Nicholas Lynch hosting a “warts and all” video tour of 49a Colstan Court, Mount Eliza.
Putting homes on the market during Melbourne’s stage four lockdown will almost be mission impossible, with real estate agents, photographers, videographers, stylists and prospective buyers all banned from visiting homes.
But savvy agents are still finding ways to get deals done, with vendors playing a key role.
Real Estate Institute of Victoria president Leah Calnan said the restrictions on key parties attending properties — which the Victorian Government confirmed to the Herald Sun this week — meant Melbourne homeowners “won’t really be able to list”.
“I don’t anticipate we’ll see many new properties go to market in the six-week lockdown,” she said.
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But Zoom property inspections — in which sellers virtually walk prospective buyers through their homes via the conferencing app while agents narrate — have emerged as a solution to one of the Melbourne market’s biggest ever challenges.
Nicholas Lynch Real Estate managing director Nicholas Lynch said his Mornington Peninsula-based agency had sold a handful of homes sight-unseen following “warts and all” video inspections.
During stage three lockdown, agents filmed them. But in stage four, vendors were stepping up, joining an agent, buyer and Nicholas Lynch’s marketing manager on a four-way Zoom call.
“We give the vendor some coaching on where they should walk. (They should) start at the letter box and finish in the best spot in the property, whether it’s the (place offering) the best view, the new kitchen or the pool,” Mr Lynch said.
“The vendor also has his partner’s phone in his hand and I’m texting him things like, ‘go back to the kitchen, show the laundry chute’.
“And if anything isn’t working in the property, we point that out. There’s no flash, it’s real. You show the property warts and all, and people think, ‘I could buy off this’.”
49a Colstan Court, Mount Eliza sold after attracting interest with the video walk-through.
For new listings, the agency was asking vendors to take a “hero photo” of their property, whether it be the facade or the pool, and film a video tour, he said.
The material would be posted on the company’s social media platforms and distributed among its buyer network. Any interested parties would then get a private Zoom tour.
“In this lockdown, we’re going to list and sell properties without even going there,” Mr Lynch said.
“We’ve sold three properties from (video tours). The buyers still haven’t seen them (in person).”
These included a San Francisco-based Aussie expat, who worked for Netflix, buying a Mount Eliza property after watching the video tour more than “50 times”.
Video walk-throughs also helped sell 10 Franklin Place, Mornington, for $1.625m to interstate buyers and 49A Colstan Court, Mount Eliza, for about $1m to “retirees who were nervous about going out” amid the pandemic.
Interstate buyers snapped up 10 Franklin Place, Mornington sight-unseen after watching a video inspection.
Ray White managing director Dan White said his company was also using vendor-run Zoom inspections to “keep buyers engaged” during what would be a quiet period for the market.
“There has been no objection from vendors to do their own inspections,” he said.
“Most buyers will want to inspect physically before committing. But we’re using the lockdown period to keep in touch with them.
“As soon as the restrictions come off and buyers can inspect physically, they’ll be ready to purchase.”
Mr White agreed transparency was key to successful online inspections, noting there was a “scepticism” associated with “glossy” videos.
“We’re showing full versions of homes with no filter, and buyers are appreciating it,” he said.
Real Estate Buyers Agents Association president Cate Bakos has warned against purchasing a property sight-unseen, noting a home “might look good in the video and photographs, but properties can feel very different in the flesh”.
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