How the Real-estate industry is transforming

What a dramatic but positive transformation the real estate industry is going through!

Rapid adjustment through COVID regulations and a malleable industry that is always looking for improvements has led to far greater efficiencies and transparency. 

For example, let’s look at Auctions. Who would have thought the 4 week standard campaign could be reduced to only 3 weeks and be equally effective?

Geordie Dixon Director from Jellis Craig Hawthorn said: ” A 3-week campaign today is enough to conduct the right number of open houses and market a property”. 

Some agents are pulling forward an auction and conducting a boardroom or on-site auction if there is healthy competition. We observed a Brighton East family home auction run by Matthew Pillios, Director, Marshall White Bayside, pulled forward a week from Saturday to Wednesday. The agent judged that competition was healthy and that the auction could not wait. The result? Seventy people attended on a Wednesday, six bidders and an outcome well above the estimate.

Technology has played a big part in making the industry more efficient:

  • Zoom auctions became essential during the lockdown and today are still in use.
  • Easy distribution of “paperwork” such as the Contract of Sale and Section 32 took weeks before – now they are sent same day upon request. 
  • Logging of prospective buyers is done electronically at the door; follow-ups efficiently managed by agents and reports generated.
  • Listings and printing of materials are now sourced in a fraction of the time. 

Today Vendors are also under positive pressure to get properties prepared in quick time. Agencies are so focussed on efficiently preparing a property in a short period. They have a team of tradespeople and stylists ready with agreed competitive pricing to cut listing times.

The market today, post-Covid lockdown, is a fast-paced, efficient market benefitting vendors and buyers alike.

Buyers in today’s environment must stay abreast of the positive changes and need to know:

  • The best time and process of making an offer
  • If confronted with a Boardroom Auction – how does that work, what to do?
  • When at the Auctions – how and when do I bid to be competitive?

Call us at ela Property Advocates to help you with either selling OR buying a property. Guy Angwin. 0412 022 998 or Geoff Briscoe 0418 740 351.