How to Sell your Home during the Coronavirus New Normal
Category CEO's Message
Things are different these days, but that does not mean you cannot sell your home or apartment during the coronavirus pandemic. As the South African economy begins to re-open and the local property market reactivates, we are all adjusting to a different way of life and that includes differences in how homes are bought and sold, it is the 'New Normal' in the property market.
Herewith a guide to help you understand what to expect if you list your home for sale during coronavirus with Tyson Properties.
Preparing your Home for Sale during COVID-19
Home Preparation
In a coronavirus world, it is still extremely important to prep your home before putting your home on the property market, however, you may not be able to do everything that you would have ideally planned.
Keep the following home prep tips in mind:
Unfortunately, the property market conditions are unpredictable, and you will need to weigh the benefits of completing your home prep list against the risks of waiting to list your home for sale at a later date. Nobody knows where the property market (or the virus for that matter) is headed - the only thing we know for sure is what is happening right now.
Not all home service professionals are currently able to legally work during level 3. Be ready for a longer-than-usual delay period and potentially higher costs from professional services. Prior to appointing any contractors inquire about their safety protocols, especially if you are still living in the home that you plan to renovate. Basic renovations may involve painting, re-grouting the shower, sprucing up your garden etc.
Focus on the most important renovations: this is probably not the best time to be undergoing large renovations where you are required to submit building plans to the local municipality authorities.
If you are living in either an apartment or a complex, then you would ideally need to check with your property manager or supervisor about any restrictions on non-residents entering either the building or complex.
Remember that it is still important to declutter your home: you may not be able to donate unwanted items as many organizations are not currently accepting donations, so make sure you have an alternative plan.
Professional cleaning/disinfecting is always an important step in your home prep these days during the pandemic, especially any floors that are carpeted.
Chat to your appointed Tyson Properties Agent for any other suggestions on what may need a makeover, they will also be in a better position to guide you through what to do/what not to do.
Staging your own Home
As you are aware most potential Buyers house-hunt online, however, in a COVID-19 world, what Buyers see online takes on even greater importance. As a result, by making your home look as visually attractive as possible becomes absolutely imperative and helps potential Buyers connect emotionally to your home.
Buyers priorities have changed - dedicated work-from-home spaces, children's play/school areas, private outdoor living spaces, comfortable kitchens for home-cooked meals - these types of priorities have taken on new meaning for today's Buyers. You need to transform your home to showcase how it may operate in a COVID-19 world.
Marketing
Coronavirus has changed the ways most companies market their products and services, and the residential property industry is no exception. As the 'New Normal' evolves, "virtual" is quickly replacing "in-person" and everyone is trying to reduce their potential exposure by limiting the surfaces they touch and the number of people they congregate with while still trying to market homes. We predict that for the foreseeable future the following types of marketing will be restricted - door to door canvasing - flyers and postcards - feature sheets - show houses.
The good news for you as a Seller is that most of those type old-school marketing tactics have survived the last decade more out of habit than because they are effective, there are far better ways to reach potential Buyers.
Pre-COVID-19, our Agents were already embracing digital marketing on property portals such as Property 24 and on our own Tyson Properties website and have proven strategies to expose their listings to the right Buyers. These are some of the marketing tools that we are currently embracing at Tyson Properties to market your home - high definition photographs - Matterport walk through tours and photography with floor plans - well written property descriptions - advertising on property portals like Private Property and Property 24 - social media etc.
Pricing your Home during Coronavirus
As we watch the South African real estate market come back to life, we do not know exactly what path it will take over the coming months. We could argue that the value of residential property in this market will decline mainly due to the loss of jobs.It should be remembered that this is the first pandemic in over a 100 years, and economists and housing experts are in unchartered waters as they attempt to predict what will evolve moving forward.
What do Agents at Tyson Properties know about pricing and the market right now - the current market conditions and how much demand there was during the past few weeks - the prices of homes recently sold in your neighbourhood - how long it is taking homes to sell at the various levels of the pandemic - the types of properties that tend to always be in demand, and which ones are harder to sell no matter the market conditions - the types of pricing strategies that are currently viable - most importantly, we know that market value is the meeting point between what a potential Buyer is willing to pay, and how much a Seller is willing to accept.
