Many real estate agents and principals are working in lockdown right now, and even though we are still able to list and sell property (under constrained circumstances), we are finding that the majority of sellers are saying they prefer to wait for restrictions to end and consider listing their properties when real estate returns to normal.
The problem is, when restrictions end, real estate won’t return to normal. In fact, if we take into account what happened last year when Melbourne agents were in an extended lockdown period, it was just the opposite.
The main lesson I learnt from One Agency’s in Victoria last year was that as soon as restrictions lifted and sellers rushed to the market, it lead to high demand for associated service providers like stagers, photographers, pest & building inspectors and conveyancers, causing major waitlists and a huge slowing in the process.
So, the immediate post-lockdown environment will actually be far from normal. That’s why it’s so important to take steps right now to set yourself up for a successful post-lockdown sale.
How to set yourself up for a post-lockdown sale of your property
Styling and staging experienced big bottlenecks in Victoria last year. There are only so many styling professionals and their staging furniture to go around, which means there’s likely to be a big queue for this service when lockdown lifts.
One way to get around this problem is to consider selling right now. This can be a great option, because while there are less properties on the market, buyer numbers are still very strong, which means you are facing less competition than usual and certainly far less than when everyone decides to come to the market post-lockdown.
If you still prefer to wait until lockdown ends, you should try to book styling and staging appointments right now. If appropriate, consider offering to pay a deposit. That way, you can get to the front of what’s likely to be a long queue.
The same logic applies with contracts for sale and pest and building inspections. Demand for conveyancers and inspectors will skyrocket once lockdown ends, but supply of these services remain unchanged. Now might be a good time to go to market, because if you wait until lockdown is over, it might become harder for you to sell your property. It may take longer and everyone knows that the longer a property is on the market, there’s a higher chance you’ll have to drop your original asking price.
Of course, if you want to wait, that’s your choice. In that case, speak to your favourite conveyancer right now and ask them to draft a contract of sale in readiness so you can get to the front of the long post-lockdown queue. Remember to book your stylist and contact your agent so they can book your photographer.
These are conversations you need to be having right now because your competition is already doing it!