The current spread of coronavirus (COVID-19) and the efforts to contain it have impacted almost all aspects of daily life – and real estate transactions are no different. Yet, despite current circumstances, you might find yourself in a position where you still need to sell your home.
People may be doing life differently, but the demand to buy, sell, and rent a home does still exist. Given the current lockdown, selling a home will just look different than you are used to…
Enter the tech-savvy agent
Through leveraging technology, there are still ways for real estate agents to interact with listing clients and potential buyers. To start, many home tours will become virtual. But, as technology has progressed, this is not entirely something new and has already been used as a powerful tool in marketing a home for some time now.
However, given the current lockdown, this does not have to take the shape of an expensive virtual tour video, professionally shot with high-end equipment. Agents can brief homeowners on how to conduct a video call over WhatsApp so that the buyers can ask questions about the property as the homeowner walks through the home. If lockdown levels escalate to a point where real estate services cannot be offered, sellers can leverage technology to help their agent sell their home during lockdown (click here to read more on this topic).
Be prepared for delays
If you do decide to go ahead with a sale, be prepared that when it comes to COVID-19 and real estate, no one can accurately predict what the future holds. Delays might occur around the transfer & registration process, especially if the Deeds Offices shutdown. Buyers will have to sign the OTP with a suspensive condition that stipulates that the transfer will only go ahead once it has passed a home inspection or other COVID-19 related clauses.
The best thing you can do over this time is to partner with a real estate professional who has the backing of a well-established brand with a large network of referral business to tap into, as prospecting new buyers will be tricky over this time. Sellers will also need to be realistic when setting their asking price and will have to realise that it may take longer than usual to sell within these unprecedented circumstances.
Get your home ready now
If you would rather wait until this crisis passes before listing your home, there are things that can be done while we’re being asked to stay home. If you can get your hands on some hardware supplies, start doing touch-ups around the house, like painting over scuff marks or fixing broken door hinges. You could also begin packing your personal belongings into boxes to be stored in your garage or some other unused space. Spending time getting your outdoor area cleaned up and landscaping prepared will also prove useful. That way, as soon as we return to a more normalised market, you are ready to show your home.
Partner with somebody you can trust
Most importantly, if you want to sell your home over this time, you should partner with a responsible real estate professional who can keep them informed and implement the necessary precautions as the situation changes. The COVID-19 pandemic evolves on the daily, so it is important to keep yourself safe and informed as well by keeping an eye out for national announcements and alerts.
If you're buying or selling during lockdown, click here to review the various health & safety measures we've put in place to keep you and our agents safe over this time.
