The economic fallout of coronavirus breakout has forced both property buyers and realtors to adapt and adopt new ways of doing business during the lockdown.
The adoption of digital tools in real estate, and the process of search as well as shortlisting of properties has largely shifted to online platforms with the growing dependability of Zoom and Virtual tours. An increased use of technology is one such change to turn their business around.
Would anyone purchase a property online? Well, don’t be surprised!
During these unprecedented economic times, virtual touring was on the rise. It was reported that in April and May, 1,340 units – almost 40 per cent (3,391) increased transactions in the same time period last year.
The circuit breaker measures made it impossible to visit the property, this does not dishearten keen and potential buyers. It was reported that Good Class Bungalow (GCB) in District 15 was sold at the price of S$2.6 million 2,286 sq ft by merely viewing via photos.
Another transaction at Windsor Park (GCB) 21,991 sq ft was sold at $21.68 million earlier in May. The buyer had purchased the property without entering the home. As an alternative he drove around the neighbourhood to get a good feel of the area and from the site plan provided, allow him to decide on this huge purchase.
The circuit breaker period has intensified the use of virtual viewings as people observe safe distancing rules and virtual viewing practices are here to stay.
It is convincing that home sales have plummeted in recent months, given the circuit breaker measures have limited physical viewings of homes, property sale transactions will continue to happen.
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