April 2, 2020

Purchasing property in a virtual world

It’s fair to say there’s a lot of fear and anxiety in the community right now in terms of the impact of COVID-19. As almost the entire Australian population self-isolates at home, banding together to help remove further pressure from our health system, it’s a tricky time to navigate the purchase of your dream home, your first home, or even an additional one.

Individual circumstances often don’t allow you to press pause on your property hunt; you may have recently sold and have weeks to move, or you have finally had the OK from the banks and you’re now eager to pounce. But as the Australian Government continues to fight against the spread of COVID-19, highlighting restrictions and enforcing new rules, what once was a familiar process now seems tricky and somewhat foreign.

So, how does this translate when you’re eager and ready to buy?

The virtual tour

Over the past few weeks, we’ve seen agents evolve and think outside the box, becoming incredibly creative as the new restrictions around social distancing and public gatherings are enforced. For years, the concept of virtual tours has tantalised innovative agents across the industry, with many cutting-edge agents experimenting with the idea of a more ‘virtual world’. Surprisingly appealing to only a small percentage of vendors, this concept up until now has somehow been viewed as an added ‘extra’, when advertising properties.

Now, with such restrictive practices in place, this modern tool has been embraced across the industry, enabling the continuation of inspections; with many agents often injecting their own sense of humour and style as they virtually walk you through the home.

Digital paperwork

Similar to that of the virtual tour, many industry-leading agents have implemented online documentation systems, allowing effortless and remote approval and sign-offs for contracts and formal documentation.

COVID-19 could be considered the catalyst for additional agents to further engage and utilise modern technology, to encompass flexibility and a remote working lifestyle.

The remote auction

With thousands of auction campaigns launching every day around Australia, it was inevitable that COVID-19 was going to play a particularly disruptive part, when it came to this style of selling property. However, as each new restrictive guideline was announced, the real estate industry has been quick to combat hurdles, developing a ‘digital auction’ arrangement.

Utilising the latest technology, auctioneers wrapped up their campaigns by drawing a ‘virtual crowd’, auctioning properties to buyers and interested parties using remote systems. Equipped with the same ability to verbally out-bid your competitor, buyers are able to fight it out against one another, using phone applications providing multi-channel, audio communications.

About Eview

As the industry learns to adapt to the new ‘norm’, the Eview Group’s fundamental system structure has always enabled agents to work remotely; virtually tapping into the supportive network.

We’re designed for virtual engagement; it’s what we do best.

Our experienced Eview Group agents are here to assist with local knowledge, market insight and professional advice to help guide you through the decision-making process and assist with your next move.