Technology Is Vital For Property Market

It is crucial we all follow guidance and advice in dealing with the Coronavirus situation. There is information provided by the Government for the housing market, and rest assured, the team at Williams of Petersfield are following this guidance and making sure we provide all our clients with the best standard of service.

There are many property deals still taking place, and there is no Government guidance for the industry to stop operating. In some cases, there is a recommendation for transactions to be postponed, but if there is no valid reason to delay a house move, it should continue.

If you are looking for any guidance or information on the current state of the property market, please get in touch.

Current state of the property market

Government advice to the public concerning house moves centres on:

  • Homebuyers and renters should, where possible, delay moving to a new house while measures are in place to fight coronavirus (COVID-19)
  • Our advice is that if you have already exchanged contracts and the property is currently occupied, then all parties should work together to agree to a delay or another way to resolve this matter

In addition to advising the market on how to proceed with property deals, Government guidance has also impressed the importance of virtual viewings. There has been an increase in video technology in the housing market in recent years. The property industry has proven itself to be robust in adapting to change, and an increased use of video technology is likely. Even when the current restrictions are lifted, there is a strong chance buyers and vendors will demand more video engagement and interaction.

Video content will become integral for vendors and buyers

The volume of people working remotely is going to affect the market, and what people want. A lot of people are going to develop confidence and competency in the use of video chat and live conference calls. Therefore, it will be no surprise that buyers and vendors will want to utilise video capabilities as best they can.

Some of the ways video technology can be used in the property market, include:

  • Live “open house” sessions where many viewers can take a tour of the property at the same time
  • Live property tours conducted by an agent, who will be on hand to answer questions
  • Question and answer sessions from an agent, providing prospective buyers with guidance and information
  • Virtual property tours, available on websites 24 hours a day, seven days a week

If the number of virtual tours and video views increase, as expected, it will lead to a fall in actual viewings. However, this isn’t necessarily a bad thing. Even though there will be fewer viewings, the people who do attend will be more interested in the property, and there will be a greater chance of them making an offer.

We appreciate this is a challenging time, but at Williams of Petersfield, we are here to assist you as best we can. If you are looking for any guidance or advice from a local agent, please get in touch with us today.

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