The idea of the Industry owning their own website makes perfect sense, but this site just falls down in so many areas. Number one, yes it is owned by the REIV but it is also owned by a number of large private agencies in Victoria (Melbourne) which is just plumb dumb.
Why would you back a project that just puts cash in the pockets of your competitors? What they need to do is pay out the original investors (Agents) get rid of their developer/designer and get a simplistic site going, then they may have a chance.
Rumour has it they are trying to get other state Institutes to use their technology (for want of a better word) but the problems will not be fixed until the above issues are resolved.
The site has stated for some time (since as far back as 2001) that it will soon have up to 75% of Victorian agents. By my calculations they have about 20% and this figure is falling.
If the Institutes really want to make a go of it, I think they need to start from scratch and build a national model and be extremely careful to pick the right web development partner, it is just too risky to develop something of this nature internally, especially when it is not your core business.
Marketing is also not in their favour. Consumers go to either Domain.com.au and Realestate.com.au, both of these sites have incredible power through their newspaper affiliations, so unless the Real Estate Institutes across Australia are willing to pour at least $100,000 per annum into marketing my feeling is it will simply be a donkey.
GOING GOING
Realestateview.com.au
Major Shareholders: Real Estate Institute of Victoria, Collins Simms, Barry Plant Doherty, Buxton Real Estate, Bennison Mackinnon Real Estate.
