Would you buy a property you had not visited physically? Most people will answer no. Buying a property is a big deal. For most people it is a huge financial undertaking. However, with lockdown measures now to be extended to the summer, a cohort of people will buy now without physically visiting the property and I believe this trend will accelerate in the Covid era. This is because some people need to buy now as they have sold their existing property or are overseas and won’t be able to travel to Ireland. Whilst virtual buying has been a feature of the market for some time, it was a niche one. For example, two years ago we sold a penthouse in the Docklands virtually for €1.5 million to an Auckland based buyer. They were familiar with the location and they were buying the property as a European base for their family. The sale was closed a month before they set foot in the property for the first time. They relied on the VR walkthrough tour and a video tour I conducted with them. Investors have regularly bought investment properties from us without a physical viewing over the last several years. For understandable reasons the least likely group to buy without physically viewing are owner occupiers. However, we are now seeing signs that some prospective home owners are actually prepared to buy a home without physically viewing it at all. Although virtual viewings still cannot replace physical viewings for most buyers, some are prepared to be flexible.
Here’s how to do virtual viewings right;
It is important the seller has a VR walkthrough tour on the property. For three years we have using Matterport tours. They offer immersive, 360’ views of each room but can include the garden and front exterior. Other helpful features include a digital floor plan and dollhouse of the property and a very useful measurement tool to see to check dimensions and see if your furniture will fit. It is the next best thing to actually being in the property. In addition a video of the property is essential and the agent will be happy to do live video tour also. Homes buyers will want a detailed walkthrough of the entire space, a sense of any issues or repairs (important the seller is upfront about these if any), brightness of the rooms, and storage space. The functionality of the space, a sense of ambience or a feeling about the house and the décor were also important considerations to encourage people to buy a house from a virtual viewing. Buyers can still check out the street and neighbouring properties and of course the front exterior of the house. Google street view is great tool in this regard if the property is outside your 5km.
Vendors should still present their property best they can, this applies equally to physical and virtual viewings, so do all the staging and tidying you would do if someone were to physically be coming to see your home. Buyers may not be walking up the front garden path but they will be checking out the neighbouring properties and looking in your hall door! This sets the tone for the rest of the house so make sure it’s tidy – no piles of coats, bags and shoes spilling out. Make sure the doors to the other rooms are open, so that it’s as light as possible. The living room and kitchen are very important so have them looking their best. Winter is over thankfully, does your garden require a sprucing up? If your home has good storage space, showcase it! Utility rooms are now particularly sought after! Some vendors should do their own video detailing their experience living in the house, neighbourhood, what the neighbours are like, what features they love best about their home. After all they know it better than anyone!
This how we will be conducting virtual sales in compliance with HSE guidelines:
- Enquiry comes in.
- We conduct a guided VR walkthrough tour once proof of mortgage approval is provided.
- The interested party makes an offer.
- If the offer is acceptable, a refundable deposit is requested and the property is now sale agreed.
- Prior to the contract being signed a physical viewing can be arranged, if required, with PPE. The property will be vacant for this inspection.
- Following the physical viewing the contract will be signed and the sale will close. We can still arrange visits for surveyors and valuers as they are deemed essential.
Buying virtually is not something most people will consider. However, it will be a feature of the Dublin market this year out of pure necessity. Check out Owen Reilly’s interview with Pat Kenny in Newstalk re virtual buying of property https://www.newstalk.com/podcasts/highlights-from-the-pat-kenny-show/buying-or-selling-house-in-current-market
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