DESPITE the lockdown imposed by governments across the world as a result of the global Covid-19 pandemic, since late March the property market continues to function with deals being agreed and solicitors instructed.
Admittedly however, as time has progressed and the initial upswing in web site traffic generated by people during their enforced incarceration has dissipated, the practical impact of social distancing and a reluctance by many to travel to view properties has impacted on the market dynamic.
The realisation is that this new norm is set to continue for the foreseeable future. A return to previous freedoms is unlikely in the short term or until such times as a vaccine is delivered to the population at large. In the interim agents are being forced to innovate. Fundamentally, the sales process in any property disposal begins with market exposure to raise awareness and the subsequent viewings trigger engagement between the parties. If viewings cannot take place then the sale process will stall.
As a first step, it is imperative for agents to pique initial interest and we now recommend that property owners invest in a variety of innovations to give prospective purchasers a good understanding of what each individual property has to offer.
The concept of buying ‘virtually’ is not new, however, as many over the years have bought apartments ‘off plan’. The arrival of new technology has however enabled agents to enrich the experience and the advent of computer generated imagery has been a significant next step.
More recent innovations have moved the visualisation on and the impact of the lockdown has forced the pace.
Properties can now be presented to prospective purchaser’s smart phones or laptop using:
• 360 degree tours
• Drone photography
• 3D Matterport tours
• Personal tours conducted by the agent via their smart phones, and
• Social media exposure across the various platforms
We are now operating in a different market. As such now is the time to agree a strategy to develop marketing collateral which will expose properties in the best and most cost effective way. The time invested now, will ensure the best result when you are ready to put your property on the market.
In time, if required, a traditional viewing exercising social distancing protocols, can be arranged but in the interim agents and property owners need to use the lockdown time wisely to prepare for the new norm.
In the words of the old Bob Dylan song . . . “the times they are a changing”.
:: David McNellis is director of Lisney
