With many real estate brands reporting record growth in recent months, coupled with interest rate lows, flexible lending and working arrangements, pioneering practices are rising to the challenges of pandemic-driven consumer behaviour.
Embracing new technologies reaps results
Digital marketing, advances in augmented reality and virtual auction platforms have all played a part in the upsurge in real estate sales.
Responding to pandemic restrictions, consumers are not only focusing on necessity spending, but they are also embracing the surfeit of online entertainment options. For example, online subscriber platforms such as YouTube TV are currently receiving adoption rates that rival or surpass free-to-air networks.
This is reflected in consumer spending, which, despite the economic downturn, recently increased by 1.5 per cent, nationally. What this indicates is that a cautionary approach to savings is offset by YOLO (you only live once) spending patterns. In other words, a personal reward system prevails amid widespread lockdown limitations.
How can estate agencies analyse this shift in discretionary consumer spending and capitalise on sales platforms? Diversification clearly holds the key, as is evidenced by an increase in national home values this year by an average of $1,990 per week, according to CoreLogic.
Why “off markets” are switched on
Industry experts attest that with a slowdown in physical activity in the property sector, innovative service methods are also combatting COVID limitations.
As residential markets lost a little steam in the past few months, switched-on agents are urging potential buyers to seize alternative upsize/downsize/early retirement opportunities.
The benefit of off-market sales for buyers may result in price reductions. For vendors, the peace of mind of a fast-tracked sale and the ability to diversify into other investment areas overrides flexible sales methods and outcomes.
Simply put, off markets represent a potential boom for all industry participants. They ultimately enhance long-term gains for the seller, offer an otherwise unlikely entry point for FOMO-racked buyers, and provide a pivotal role for agents.
How to seize the moment
Your local estate agent is crucial to the off-market equation. Whether through personal or financial circumstances, vendors and homebuyers are advised to express their willingness and/or interest in prompt or negotiable sales opportunities.
Extending your search profile as it adapts to changing priorities and life stages will ensure that your real estate agent is able to not only develop an ongoing relationship with their clients but importantly to apprise them of tailored sales solutions as they arise.
In a non-physical environment, agents and business practitioners who offer heightened personalised service pave pathways for success.