Whether you are looking to sell, buy or rent a property, the confusion around COVID-19 has only increased over the last few weeks. But the real estate industry managed to adjust at a rapid pace and switched to a mostly digital environment.
So what is possible or not in a COVID-19 environment? How can things be done? And who can help me? In this guide, we will look at the impact of the new restrictions on the property market and answer all the questions you might have.
Can I sell my home during COVID-19?
The new rules to contain the spread of the coronavirus may have changed some of the ways we buy and sell real estate, but it is still business as usual. The industry has adjusted and made the switch to a virtual environment.
From now on, and for as long as the COVID-19 restrictions are in place, most activity will happen online. You will be able to get a virtual appraisal of your home, sign your documents electronically, conduct virtual tours, and sell your property by private treaty or virtual auction on a dedicated platform.
Are all the methods of sale still available to sell my property?
If you wish to list your home for sale, you will generally still have access to the three main methods of sale: by auction, by private treaty or by expression of interest (EOI).
The only and main difference is that auctions will now, and for as long as the coronavirus restrictions are in place, only be available virtually. Your property will be listed for sale on an online real estate auction portal, where the virtual auction will take place when the day comes to sell.
What are the best ways to promote my home for sale in this environment?
COVID-19 or not, online tools and resources should always make a big part of your marketing campaign. However, with the COVID-19 restrictions now in place, digital marketing has become the only way to promote your home for sale.
This doesn’t mean that you won’t be able to market your property as well as you would normally. On the contrary, you might even end up doing it better. Use all the resources available to you to create digital assets for your campaign: virtual tours, videos, floorplans, social media tiles, etc.
To promote them, think real estate portals such as Realestate.co.nz, Harveys.co.nz, social media campaigns, email marketing & TradeMe. Word of mouth has not lost any of its efficiency, so call, text, or email your family, friends, neighbours, etc. As people are still allowed to get outside.
As usual, your local real estate agent will be your best ally to guide you and create the best marketing campaign for your property.
How can I know how much my property is worth?
If you wish to sell your home but are unsure about its current value, the best way to figure it out is to get an appraisal from your local real estate agent. It will give you a precise indication of how much your property is worth.
Appraisals can now be done virtually by using video communication apps and software such as FaceTime, Zoom or WhatsApp.
If you would like a free expert property appraisal, get in touch today with your local Harveys real estate agent. To make sure you feel safe and comfortable, we offer this service virtually during the lockdown.
How will my real estate agent run home inspections with the COVID-19 restrictions in place?
Your real estate agent will have three main options available to run home inspections:
• Virtual tours and videos
• Private inspections (depending on Lock-down Level)
• Agent can video call while at the property.
Virtual tours and videos can be enough to give potential buyers all the information they need about the property, along with speaking to the agent to answer any questions they may have.
I’ve heard about online real estate auctions. How do they work and are they as efficient as “in-person” auctions?
Online or virtual real estate auctions have been around for years. They work the same way as in-person auctions, but give buyers the opportunity to bid in the comfort of their own home (or wherever they may be as long as they have access to the Internet). The Harveys Group has held many successful online auctions, and we expect to see a continued upward trend.
As the seller, you will be able to log into the virtual auction platform to follow the interactive bidding happening in real-time. Every step of the way, you will know exactly what is going on.
Increasingly, buyers appear comfortable bidding behind a screen. This can be because technology has always been an integral part of their lifestyle, or because they feel like it minimises the pressure that an in-person auction would put on them.
At the end of the day, the success of an auction comes down to the agent gathering the bidders, the vendor and the stock.
Should I wait until after COVID-19 has passed to sell my home?
The real estate market is still very active. And, with less competition, there will always be opportunities for the sellers wishing to list or keep their home on the market.
Indeed, many potential buyers will be at home with time on their hands, connected to the Internet almost 24/7. They will have more time to spend looking at listings on real estate portals and websites. That means that if you do decide to sell, there will be a captive audience out there to view your property.
Moreover, thanks to interest rates at record lows, there will definitely be buyers looking to purchase a home or an investment property while there is also less competition for them.
In this new landscape, refining your selling strategy is an imperative to achieve the best outcome possible. Working on this with your real estate agent will allow you to stay ahead of the competition and cultivate the best decision-ready buyers.
