This is unconfirmed but word from our REA rep is to expect an email out very soon about a price freeze on subscriptions. The sales team were advised today but the details are a little sketchy. It looks as though it might be a price cap rather than a freeze so if you were on lower rate (ie. you signed a 2 year contract just falling due) you will not be frozen at that lower rate, but more likely be brought up to the current prevaling rates.
More details when we can confirm it.
This seems very unusual given their recent prices rises to their add-on products only 2 days ago. Maybe REA took to heart what Peter said in his post about 5 Things That Will Not Happen in 2009
If it turns out to be true it is fantastic news and something many of us thought that REA would not do.
EDIT: That Did Not Take Long… Only had to wait 5 mins for the email to arrive. Here is a copy of the email
realestate.com.au freezes agent subscription prices until 2010
Dear Agent,
I am pleased to announce that realestate.com.au is freezing residential subscription prices until February 2010*.
The decision to freeze subscription prices follows consultation with many of our members, who have expressed that this is a time when the industry needs assistance to boost real estate activity.
We recognise that many of you may face a tough year and we want to support the industry by making it easier for you and potential vendors who are considering selling a property this year.
This announcement also coincides with a record 4.83 Million people visiting realestate.com.au in January, highlighting that there is still a growing online audience of people researching real estate agents and properties for sale**.
Australian real estate agents spend $1.1 billion each year on real estate advertising including print and online, with 12% being invested into online advertising`. With nine out of ten people researching property online#, and a reported 40% of enquiries being generated from online advertising^, we believe that advertising online continues to be the most
cost-efficient and effective advertising medium for you and your vendors.Our decision to freeze subscription prices will help to ensure that you continue to benefit from the high return on investment that advertising on realestate.com.au delivers.
realestate.com.au last raised our prices on 1 September 2008*. Please note: for agents that are on pre-September 2008 residential subscription prices, your subscription price will be brought into line with the September 2008 rates at the time of your renewal.
If you have any questions, I encourage you to speak to your realestate.com.au Account Manager, contact our Customer Care Centre on 1300 134 174 or email reainfo@realestate.com.au
Yours sincerely,
Jamie Pride
CEO Australia – realestate.com.au