Unfortunately, when doing CMA reports utilising data from Lightstone for example it is not very helpful in pricing a home during the pandemic. When you currently list your home with an agency it is extremely important to reflect what is happening in the local property market and to get your asking price correct. Appoint an experienced Agent from a reputable Agency such as Tyson Properties who will be in a good position to give you the Seller sound advice.
Safe Viewings
In pre-COVID days, our goal as Agents was to get the most number of pre-qualified potential Buyers to view your home in person. These days, safe sales mean minimizing the number of potential Buyers in your home and maximizing the number of ideal Buyers that view your home in person. Our Agents will endeavour to creatively find ways to let Buyers safely experience your home from the comfort of their home, virtually reproducing the experience they used to have during their first in-person viewing - they will also strategically screen potential Buyers to ensure only financially qualified, motivated and healthy individuals enter your home - provide safe in-person viewing experiences to encourage the correct potential Buyer to venture out and view your home.
The Virtual First Showing - the Agent you appoint to sell your house during this pandemic will need to provide good quality high definition photographs, a Matterport virtual tour with additional photographs and floor plans, showing tools and digital marketing to maximize the potential of your home. Moving forward Agents will need to overload potential Buyers with information and descriptive words to give the potential Buyers the feeling of a reality story and evoke the necessary emotion.
Screening Potential Buyers - Agents continue to experiment with processes to ensure that the potential Buyers viewing your home in-person have not been exposed to COVID-19 and also not showing any symptoms pertaining to the virus. There is still so much that we do not know about the virus that this does not eliminate all the risk - but it hopefully dissuades the incorrect Buyers from entering your home.
Safe In-Person Showings - most home Buyers will not commit to spending large quantities of money purchasing a home without actually viewing it for themselves; they will want to see it - they want to experience the sights and sounds of the neighbourhood. Emotional connection plays a critical role in the home buying process - most of us have experienced the feeling of walking into a house or apartment and 'just knowing it was the one'. Allowing Buyers to experience that feeling is still extremely important.
Understandably, one of the top concerns of home Sellers these days is safety. How do you keep your family safe while showing and selling your home during the COVID pandemic? Here are our top suggestions on how to conduct a safe viewing:
It would be ideal if you and your family were in a position to relocate while your home is for sale, this would obviously eliminate any chances of you, or your family being infected with the Coronavirus. For example, you may be in a position to move your children and the family pets and head to your parents' house or to your second holiday home. At a minimum, ensure that any high-risk members of the family are not home during the sale period.
If you are unable to move out, you will be at some risk and will be required to sign a liability waiver when potential Buyers view your home. You may reduce some of that risk by staying in the garden while a scheduled viewing is being conducted. It is imperative that you avoid unnecessary contact with either the Agent or the Buyers viewing your home. Spray all surfaces with disinfectant when you return into your home that may have been touched, also sterilize your hands with sanitizer and avoid touching your face.
Minimize the number of surfaces the Buyers and their Agents will touch, so leave all the lights on, open all the doors and windows allowing maximum ventilation, leave curtains and blinds open, provide easy access to storage areas, garages and any outbuildings on your property. As always, lock away your valuables. Agents showing your home will need to remain physically distant from the potential Buyers and will therefore not be able to watch what is happening in the same way they used to.
Restrict the number of people seeing your home in person to just the Buyers who would be on the title deeds - so basically no children, friends, or family members. The fewer people in the home the less the health risk. Do not allow multiple groups of people through your home at the same time.
It may be possible to list your home for sale without in-person Buyer showings at all, in advance of an offer. Some Buyers may be prepared to negotiate an offer with you, conditional on seeing it in person after the terms have been sorted. This strategy may not get you the best possible price for your home, but it will reduce the number of Buyers viewing your home in person, and thus your overall health risk. The success of this strategy depends on the current property market conditions, the amount of demand for a home like yours in your neighbourhood and the ability of your Agent to market and negotiate this unique situation.
Choose your listing Agent wisely
Appointing the right Agent to help you sell your home during coronavirus is critical - and the top Agent pre-pandemic may not always be the best Agent to help you during the 'New Normal'. We are seeing huge differences in how Agents and Agencies have adapted their processes and incorporated safety protocols into their everyday business. It is important to appoint an Agency such as Tyson Properties that has policies and procedures in place to protect your best interests.
Selling your home during coronavirus is doable, however, you will need to be flexible and partner with the ideal Agent. Be realistic about how things have changed over past few months and set your expectations accordingly.
Article Written by Lee Ellis
Author: Lee Ellis
