Technology Will Be At Forefront Of Property Market

We are all coming to terms with how best to deal with the Coronavirus situation. The Government has issued guidance for the housing industry, and it is important to note that at no point has the Government said the industry should close down. You can rest assured that at Foxes, we are here to help you, while we adhere to the guidance and information provided by the Government.

We know there are many deals still taking place, and if we are involved, we are doing everything we can to assist our clients. We also know many people have more time on their hands, and it is natural to think about what you will do in the future. Anyone who is looking for information or guidance on the housing market should feel free to contact us.

The 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

If there is no valid reason to delay a house move, the Government has no issue with the deal proceeding. Also, the Government information highlights the importance of virtual viewings for the property market. We believe this style of content was always going to become more vital for the market in the next few years, but current circumstances make the matter more pressing.

We firmly believe that even when restrictions are limited, the benefits of virtual viewings, video tours and live video connectivity will see buyers and vendors wanting video content.

Video content will become integral for vendors and buyers

As many people will be working from home right now, it is likely a lot of people will become more confident and skilled in using video technology. Even when movement restrictions are limited, a lot of people will prefer to engage and communicate from the comfort of their own home or office, as opposed to travelling to meet others in person.

Video technology can be utilised in the industry in the following ways:

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

All buyers and vendors know the importance of high-quality images when promoting a home. Nowadays, it is extremely difficult to engage buyers and generate interest in a property without a lot of staged photographs. However, video content also has a role to play, and it is likely this will become more prevalent in the industry.

An increased reliance on video technology may lead to a reduction in property viewings, but this need not be a bad thing. While the quantity of viewings may fall, the quality will likely rise. The prospective buyers who attend a property will have a greater level of buying intent, hopefully speeding up the sales process.

We know this is a challenging time, but at Foxes, we are here to assist you. If you need any advice or guidance from a local agent, please contact us today, and we will do what we can to help you.

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