The current COVID-19 crisis can be compared, in some aspects, to past economic crises, like the Global Financial Crisis in 2007. However, what we are experiencing now is very much a first.
For the real estate market, what is important is how to overcome the uncertainty some people are experiencing due to COVID-19.
There have been many changes that agents have had to work with including the ban on all real estate auctions and open for inspections. This was part of the Federal Government’s continuing clampdown on social gatherings. Thankfully this has now been granted back to agents with physical distancing and the practice of good hygiene including alcohol-based hand sanitiser with at least 60% ethanol or 70% isopropanol.
What’s interesting is that during this time many agents, including myself, reported a flurry of qualified buyers ready to purchase immediately and with many sellers deciding to hold off launching their properties to the market, buyers were competing for limited stock which resulted in the majority of listings selling quickly and above the asking price.
Now more than ever, it is important to give buyers the information they are seeking.
What are some of the things that your agent should be doing differently? Let’s take a look.
Provide the whole address – Buyers like to be able to conduct a drive by and if there is no address they are likely to pass over the property altogether.
Add a sale price to your listing – Research conducted by realestate.com.au says that seeing listings without a sale price is a common complaint among prospective buyers.
Add complete floor plans – Include room dimensions and as much information as possible. Buyers like to know if their furniture will fit.
Use video tours – This will let buyers see the location and dimensions of features like windows, soft closing cabinetry, etc., which may not be on display in photos and floor plans.
Describe topography – Provide photos of the gardens and lawn, and displaying the topography specified in the video tour.
Include details about nearby amenities – Prospective buyers are interested in information about what is close by and how it will effect their lifestyle.
Tips for home sellers amid COVID-19
Your agent will be a big help in getting your property sold fast and for the best price, but there are things that you, as a seller, can do to make sure the process moves without a hitch.
Consider having a building/pest inspection and independent valuation – This is another way to make the buying experience pleasant for prospective buyers. It can also increase transparency for the transaction and help to speed the process up.
Present the property in the best possible light. Remember that once you launch your property to the market, you are in the market in competition and not isolation. You are not the only one!
Amid the COVID-19 crisis, agents and sellers really have to think ‘outside the box’ about how to best showcase a property. Work together!