Media commentary is swirling around the imminent tumble of bricks and mortar and yet current activity appears to show its strong foundations.
The current state of play sees supply low and demand still strong albeit it qualified. When talking to agents this past weekend the general consensus has been there is a strong activity through private inspections.
The quality of inspections has been high as most window shoppers are staying at home and the level of engagement has seen offers forthcoming and negotiations afoot. Two properties I am representing as a vendor advocate have offers after 1 week without marketing!
As a vendor advocate, the importance of collaborating with the right agent has never been more important than in this current COVID-19 market. How we did business before just won't cut it and I'm not just talking about using zoom meetings. As I said supply is low but activity is also high, vendors should also be aware that realestate.com.au is offering tailored packages that take away a great deal of risk that an owner may perceive upon entering the current market.
The market is steady as she goes with no real "bargains" to be had as yet. What we may find is property beginning to soften in the outer suburbs however this is not the case in the inner circle and thus one of the reasons we advise our investor clients to purchase inner city. Recent press articles are promoting doom and gloom and almost representing speculation as fact.
What I do know is the market is not reacting to a typical economic crisis despite the curtailed access of properties. If we deal in fact not opinions we can find ourselves on more stable ground. The facts are agents are reporting strong numbers of private inspections, offers forthcoming and people are still listing. Reporting on sales has been patchy and I don't believe the true market activity is making it to the press.
Selling Agents: the current market demands and an agent that can pivot
We were recently charged with employing the right agent for a property at the same time COVID-19 was gaining momentum. The agents we invited in were all good agents but this process was completely different. It was different for a number of reasons but at the crux of it was we were now interviewing for a completely different skillset from the month prior.
There were 7 main points that formed the appointment of the eventual agent:
1. Adaptability - how adaptability was they to this pandemic whilst not losing sight of listing and selling
2. Productivity- Did they have scalability and service. Could their team cater for all private appointments? Did they anticipate the OFIs would be canceled?
3. Solutions Driven-Agents that were not waiting for the problem to arrive and then solve. They are ahead of the game and can anticipate how the market will change and in this case governing guidelines. They put solutions in place before they are needed.
4. Authentic - This not only builds trust but in this digital world it is so important to relate authentically over the various portals.
5. Likeability and Personable - They possess the warmth and human skills that are essential in this challenging environment.
6. Follow Up - Their follow up is timely, on point and paired down. They listen to what needs to be covered and they address the requested points. A massive report doesn't advantage of anyone.
7. Mystery Shop- As a buyers advocate I am doing this regularly. Are they at the door or is their assistant, are they doing the callbacks, do they follow up, do they go the extra mile.
Interestingly enough, fees weren't on the list. Whilst they are important they should not be in the governing points. Having been in the industry for nearly 30 years it is my passion to protect and guide my clients be that a buyer advocacy client or vendor advocacy client.