Hello Mandurah,
Real estate at this very time is a topic on many people's mind.
My phone has never rung so much with past and present clients, along with individuals in the community wanting factual information and guidance on what we are currently experiencing.
On that note, I wish to give the public a snapshot on what we are experiencing in real estate right now.
In my real estate world, there are three departments - sales, property leasing and marketing. But more importantly, there are our clients.
At this very point in time, we have an influx of buyers that have sold their existing homes and will be settling over the next 30 - 90 days that are in what I call, the transition period of buying.
We also have buyers that have or are getting their finances in order to buy homes.
We are experiencing a lower amount of available properties for sale and in the latest Core-Logic report, new properties available to the market are down by nearly 30%.
Due to less properties on the market, people are now in a balancing act to either attempt to buy their dream home, accept a home which is second rate to their needs, or due to lack of availability are forced to rent.
From what our office is experiencing, this present situation has placed pressure back onto buyers and in turn, has also assisted the rental market with continued momentum and growth.
Due to social distancing and government restrictions, our way of conducting business in selling and leasing changed overnight.
We are so proud with how our team has adapted to dealing with daily regulation changes, along with our company implementing new marketing strategies to benefit the consumer.
Zoom Meetings, virtual buyer meetings and continual emails with buyer and tenant activity have been implemented and utilised. It's been exciting and challenging, yet very fulfilling to see our team not only be employed, but to watch our community unite.
Over the past month, I have more than ever seen our representatives nurture and have continual contact with buyers.
I can tell countless stories of homes selling almost instantly or within 14 days of going to market.
Even though our sales volume is down, we are fortunate enough to have maintained sound numbers in sales of well over one property under contract per day along with our property management leasing 26 properties for the month of April.
Although we are in unchartered waters, there are positive signs that have remained and are now appearing.
When you really delve into the statistics, low levels of new stock in any market equals lower turnover.
Or more importantly, if you stop marketing, your market share will only diminish.
Marketing was the one area in which, at the start of this, we agreed to not to cut costs on, minimise or compromise.
As stated before, I am only speaking on behalf of real estate. We can only deal with the now.
