Raine & Horne says a combination of new technologies, “old-school sales skills” and pre-approved mortgages are enabling vendors around Australia to find motivated buyers for their properties.
According to the real estate group, provided agents continue to put “motivated” buyers and sellers together, the property market won’t succumb too badly to the pandemic.
“Technologies such as virtual 3D tour technologies are working well in getting buyers to take an interest in a property. However, it’s the selling skills employed at a private inspection that seem to be getting transactions over the line in this market,” selling agent Paul Spanoudakis, principal of Raine & Horne Maroubra, said.
“At private inspections, agents must engage with buyers. It’s no longer a case of standing at the door at on open home and taking names and numbers.
“Now, with one-on-one inspections, agents must take the time to get to know buyers and understand what they want. This process is allowing us to more quickly bring the buyers together with the vendors to secure a sale.
“It is how we did real estate 20 years ago when I started in the industry, and it’s working.”
While Mr Spanoudakis acknowledged that buyer numbers are down than they have been in the months prior, buying enquiries are still “reasonable”.
“We can’t kid ourselves that buyer numbers are down. But there are people who have pre-approved mortgages and are motivated to buy now,” he said.
“It’s a great time for these people to buy with interest rates at historic lows.”
Shedding greater light on the current situation, John Cullen, principal of Raine & Horne Kurralta Park, said the south-western suburbs of Adelaide have seen his team finalise more sales this month already than in March.
“Buyer numbers are still strong, and there are plenty around who have finance in place looking to make a move,” Mr Cullen said.
“If properties are priced to sell by their vendors, then they are selling. If vendors are sticking to pre-COVID prices, then they won’t sell.”
While there are plenty of buyers, Mr Cullen said real estate speculators are attempting to benefit from the COVID-19 challenges.
“In this situation, the experienced real estate agents are sheltering their vendors from opportunist buyers who are making these significant lowball offers.”
Further, Mr Cullen advised all buyers that they should get into the market now as it will rebound once COVID-19 measures are relaxed.
“We saw how the real estate market bounced after the end of GFC, and once again in the wake of last year’s federal election when negative gearing laws were retained,” he said.
“Throw in interest rates at historic lows, and the Adelaide market will bounce once we get through this health crisis.”