Can I sell my home during COVID-19?

Yes, you can still sell your home or investment property.

The new rules to contain the spread of the coronavirus may have changed some of the ways we buy and sell real estate, but it is still business as usual. The industry has adjusted and made the switch to a virtual environment.

From now on, and for as long as the COVID-19 restrictions are in place, most activity will happen online. You will be able to get a virtual appraisal of your home, sign your documents electronically, conduct virtual tours and live viewings using video communication apps or software like FaceTime and Zoom, and sell your property by private treaty or virtual auction on a dedicated platform.

However, if you absolutely need to meet with your local real estate agent, or if a buyer wishes to inspect a property in person before potentially making an offer, this is still possible. You will be able to request one-on-one appointments, during which all government social distancing and hygiene measures will be strictly applied.

Are all the methods of sale still available to sell my property?

If you wish to list your home for sale, you will generally still have access to the three main methods of sale: by auction, by private treaty or by expression of interest (EOI).

The only and main difference is that auctions will now, and for as long as the coronavirus restrictions are in place, only be available virtually. Your property will be listed for sale on an online real estate auction portal, where the virtual auction will take place when the day comes to sell.

What are the best ways to promote my home for sale in this environment?

COVID-19 or not, online tools and resources should always make a big part of your marketing campaign. However, with the COVID-19 restrictions now in place, digital marketing has become the only way to promote your home for sale. Sell my home in Lansing.

This doesn’t mean that you won’t be able to market your property as well as you would normally. On the contrary, you might even end up doing it better. Use all the resources available to you to create digital assets for your campaign: virtual tours, videos, floorplans, social media tiles, etc.

To promote them, think real estate portals such as, Domain or LJ Hooker, social media campaigns, email marketing. Word of mouth has not lost any of its efficiency, so call, text, or email your family, friends, neighbours, etc. As people are still allowed to get outside, a signboard in front of your property might also be useful.

As usual, your local real estate agent will be your best ally to guide you and create the best marketing campaign for your property.

How Do Online Real Estate Auctions Work

How are online real estate auctions different from traditional in-person auctions?

Online real estate auctions work the same way as in-person auctions but are conducted virtually. This means no crowds. It is simply the auctioneer and the agent in a room (generally the office or the property), equipped with a camera and a couple of computers to live-stream the auction.

Online auctions provide the safety and comfort of being able to bid from your own home or anywhere you have access to a mobile device. This isn’t a bad trade-off for the “street theatre” and competitive environment that buyers would traditionally have to face.

As the seller, you will be able to log into the virtual auction platform to follow the interactive bidding happening in real-time. Every step of the way, you will know exactly what is going on.

How can buyers register and participate in an online auction?

As soon as a property is listed for sale, the listing should also appear on the online auction platform that will host the event. This is also where buyers must register. They can do this right up until the start of the auction. This is why your real estate agent will advertise this link in your marketing campaign.

To make sure potential buyers are comfortable with the process when auction day comes, your real estate agent will encourage them to register early so they can become familiar with the platform. They should also be encouraged to watch a few auctions prior, so they feel comfortable when bidding.

Is the bidding process the same?

The bidding process is exactly the same, and only the human face-to-face element is removed

People can bid with confidence from behind the computer screen, very much like you would on eBay. Just like a traditional on-site auction, the auctioneer is ultimately the conductor. He/she can suggest increments to rise by, can accept or deny bids, and ultimately control the direction and the outcome of the auction

This means that the flow of bids and the process of bidding is still very similar, and buyers can feel increasingly comfortable bidding behind a screen. In fact, for most people, technology has always been an integral part of their lifestyle. This is why they believe that it minimises the pressure that an in-person auction would put on them.

What are the advantages of a virtual property auction?

Online auctions offer great benefits that will guarantee a successful sale.

Because buyers are bidding online from the comfort of their own lounge room, the pressure is usually reduced. It becomes easier for them to stay level-headed and make better decisions. At the same time, they can also consult with advisers that might not have been able to attend the on-site auction with them. This will help attract serious, quality buyers.

In some cases, using an online platform can also encourage more activity due to a fear of missing out. As bidders cannot see and gauge the other buyers, they might be tempted to bid more to try and get ahead of the competition. Buyers will feel the need to bid now before someone else takes their bid and beats them. This will help achieve a higher sale price for your property.