How COVID changed Real Estate for the better
From severely limited inspections times to virtual tours and online bidding, the last 18 months has been a crazy rollercoaster ride for the Real Estate Industry. Anyone who thinks that everything will go back to the way things were is kidding themselves. The pandemic has changed the way we do business forever – and that’s (mostly) a good thing for everyone.
As we get closer to the light at the end of the lockdown tunnel, I wanted to highlight some of the COVID-induced changes that have helped the real estate industry and will continue to serve buyers moving forward.
QR codes make things simple
Did anyone use a QR code before 2020? Of course, they were around, but QR codes have become a defining factor of the pandemic, making it easy for vendor agents to record and track buyer information. A QR code at the door of an open home takes away the need for manually recording information and makes the process more streamlined.
Contracts have become a lot more manageable
Another change on the technology front is the approval of software like DocuSign and PEXA (Property Exchange Australia Limited). We haven’t had to print off a contract in a very long time. No physical contracts mean we aren’t drowning in mountains of paperwork. Contract changes can easily be handled between lawyers and updated digitally, rather than manually crossed out. The efficiency of these software brings benefits to everyone involved in a property deal, and they’ve been a big help in bringing real estate into the 21st century.
Paying your deposit is easier than ever
Speaking of the 21st century, you no longer need to own a cheque book to buy a property. Yes, you read that right! To most, cheque books are a thing of the past, but they were the standard way to pay your deposit for the property industry. That is, until services like Macquarie DEFT Auction Pay. It’s giving buyers the convenience of paying deposits electronically without dealing with daily transfer limits or having to wait days for bank approval. It’s flexible and takes away the stress of needing the exact funds in hand before an auction.
Online auctions to take a backseat
Once we became accustomed to how online auctions worked (and moved past the many technical challenges), it was easy to see some upsides. Agents didn’t have to trudge across Sydney to multiple auctions every weekend, and out-of-state clients could get in on the action.
However, ‘real life’ auctions play a significant role in the marketing mix, and an auctioneer’s theatre is all a part of the sales process. Not to mention the tangible emotional connection created when a buyer is standing in front of their dream home. Auctions also allow buyers to see who they’re up against and formulate bidding strategies.
While there will be a period of adjustment, I’m delighted that most of the changes make life easier for buyers, sellers and agents. Removing stress, confusion and time-wasting from the buying journey is always a good thing, and we’re here if you’d like to chat about your situation.