The Coronavirus pandemic has affected almost every industry in the country over the past eight months. With the furlough scheme due to end in October and Chancellor Sunak warning of a “recession like no other we have seen before”, scores of employees face redundancy and many businesses have already folded.
But, if you work in the housing sector as an estate agent, housebuilder or property developer, there’s no need to despair just yet. Our team of experts have put together some suggestions on how to sell properties amidst the COVID-19 outbreak to keep you motivated and successful.
Avoid Lost Sales Due to Broken Property Chains
Offering your customers outstanding levels of service that make buying and selling easier will keep you ahead of the competition.
If you’re an estate agent and feel frustrated about losing sales due to broken property chains, a chain repair service can help you and your clients. Chain repair shortens the average property chain length and allows you to provide an exemplary selling and buying experience. All of which means an enhanced reputation and more sales. This service can also benefit developers, as it protects your plans from being delayed by a failed sale.
Offer Extra Services that Add Value
Not all estate agencies or developers offer services such as part-exchange (PX), but these can mean the difference between securing and losing a sale.
If your client needs to sell their home before they can buy your property, part-exchange can simplify and expedite the process. If a developer buys a homeowner’s property directly in exchange for a reduction in the asking price of the new house, there is only one transaction instead of two. This means that the risk of a broken or problematic property chain is eradicated. The sale will complete more quickly, with less hassle and expense as the seller will incur no estate agents fees.
Services such as PX will make your development or agency more attractive to some buyers. Especially during these current, uncertain times when buyers and sellers will be wary of failed sales and broken chains.
Don’t Rush to Drop Prices
Whether you’re a developer looking to sell new homes or an estate agent seeking out customers, don’t rush to lower the asking prices on properties.
Customers are more likely to sign with an estate agent that gives a healthy valuation. Fairly — not cheaply — priced developments send a message of quality and prestige. Furthermore, the housing market is likely to fluctuate in the coming months as the recession takes hold. Slashing prices too soon could lead to avoidable losses. Bide your time, monitor the market and remain competitive.
Look on the bright side, the COVID-19 induced recession may result in fewer enquiries, but the people that do get in touch will be serious about buying or selling.
With social distancing measures still in place and the threat of Coronavirus transmission high for vulnerable groups, only those who are determined to buy or sell will entertain the idea of visiting a development or attending viewings. The current economic uncertainty is likely to deter all but the most committed of customers from making property enquiries.
This means you’ll waste less time on half-hearted clients and can focus on those who are highly likely to give you business. Make the most of this opportunity to hone in on serious buyers and sellers by offering an outstanding service that accelerates the sales process. Provide interested parties with online viewings and tours, send out brochures containing computer-generated images (CGI) that give a real feel for the property, conduct online meetings to provide and elicit information and enhance property listings with extra details.