There are five things to be wary of when selling in a pandemic, according to the recipient of the New Office of the Year award at this year’s REB Awards.
Adrian Wilson, principal and director of AYRE Real Estate, has shed light on what he and his team have experienced during the pandemic — and how they’ve had to adapt their selling strategies as a result.
“The COVID-19 pandemic has no doubt had a significant impact overall on the Australia property market. However, within our inner-city marketplace, we’re finding that what many may initially perceive to be a negative is turning into a positive for vendors,” Mr Wilson said.
“It’s a fact that one impact has been the reduction in the numbers of people inspecting properties, and although there have been less, we’re actually getting more qualified and serious buyers, rather than the window shoppers or existing building residents, which is great.”
Here are Mr Wilson’s top five things to expect when selling in a pandemic:
1. Longer days on market for private treaty and shorter days on market for auction
“Many sellers are accepting pre-auction offers, which is reducing the days on market,” Mr Wilson said.
“Whether you’re selling via auction or private treaty, often the best offers come in within the first week or so, so be prepared to jump on a genuine offer at the right level.
“Unlike in a booming market where you might expect more buyer interest or competition in the weeks leading up to auction, that’s not necessarily the case right now, and many qualified, ready-to-go buyers are usually inspecting and offering in week one or even pre-market.”
2. Fewer buyers through the door
“But don’t panic, even though we are experiencing lower numbers, those who are coming through are generally more qualified. This isn’t a bad thing, as it means that serious buyers have a better opportunity to engage with the agent and inspect the property in detail,” Mr Wilson said.
3. Increased advertising
“Now is not the time to skimp on the advertising budget,” Mr Wilson told home owners.
“Your agent should be proposing a well-rounded, wide-net approach or it’s likely you will be missing crucial buyer opportunities. It’s more important than ever to invest in a quality campaign.”
“Some properties are still running away at auction, achieving price records and setting new benchmarks, while other properties which should sell really well are falling flat,” Mr Wilson said.
“Sellers need to be realistic but also open to the element of surprise; in this market, anything can happen.”
5. More scrutiny
“If you were planning on changing the curtains and carpet, then do it. Every hurdle in today’s market means buyers calculate price revisions,” Mr Wilson said.
“Have the property presenting its best. If it’s a strata scheme, make sure you have a strata search report done pre-market, or if it’s a home, have a pest and building report done, so buyers can easily review the property and you can attract higher levels of interest quickly.”
Emma Ryan is the deputy head of editorial at Momentum Media.
Emma has worked for Momentum Media since 2015, and has since been responsible for breaking some of the biggest stories in corporate Australia, including across the legal, mortgages, real estate and wealth industries. In addition, Emma has launched several additional sub-brands and events, driven by a passion to deliver quality and timely content to audiences through multiple platforms.
Email Emma on: [email protected]