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Buying & Selling Property in the Era of COVID 19
A number of key changes have occurred in the Australian real estate industry as it learns to adapt in the era of COVID-19. New technologies are being embraced more widely to cater to sellers and buyers, whilst at the same time “old fashioned” selling techniques (such as through one-on-one buyer appointments) are making a comeback.
The Rise in Private Inspections
Having agents meet potential buyers one-on-one to inspect a property is in many ways a better and more personalised experience. For those of you old enough to remember, this is how things were largely done back in the 1980’s before auctions gained popularity. At Thrive, we remember how much we enjoyed driving clients in our car out to view properties back in the day. It was a great chance to get to know clients better and learn what was important for them in their property search.
With private inspections, agents don’t need to rush buyers through and can easily answer any questions the buyer may have. On the flipside, agents can provide better data to sellers about the likely “hot buyers” of their property. This can’t be achieved at a group open for inspection with 20+ groups moving through!
Virtual Inspections and Use of Video
The use of videos to showcase the features of a property is nothing really new. The potential to conduct an inspection via “livestream” video is a more recent phenomenon, with sales agents videoing their walk-through of a property on behalf of the potential buyer. The only technology needed is a smart phone and use of a video streaming technology such as Skype, Facetime or Zoom. Agents have been using video with overseas buyers for many years, as not everyone can always physically inspect a property.
Uptake of Virtual Auctions
There are technologies available to conduct a virtual auction of a property. Pre-qualified buyers electronically bid for a property, with an auctioneer conducting the auction from the property via video. The uptake in Melbourne has not been huge at this point, with Domain reporting that only 9.3% of Melbourne properties being auctioned via virtual technology on a recent weekend. The vast majority of properties are now opting for a private sale at this point in time.
In summary, although COVID-19 is impacting the real estate market there are still plenty of options to sell your home during this time. Thrive Property Advocates is here to help whenever you need! Our vendor advocate services are offered at no additional cost to you. Contact us to learn more.
