectrum.»
The technology build was contracted out to Metronome – a business owned by Today’s chief technology officer Paul Giorgilli. The platform can automate low-level marketing tasks and connects up with company data and customer relations systems.
Residential sales agencies are able to whitelabel the product and use it directly with home owners, sharing video updates and details about their sales campaign and auctions.
Mr Giorgilli said this changes the way advertising campaigns for property would be organised, as «you’re trading like a stockbroker in some respects, you’re look at the trends going up and down each day and making changes».
Former Domain general manager of Victoria Trent Casson, who has become the head of residential, said developers in particular were facing «the headwinds of change around technology and data as well as challenging market conditions hitting them all at once».
«For us it makes more sense than ever [to launch in a difficult market] because a lot of our clients are reviewing what they in-source and out-source and their marketing and we see it as an opportunity,» he said.
Resimax Group chief executive Steve Hooker said he had been looking for a technology-focused solution before he met the team and has since switched some marketing channels off and turned others on for better results using the platform.
«I was surprised at how badly some of them were performing. It’s a circuit-breaker and it gives us visibility,» Mr Hooker said.
Jennifer Duke is a media and telecommunications journalist for The Sydney Morning Herald and The Age.