Real estate goes digital in COVID-19 crisis

Monday 06 Apr 2020

A transition to digital platforms has become a hallmark of property sales during the COVID-19 crisis.

Buyers and sellers are quickly embracing solutions such as virtual tours of homes and video tours to replace open-house inspections and online auctions that you watch and bid from your computer or phone.

Another significant change has been the immediate popularity of digital negotiation platforms, which record and share all the information related to a property sale.

Powerful solution in lockdown

Using these platforms allows sellers and buyers to see the progress of a negotiation or transaction without having to rely solely on your agent to ring them and give an update.

They have become extraordinarily powerful during this time of social distancing and lockdowns.

Sellers use the platform to monitor on their computer, tablet or smartphone all the offers that have been made for their property.

Agents are already saying that the transparency of this system has the added benefit of soliciting only genuine offers, as well as creating healthy competition among prospective buyers.

Upside for everyone

For the buyers, they can see how many parties have expressed an interest in the property and the value of their offers. Instantly, you know where you stand.

Using a negotiation platform offers significant upside for everyone.

Your agent doesn’t waste time processing offers they know will have no chance of being accepted. That gives them the opportunity to provide a better service and ensure they are on top of all the offers that might come in.

Increased transparency

It also takes away the frustration sellers may feel if they don’t get regular updates on the progress of their sale from the agent. Sellers can lose confidence, wondering whether the agent is focused and if the buyer or higher bid had been missed when in fact, it is just that their agent is extremely busy managing multiple clients and has not had time to call everyone. These platforms alleviate this stress for everyone.

And buyers have great visibility as to what they need to offer to stay competitive so no longer miss out because the agent may have dismissed their sincerity if their early offer was extremely low.

The transparency created by the use of these negotiation platforms injects an essential element of trust in the transaction for the buyer and seller.

If you’re looking to buy or sell a property, ask your agent about using a sales negotiation platform.

The lightning-speed adoption of this innovation is one of the best things to happen for buyers and sellers alike.

*Sourced from RealContent