Alliance Real Estate

On March 22, 2020 the real estate industry like so many other industries went into a form of lockdown due to COVID-19. From that date, open houses and on-site auctions became prohibited and only private “one on one” inspections were allowed. It also meant on the property management front that we would postpone all routine inspections to ensure the safety of our clients. Despite these challenges we have adapted very easily and have the majority of our staff working from home with a skeleton staff operating at 167 Tower Street, Panania. Over a year ago we worked closely with our IT providers to ensure our business was able to operate remotely in the event of a disaster. The disaster we had planned for was a fire or earthquake. We never expected a virus. However, in only three days we were up and running remotely and continuing to service our clients. Six months ago we began using an online auction platform. We had already sold four properties via online auctions before COVID-19, placing us at an advantage given our training and qualifications for this method of sale. As we head towards the end of April, we’ve seen a general correction in the local property market of at least 10%, accompanied by a reduction in auction clearance rates and buyer numbers. Fortunately, the buyers that we are meeting are in a strong position to purchase. Interestingly, we’re finding that the private appointments are making it easier to match people to property. On the property management front, we have worked very closely with the Real Estate Institute of NSW and Fair Trading to provide regular updates to clients regarding the impact of COVID-19 on rental payments. At the time of writing only 3% of our tenants were experiencing difficulties. While we do not know how long we will be in partial lockdown, I believe the market will bounce back due to historic low interest rates and strong economic stimulus from the government. LIKE TO KNOW WHAT YOUR PROPERTY IS WORTH? Call us today on 9771 6115 for an obligation-free Market Appraisal. Theo Kalinderidis Principal, Alliance Real Estate WELCOME