For everyone COVID has affected prospective property buyers and sellers in many ways but also agents have had to rapidly adapt to change and I personally believe these changes will be the new way in which buyers purchase property.
The learnings from lockdown and COVID have taught modern agents that online advertising is the key to reaching buyers and virtual tours and online auctions have risen significantly in use.
Property buyers are becoming more comfortable with buying properties without seeing them due to advancement in online auction platforms and qualified building inspection reports and incredible quality of virtual tours.
At Lucra Real estate we have sold many properties sight unseen such as 16 Wedmore Crescent, Sunbury which was sold to a young American couple who viewed the virtual tour on you tube and organized a building inspection which then lead to the purchase of their new home.
With social distancing, traditional real estate business practices, such as open homes and traditional auctions, real estate agencies have had to make some significant adjustments to the way they do business and in my opinion the agencies that don’t change rapidly won’t survive the new environment.
Also, connections with clients is paramount and the use of new technology like Zoom and google hangouts allows agents to still build a relationship with respective clients and although it’s not as nice as meeting for a coffee now agents can build relationships with buyer’s interstate and overseas.
There will however be a small minority of the buying public who will want to see a property in person before making an offer, but as latest trends suggest buyers have adapted to the new changes and technology very well and it is my belief that this will increase.
As technologies like whats app, and auctions online make it easier to reach out further to prospective buyers and sellers the lessons from COVID will be long lasting and I believe has already changed the way we will buy and sell property for the future.
By Kirk Simpson
About the Author
Kirk Simpson retired financially at the age of 26 and now runs the Lucra group of companies which is a one stop shop for anything property related including developments, sales, rentals, renovations and investments.