I have no doubt your inbox has been groaning under the weight of ‘virus’ do’s and don’ts; tips on how to ‘stay safe’, how to build an online business, what the world will look like in six months…
The opinions on who is to blame, why it happened and how it can be sorted are enough to make your head explode.
Couple that with the fear that our friends in the mainstream media can effortlessly instil, and you have the cocktail not just for confusion, but physical and mental breakdowns that are far less easier to measure than the stats that engorge the media landscape in relation to how the ‘virus’ is doing.
You’ll notice I don’t, and won’t, use any of the terms or anachronyms that identify this event, because each day they are used thousands of times over on MSM and social media to keep your fear and uncertainty redlining.
No, this is not going to turn into an opinion peace, but all I can say is that during this ‘lockdown’ (a term exclusively used to describe keeping gaol prisoners under control during a ‘dangerous’ event) I have dug very deep into the ‘Why?’ and ‘Who does it benefit?’
I am always looking for the upside.
This event has polarised the public unlike any other in recent history.
You either believe the danger, have some gut-feel doubts or you are part of a growing number who believe it is being orchestrated to benefit a privileged few.
The one thing I find extremely hard to accept is the “we are all in this together” mantra.
No, we aren’t.
The martial law that has been so swiftly imposed limits human interaction apart from who you may be ‘locked away’ with…
Ok, I’ll stop there, I think it’s time to dive over to some observations and predictions (and BOY, there are plenty to choose from) for what might be in store for the property market.
I am always looking for the upside.
It’s not the strongest who survive, but those who embrace and recognise change is coming, then adapt to it.
After working for others for the previous six years, I started my first real estate business three months before the GFC hit in 2008. It survived and thrived, so I know how to help clients in tough times.
At that time, I knew the property and economic landscape would change, and that change was the tsunami of online business and trade.
And by learning about and embracing that massive shift, I was able to innovate and roll with the punches. It’s not the strongest who survive, but those who embrace and recognise change is coming, then adapt to it.
Fast forward to April 2020 and its on again!
Common sense! And remember – no Open Homes.
The real estate world is already adapting by utilising the tools that already exist and tweaking them to work efficiently within the current agenda.
Video tours, 3D imaging, online visual meeting platforms like ZOOM, online auctions…
Serious Sellers Always Attract Serious Buyers.
But you can still physically show another human (or two) through your property as long as you keep a safe distance – we always have – ask the potential buyer not to touch anything (you can open doors, cupboards for them) and have some sanitiser available for all parties to use before and after.
Common sense! And remember – no Open Homes.
Nearly four weeks into our ‘lockdown’ and buyer enquiries continue to roll in. Sure, numbers are down around 30-40%, in March we assisted with the sale of almost $10m worth of property, and already in April we are seeing reports from our members of deals being done.
Prices will come under pressure, but the advantage to that is, if your property has softened in value, so has the property you want to buy!
This confirms what I learned during the four-year downturn after the GFC: Serious Sellers Always Attract Serious Buyers.
Did you say four years?!
Yes, I did. However, research based on cycles over the last 220 years (check out Phillip J Anderson) and my experience during the GFC, I would hope this event is part of the mid cycle blip that befalls the property/stock market. It is not the end of the world, but to some it feels like it.
Prices will come under pressure, but the advantage to that is, if your property has softened in value, so has the property you want to buy!
People still have to, want to or need to move no matter what the current situation is.
Here are 7 Tips for getting through this event if you are selling or thinking about it:
- As soon as an MSM news bulletin appears on your screen, switch it off.
- Have faith that we will get back to some sort of normality quicker than you are being led to believe.
- Be patient and keep your property placed as a competitively priced option for buyers.
- When you get a buyer enquiry – engage that buyer. Talk to them, ask meaningful questions, do your best to relate to them and their situation.
- If a proposed deal doesn’t feel right, don’t allow the current situation to pressure/influence your decision.
- If you need to clear the clutter in your mind and re-focus, contact us – we are really good at helping with the right mindset.
- As soon as an MSM news bulletin appears on your screen, switch it off.
I sincerely hope you, and your families, are coping and keeping your eyes on the prize (an end to this ‘thing’).
It WILL pass, but in the meantime, start scratching below the surface by asking ‘Why?’ and “Who benefits?” so you might be able to better understand the situation we have been presented with.
Happy Easter, stay well and be well informed.
AIAB
