The Government's announcement on what the real estate industry can and can't do during Alert Level 3 has underscored the need for more digital solutions for New Zealand buyers and sellers, real estate experts say.
Under Alert Level 3, real estate agents can enter peoples’ homes but they cannot run open homes.
Vikas Verma, general manager of NZME-owned property listings site OneRoof.co.nz, says the need for social distancing during Alert Levels 4 and Level 3 means buyers need different ways to view properties when physical access may be limited or impossible.
Verma says new and existing technology, such as virtual walkthroughs, 3D tours and online auctions, can make it easier for the housing market to continue to operate as the country fights the coronavirus pandemic.
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Verma pointed to the new virtual viewing function and search tool that has been newly released on OneRoof as an example of the innovation taking place right now.
The OneRoof tools allow buyers to search the area they want to live and click on a virtual viewing button to find properties where a 3D or virtual walkthrough or video tour is available.
"Getting up close and personal with a property virtually, without having to be there physically, gives users a way to travel through rooms to get a sense of the layout, and they can use further tools to try out different colour schemes and even measure furniture to see if it will fit or to find out how far the garage is from the house," Verma says, adding that this kind of technology is here to stay and will only get better.
"Virtual or 3D walkthroughs and video tours are features some property listings already offered before lockdown but until now they might have been considered nice to have, but not essential. Since lockdown they have become a key driver to gaining property interest and property listings that embrace this tech will no doubt have an edge in the current challenging market."
Verma says this is why OneRoof launched key site enhancements to help buyers find properties with this content and engage in them as part of their property hunting process. "By searching for virtual viewings buyers can find all the properties on site that have virtual walk-through or video tour capability. Even as we move into Alert Level 3 there are other ways that can quickly and easily provide potential buyers with a better view of a property they may be interested in," he says.
“In the days ahead, OneRoof will be expanding the ways that it helps agents provide viewings of their listings for potential buyers through Virtual Viewings. This could be as simple as a video call with the agent guiding the buyer through the online listing while answering questions or connecting with both buyers and vendors at the same time. The vendor could provide a live walk-through of their property using their phone, with the agent doing the commentary and answering buyers questions. OneRoof is finalising work on some integrations to make this work seamlessly — watch this space!"
Property technology expert Kylie Davis says the coronavirus has accelerated agents’ adoption of new technology, and it has also made many businesses realise they have been overly dependent on legacy systems.
Those systems “don’t allow them the flexibility to let their staff work from home and those agents have been scrambling for new options”, she says.
Auckland agent Jock Kooger, from Bayleys Ponsonby, believes agents must embrace the technology or risk getting left behind, adding that his team have offered 3D walkthroughs for most of their listings.
“[3D walkthroughs] have helped a lot with buyers making offers on properties," he says. “Photos can’t tell you exactly where the living room comes off the bedroom or get a feel for the place.”
With a 3D tour, buyers can walk around corners or go upstairs. “Anything to do with [tech] is only going to get more interesting as more options become available,” Kooger says.
Fellow Bayleys Ponsonby agent Edward Pack agrees that technology can help buyers make big real estate decisions.
“I think the more information we can give our potential buyers the better. We meet buyers who have 10 or 15 properties they want to go and view and sometimes when you do view them all in a week or two weeks they can all look the same," he says.
“But if you can sit down with the luxury of time behind a computer and gather all the information you might need, you can sometimes create a bit of a process of elimination before you go out and start engaging with private viewings so I definitely think it’s probably an overdue thing to happen.”
The technology is especially great for overseas buyers, to whom he sells 25 percent of properties, and he often walks people through homes using Face Time.
