BREAKING PROPERTY NEWS – 27/06/2022
Daily bite-sized proptech and property news in partnership with Proptech-X.
On The Market: Housing market starts to rebalance as remarkable buyer and seller confidence prevails
PRESS RELEASE: Our latest Property Sentiment Index shows confidence remained strong among serious buyers and sellers as supply and demand in the market has begun to show signs of rebalancing.
– 75% of active buyers in the UK were confident that they would purchase a property within the next 3 months
– 82% of sellers in the UK were confident that they would sell their property within the next 3 months
– 61% of properties were Sold Subject to Contract (SSTC) within 30 days of first being advertised for sale, compared with 55% in May 2021
– Rising numbers of new instructions means change is likely
Our Chief Executive Officer, Jason Tebb, discusses the key findings of our latest report:
A remarkable level of buyer and seller confidence in the housing market prevailed in May, despite considerable headwinds including soaring inflation and another interest rate hike by the Bank of England. Against this backdrop, evidence is emerging of a rise in the number of new instructions, suggesting the start of an inevitable rebalancing of supply and demand in the market. Yet this process will take time, and until then, the ‘new normal’, an elevated version of the pre-pandemic market continues, although regional differences in sentiment show that ‘one size does not fit all’.
Our data shows that sentiment remained positive in May with 82% of sellers confident that they could complete a sale within three months (the same percentage as in April, March and February 2022). Serious buyers are determined to proceed, keen to take advantage of low mortgage rates while they can; in May, 75% were confident they would purchase within the next 3 months, only slightly down on 76% in April. Meanwhile, 61% of properties in the UK were SSTC within 30 days of first being advertised for sale in May, down slightly from 63% in April.
As we gradually move towards a more rebalanced market in terms of supply and demand, agents’ expertise and experience will be needed to hold complex chains together and maintain buyer and seller motivations throughout the coming months. The value of a good agent shouldn’t be underestimated and while sentiment remains undented for now, those who are the most prepared for their pending transaction will have the advantage.
You can read our full Property Sentiment Index here.
Content provided by OnTheMarket.com is for information purposes only. Independent and professional advice should be taken before buying, selling, letting or renting property, or buying financial products.
AppFolio Launches AppFolio Stack™ Marketplace to Modernize Property Management Software Integrations
PRESS RELEASE: AppFolio, Inc. (NASDAQ:APPF), a leading provider of cloud business management solutions for the real estate industry, today announced AppFolio Stack™, an integration marketplace, enabling AppFolio Property Manager users to seamlessly provide the specialized solutions users need to manage complex portfolios and run their entire business from a centralized hub.
Initial partnerships with top PropTech solution providers in their respective fields include ButterflyMX, Conservice, HappyCo, Knock, Lowe’s, and Property Meld. AppFolio Stack resolves the integration challenges previously unaddressed by legacy real estate solutions, empowering property managers of all sizes to boost productivity, simplify workflows and improve resident experiences.
Within the real estate industry, there is a growing trend for property managers to centralize their workflows to one platform － in fact, 55 percent of large property management organizations anticipate increasing their use of point solutions in the next few years. However, according to the National Multifamily Housing Council, integrating these solutions into property management systems remains a top challenge. AppFolio Stack solves these challenges by offering certified, proven integrations based on close collaboration and partnership with innovative point solution providers. The result combines AppFolio Property Manager’s ease of use and functionality as a single system of record with highly specialized functionality, giving property managers the tools to meet the needs of any portfolio without compromising on usability.
“As we partner with operators with larger, more complex portfolios, we consistently hear about the need for better technology that unifies specialty PropTech solutions within a single, modern platform,” said Will Moxley, senior vice president of product at AppFolio. “Simultaneously, small, high-growth property management companies are looking to increase their productivity by leveraging the latest technology. With the launch of AppFolio Stack and our certified integration approach, we provide the real estate industry an alternative to legacy property management platforms and their limited integrations, while protecting our customers against the risks of poorly implemented and unvalidated integrations. This enables property managers of any size to finally deploy the modern technology stacks that give their businesses a competitive advantage.”
AppFolio developed its partnerships with close collaboration throughout the integration certification process, ensuring easy onboarding and a seamless user experience. Launch partners include:
- ButterflyMX: By integrating ButterflyMX, a smartphone-based property access control solution, with AppFolio Property Manager, users can support self-guided tours and control access into properties.
- Conservice: Allocates utilities to individual units and provides residents the ability to pay their rent and utilities and automates the utility billing process, freeing up teams to focus on business while providing a seamless experience for their residents.
- HappyCo: Gives AppFolio Property Manager users access to property, unit and resident data to simplify and improve the average turn time and inspection process and create a better staff and resident experience.
- Knock: When paired with AppFolio Property Manager, Knock’s user-friendly CRM and performance management tools provide multifamily owners, operators, and leasing teams an intuitive workflow to complete the leasing journey.
- Lowe’s: The AppFolio Property Manager eProcurement integration with Lowe’s makes it easy to manage spend, reduce turn time, control purchasing, and boost net operating income — all from one platform.
- Property Meld: Automatically syncs resident, vendor and property owner data, providing residents and vendors access to the direct messaging, scheduling, and automated alert features within Property Meld. After the work is complete, bills and invoices are synced in AppFolio Property Manager to process and pay.
“With more than 14,000 units and over 35 years in the property management business, we’ve experienced the impact clunky, inefficient, legacy solutions have not only on the bottom line, but also internal processes, employee satisfaction, and even resident experiences,” said Brian Theobald, chief administrative officer of LB Property Management, Inc. “The move to AppFolio Property Manager and its outstanding user experience has been a game-changer for us, and now with AppFolio Stack we can seamlessly connect the additional solutions we rely on for all that we do to truly unite our PropTech stack.”
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