News & Events

July 18th at 1:51pm

The pandemic effect on the Real Estate Industry

The real estate sector has been forever changed by the pandemic: virtual auctions, live online inspections and 3D virtual property styling

Let’s begin by stating the obvious. The COVID-19 pandemic has had a lasting impact on the real estate sector.

Positive or negative?

Let’s zoom out for a bird’s eye view of the last 18 months to find out…

Property experts say the sector will be forever changed by the shift to an online mode of operation during the pandemic, with real estate professionals now adopting a hybrid approach to leasing, buying and selling amongst snap lockdowns.

Whilst there have been plenty of challenges along the way, the real estate sector also has plenty of wins to celebrate and carry forward with us into the next era!

Here are 3 unique ways Metro Property Management and the real estate sector as a whole have harnessed the evolving COVID-19 restrictions for good:

1. Virtual tours and auctions

Initially the real estate market was slammed by the nation-wide lockdown, leaving sellers in limbo as to how much longer their home would be on the market.

Buyers ready to make a move in the market were also left confused as to whether now really was the right time to buy. Renters were also left wondering if they could afford to pay rent, with many people vacating out of fear of losing their jobs.

But, the industry pressed on and as the rest of the world pivoted so did we.

Real estate professionals began conducting virtual tours, remote inspections and live auctions on Zoom – giving hope to the future of the property market and home buyer’s dreams.

2. Facebook Live inspections

During Melbourne’s second wave of COVID-19, Metro decided to do what no other property management provider was doing; live online inspections on Facebook!

Conducting these inspections has allowed people to view from the comfort of their home and get a feel for the property before they do a final inspection.

It has also helped keep our property managers working, with so many people unable to retain their jobs during lockdown.

Last year in August during the peak of Melbourne’s second wave, our virtual open for inspections had over 4000 weekly views! We were able to help landlords get a return on their investment by keeping the rental market rolling and their properties occupied.

A massive thank you to our property managers for making this possible! You are all true heroes; navigating constant restriction changes over the last 18 months as well as learning and implementing the largest rental reforms we have seen in years.

3. 3D Virtual property styling

Restrictions meant it was hard to get a photographer or stylist to the physical property, so we pivoted!

Metro Property Management began offering virtual property styling, making our clients’ digital advertisement more enticing to potential renters.

Virtual styling can produce amazing results – less time on the rental market and higher inspection attendees as potential renters get a better idea of the property as a ‘home’.

If you’re interested in virtual styling for your property listing, get in touch with our team.

Let’s circle back now.

What kind of impact has the pandemic had on the real estate sector?

A very significant one – like so many other areas of our lives!

We are very proud of our friends in the real estate sector who have made drastic changes to their operations and have remained strong throughout the hurdles of the last 18 months.

With 1 in 3 property managers leaving the industry, according to Leah Calnan earlier this year, it’s important we remain agile in business and supportive of our real estate superstars for the future growth and sustainability of this sector.

After all, we all need a home.