With the covid-19 situation, real estate salespersons are not allowed to conduct (on-site) viewings for potential customers, and this makes it very challenging for transactions to take place.
There have been some good use of technology to aid the viewing process. For instance, we have seen agents doing video tours (vacant apartment is okay). Some agents were lucky to have 360 property virtual tours prepared before the Covid-19 situation and thus could conduct viewing this way.
Majority of property agents would only have photos of the property interior, perhaps a simple walk-thru video. The main limitation of using phone video for marketing is obviously the quality and perspective (field of view) that the viewers can have.
Property agents can make use of ultra-wide angle lens attachments while shooting video to provide a wide view for online viewers. Real estate is primarily about location, and space. Using wide angle lens will give viewers easier way to visualise the space and layout.
During the marketing process, we have observed that many property agents are still reluctant to engage a professional photography service to market their property. In fact, all of us should already be looking into using Video for marketing. But, we understand!
The costs involved can be quite an expense, especially if you did not manage to get “exclusive agreement” for the property listing.
Many property owners have not fully understood why offering “exclusive agreement” is actually the better way to sell/rent out their properties.
It does not have to be “single person” exclusive. The arrangement can also be (say) 3 persons exclusive, in a way the property agents become “joint marketing agents”.
When the property agents can get assurance from the property owners that the deal won’t be “stolen” by other open-market agents, then they are more likely to put in time, effort and money into the marketing – including arranging for photo, video, 360 shoots, or perhaps even doing “staging services” for the property.
All these tools are very useful for attracting potential customers to make enquiries. More enquiries (interests) generate more viewers for the property and higher likelihood of (multiple) offers, resulting in a higher closing price.
The end result is of course to the benefit of the property owner.
If property owners do not wish to co-operate with their property agent(s), by allowing many viewing opportunities, some leeway for open discussion and negotiation, then the property is very likely to remain as is (i.e. unsold), which serves to benefit nobody. The seller is still holding on to a portfolio which is no longer suitable, the buyer does not get to explore the potential of the property, the property agents are unable to complete the deal and leave the transaction with time, money and energy wasted.
Real estate is a NOT a liquid product. It’s not the same as the stock market where one can easily purchase or dispose of the stock and cash-out easily. The marketing, negotiation, transaction time can add up to 6-12 months.
Very often, the time when you need to “cash out” is also when credit is tight for the entire market, such as now.