Virtual Viewings And The Housing Market

7th April 2020 posted in Sellers Buyers

With Government guidance for estate agents highlighting the importance of virtual viewings for the industry, there is no denying this service is going to become far more commonplace in the buying and selling of homes.

However, the industry has already embraced video technology, with virtual tours and video viewings taking place. The way people engage and interact online has already seen a high level of demand for video content. Therefore, it is not as though the need for this style of content has come out of the blue, but it is fair to say how we are dealing with the Coronavirus makes virtual viewings an essential part of the sales process.

New and improving technology is integral to the housing market

At Hunters Bridgend, we believe technology has an integral part to play in promoting homes and engaging buyers. With an increased number of people working remotely, and becoming more competent with video technology, we believe virtual viewings and video technology will be at the forefront of the industry for years to come.

Even after we move forward, there will be some people who will proceed with caution, which means demand for actual viewings will be limited. There will also be people who prefer the comfort and convenience of connecting with others from their own home, which will further increase demand for the use of video connectivity.

We believe some of the ways video connectivity will positively affect the housing market include:

·         Virtual tours allowing potential buyers to review a home, no matter the time of day or night

·         Live “open house” sessions offering guided tours of a property

·         Q&A sessions with agents, with prospective buyers being able to ask questions

All these options will provide impetus to the market, allowing potential buyers and tenants to develop an awareness of a property. Over time, it could be there is a reduction in the number of property viewings which take place.

Actual viewers will have a greater level of intent regarding the property

However, this shouldn’t be regarded as a negative outcome. While the number of genuine viewings which take place will fall, there will be a higher level of intent from the people who attend viewings. After reviewing a virtual tour of a property, prospective buyers will have a firmer idea as to whether they like the house or not.

This isn’t to say that anyone viewing a house will place an offer on it, but it should lead to a better percentage of viewers who place an offer on the home.

One of the best things about virtual viewings is they don’t take much more time and effort than is already being used to promote a property. All listings require high-quality images of the property, and the vendor, under guidance from the agent, should appropriately prepare the property. This is the platform for creating viable video content of a home, which means vendors won’t be inconvenienced by the process associated with generating videos.

At Hunters Bridgend, we believe virtual viewings will form an integral part of the housing market. If you would like information or guidance on how we can assist you, or you just want to stay in touch with the latest housing industry news, please contact us today.