Technology is being used to maximum effect

MANY businesses have found new ways of doing things as a result of the measures imposed by the pandemic. Within the property sales sector there has been a noticeable shift towards online activity and it’s one of the sectors where technology is being used to maximum effect.

Jim Kinsella, from Sherry FitzGerald O’Leary Kinsella, said technology has led to a new way of doing things and it’s proving to be a big hit with vendors and bidders.

In particular, a new website, www. mysherryfitz.ie is proving to be a major success story in terms of how people go about the business of buying or selling properties.

It has led to complete openness and transparency around the sector and Jim said that’s a very positive measure.

Through the website bidders and vendors can create an account.

There is a criteria that has to be adhered to and once a bidder has proven they have required funds they get approval to become part of the bidding process.

Jim said virtual viewing is proving very popular and in recent months there has been a large amount of sales as a result of virtual viewing.

He said that once sale agreed has been reached the purchaser can then view the property in person and significantly, he said that in all cases where properties have been viewed in reality following on from virtual viewing, sales have gone ahead.

‘ The feedback nationally has been very positive,’ said Jim.

‘It’s completely transformed the sector really and is just a new way of doing things,’ he added.

He said the virtual viewing and online auction initiatives have really taken off during this current lockdown.

While it gives bidders much more access the agents still retain control of the process and there are terms and conditions that potential purchasers need to satisfy before they become part of the process.

‘ They have to have proof of funds and once they have that they can enter the bidding section as far as their funds allow,’ said Jim.

‘It brings the business into the digital space,’ he added.

However, Jim also said it’s hoped that real-life viewing will be able to resume within the next fortnight.

‘Once a property reaches ‘sale agreed’ they are able to view it,’ he said.

‘We would never have thought people would buy a property virtually but that’s how it is,’ he added.

‘We have not had one case where people didn’t purchase a property after physically viewing it, after the virtual viewing.’

Jim also commented that supply of properties has been low while demand has increased and he said that’s as a result of Covid-19 and Brexit.

‘People are returning from the UK and the fact people can now work from home has given hope to buyers who are hoping to buy properties in Wexford,’ said Jim.

‘ They can buy a good quality family home in Wexford cheaper than the price of an apartment in Dublin,’ he added.

‘People who felt they were stuck before now have opportunities and that’s good.’

Keane Auctioneers have also found online auctions to be a great success.

Edel Keane said the new platform for selling property and land has many benefits for buyers and sellers.

‘Everyone has moved online very quickly,’ she said.

‘At the moment we do virtual viewing on Facetime with overseas clients at the moment,’ she added.

Edel also said a number of virtual tours have also been completed recently.

She said that in general the market is quite good and people have the time to view and consider all their options.

Edel also said that new builds are easier to sell through virtual viewing and that with many viewers on their books the majority of people wait for a walk through before finally committing, after viewing the property virtually beforehand.

‘You can’t get the feel of a house without walking through it,’ she said.

However, she said the online approach ‘ has very much worked’ and going forward it could be a combination of both approaches.

Online auctions have proven very successful and that’s something Edel feels will continue going forward.

‘I think that is the new way for auctions and it’s fantastic,’ she said.

Edel said that privacy for bidders through online processes is also proving very attractive and progressive.

‘It’s a super and effective system which we shall be using greatly going forward,’ she said.

Rob McCormack, from DNG Wexford, also said the online platforms have been embraced by sellers and purchasers.

‘We have been using the online platform for about two years now and we find it really fantastic,’ he said.

‘ The beauty of it is that you have all of the information and relevant documents in place and the whole process moves quite quickly,’ he added.

Rob said the online approach is just as competitive as the traditional auction rooms and maybe even more so.

He said there are benefits for vendors too because once a reserve has been agreed beforehand the property goes straight to market and the sale can go through in a relatively short period of time.

He emphasised the transparency of the online platforms and said there is reassurance for vendors that once the reserve is met the property will be sold.

‘It’s very professional and very transparent and that’s important for everyone concerned,’ said Rob.

‘Once the bidding stars it’s usually very quick,’ he added.

Rob expects that over the next three to five years the majority of property sales will be conducted utilising the digital and online space.

‘Like all industries it’s moving very much into the technological space,’ he said.

‘People can view properties from the comfort of their own home and then do a physical tour when restrictions allow,’ he added.

Rob said the online portals are proving extremely popular and are likely to be utilised even more going forward.

For the online auctions people register and create an account, which is required to access legal documents or to book a viewing.

Confirmation of email is required and a link will be sent to the viewer’s email address with relevant links on the agent’s site.

Potential purchasers will need to provide proof of identity, address, proof of funds, choose a payment method and provide details of their solicitor.

The online auctions use a real-time countdown clock and bidders are notified when an auction is due to begin.

If a bid is placed within the last 60 seconds the clock will reset to allow a further 60 seconds of bidding.

This continues until a full 60 seconds has passed and the final bid is awarded the property.

The world has changed dramatically as a result of the Covid-19 pandemic but as seen within the property sector some of the changes are positive.

The benefit of online auctions and virtual viewing is that purchasers can view their potential new home from the comfort of their sofa at any time of the day.

The business of buying and selling properties has been transformed and made more accessible and easier for everyone involved and that can only be a good thing.