8 Marketplace Takeaways from Property Portal Watch, Bangkok
If you follow the iovox blog, you’ll know we love helping marketplaces run more profitably and deliver better services. We’ve worked hard to build our reputation for high-quality, high-value services in this market, and we’re often called upon to share our knowledge at conferences.
In February, our team of marketplace experts were fortunate enough to attend the Property Portal Watch conference in Bangkok to present to some of the world’s leading marketplace C-level decision makers.
The theme in Bangkok was how marketplaces the world over are making strides to get “closer to the transaction.” Topics ranged from growth opportunities in emerging markets, to challenges in established markets, as well as disruptor technologies and sharing best practices.
If you weren’t lucky enough to make it to this incredible event, don’t worry, iovox has you covered. Here are 8 highlights:
1. Getting closer to the transaction: Getting closer to the transaction requires marketplaces to accurately track the communication between buyers and sellers. Understanding the volume of calls and email inquiries originating from any given marketplace is the first step, but most marketplaces lose visibility past the first contact. Did you know that as many as 50% of all calls made to Estate Agents go unanswered? In 85% of these cases, when a buyer doesn’t get through the first time, they won’t call back. There was a lot of discussion in Bangkok about systems useful in helping advertisers maximize the return from the leads delivered.
2. Zoopla and REA are still trendsetters: Marketplaces across the globe look to the evolution of the UK and Australia’s leading property portals as a guide for best-practice. Both firms have a deep commitment to innovation and technology and enable Estate Agents to have access to vital data and tools to manage sales, while building stronger and more robust consumer propositions.
3. Technology, Technology, Technology: Technology is improving and changing everything for marketplaces. From brand new services like Blockchain (used to protect document transactions in Malaysia) to innovations around established communication tools. These emerging technologies make it easier and safer for buyers and sellers to interact. It was clear in Bangkok that a commitment to technology and innovation is a requirement to stay relevant in this rapidly evolving market.
4. Southeast Asia and APAC is building fast: To quote one of the local delegates, “There are more cranes in Sydney than any other major city in the world.” Developers are replacing Estate Agents as the primary clients of marketplaces in Emerging markets.
5. Disruption is permanent: Fixed-fee online agencies have raced to the front in established markets, reducing seller costs and damaging “bricks and mortar” estate agents’ revenues. However, though the seller environment is changing, marketplaces continue to play a pivotal role in delivering inquiries.
6. Google, eBay and Facebook are coming…probably: There was a lot of buzz in Bangkok about the possible entrance of these tech giants in the marketplace arena. Data rich, cash rich, traffic heavy platforms are circling the marketplace space. While the established players have the benefit of brand recognition and experience, they cannot take the threat lightly, and are using tools to deepen and reinforce their position in the market. Zoopla is a perfect example of a business that has successfully positioned itself as the default consumer brand for everything “home” related, while strengthening its position with Estate Agents by reinforcing brand equity every day.
7. It’s all about Brand Equity: Estate Agents in the UK hear a message telling them that the call they are about to receive came from “portal Z” more than 1,000,000 times a month. That is phenomenal equity building, and a relationship that those estate agents value every time the phone rings. And when those estate agents don’t get to the phone (up to 50% of the time!), that same portal immediately sends emails with details of the call and whom to call back. These are some of the tools and methods bringing marketplaces closer to the transaction.
We had a great time in Bangkok and enjoy learning through events like Property Portal Watch. If you missed Bangkok but want to attend the next one, you’re in luck. The next Property Portal conference will be held in Miami, on June 20 – 22.
We hope you enjoyed our Property Portal Watch Bangkok trip report and can use some of these ideas to take your marketplace to the next level. As always, team iovox is here to help.
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