A “new normal” for the real estate industry A “new normal” for the real estate industry

A “new normal” for the real estate industry

During the last week, the coronavirus (COVID-19) has fundamentally changed the way we live and work. It’s an evolving situation, and we continue to monitor developments as they occur to ensure we’re responding appropriately across our network.

With open for inspections and onsite auctions paused for the foreseeable future, we’re adjusting to a “new normal” – a different way of operating that’s subject to change over the coming days and weeks. For now, what that means is:

  • Our people will work from home wherever possible
  • Open inspections for sales and rentals will be replaced with private inspections
  • Onsite auctions will be replaced with online auctions
  • We’ll conduct meetings via phone or video conference wherever possible
  • We’ll create virtual tours for properties that are for sale and lease wherever possible

We’re confident that, compared to many agencies, we’re well-equipped to deal with this rapid shift in the way the industry operates. Embracing innovation is a core value for our business, and we’re consistently looking to leverage technology and new ways of working to allow us to be more efficient and provide a superior customer experience.

While we didn’t anticipate we’d be facing such a seismic change, we have the systems and technology to support the “new normal” in place. Importantly, our people are fully trained in the use of tools including online tours and auctions, and ably supported by our corporate team who are working to ensure our clients have an experience that’s as close to “business as usual” as possible.

The reality is that people will continue to buy, sell, lease and rent properties. We’re expecting a downturn in new listings, however the market will continue to operate – just in a different way to usual.

In more positive news, our Albert Park team achieved a fantastic result on the weekend with the sale of 92 Page Street which sold under the hammer for more than $9 million – one million dollars above reserve. It was a poignant transaction for our network, with the home’s former owner the late John Holdsworth, who was a director at our Albert Park office until recently.

We continue to monitor the COVID-19 situation closely and ensure that our people and clients are kept updated with further developments as they occur. In the meantime, please stay safe, and importantly – stay home.