From the REIV CEO – Regional column

Real estate sector powers through

The environment presented by Coronavirus has thrown up unique challenges to the Victorian real estate sector. Being under a harsh lockdown for so long tests every facet of your operation and presents us a with a stark reality; innovate or perish.

Under unprecedented pressures, real estate was able to adapt and evolve, by being on the front foot, trialing new technologies and creating new solutions.

With the onset of restrictions, the Victorian real estate sector was forced to actively unveil and develop technologies that would normally have taken a few years to be fully adopted.

Doing things the same way meant losing months of business, innovation was the only answer.

Auctions in Victoria were flying at the start of 2020. During what is usually a quieter period for auctions, the REIV was recording over 1000 auctions a week. That momentum grounded to a halt when in response to Coronavirus, live auctions were no longer permitted.

Real estate agencies responded promptly. Online auction platforms were actively adopted, and auctioneers were able to continue their craft with great success.

Digital signatures allowed important documentation to be exchanged so people could complete their property transaction.

Melbourne’s stricter lockdown and the recent ban on inspections made it incredibly difficult to market a home. How do you market a house when you can’t leave your own? Agents turned to the technology that most people work with every day. With the help of some instructions and coaching, home occupiers could use their smartphone to take high quality images of their home which the agent could work with to list and sell the property. Harnessing the outstanding image quality now available on smart phones and working with some innovative thinkers, the business of buying and selling could continue.

Limitations on movement, specially between Metro Melbourne and Regional Victoria meant that many prospective buyers or tenants could not inspect properties in person. This is where walkthrough tours, 360-degree virtual tours were used to provide potential customers simulated access to a premises.

Market data and statistics play a critical role in real estate. As such, the REIV subsidiary PropertyData, now has the ability to integrate a property listing with credible market data for the area in a simple and effective video.

The Victorian Real estate sector refused to get caught standing still. We are proud to say that Members adapted to the challenges that were presented over 2020 and continued to support clients fulfill their property dreams in a safe manner.

As always, if a buyer or a seller is looking for objective information on the market or an agency– they should visit reiv.com.au.