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How to sell your luxury property during the COVID-19 pandemic

By Jamie Richardson | May 22, 2020

The ongoing pandemic has disrupted the real estate market, making a lot of investors and potential sellers clueless on how to sell the property during such a challenging time. Fortunately, no matter the time of crisis, there is always somebody who is looking for a luxury property, especially when the prices are highly attractive. There are still a lot of offers of properties online, like Palmetto Dunes real estate, for example. So even though you might think it is not the best time to put the real estate up for sale, you can still make a successful transaction. Here is all you need to know in order to sell the luxury property during the COVID-19 pandemic. 

Big improvement in luxury property segment
Luxury real estate markets are bouncing back © Giordano Aita -

What changed for the time of the pandemic

Most governments introduced a lot of changes to everyday life due to the coronavirus outbreak, and they have already affected the property market. However, the most significant factor came to life with the announcement that auctions and open homes are now banned. 

As of three weeks ago, open homes and auctions, both in auction rooms and on-site, can’t be held until further notice, as authorities try to contain the spread of coronavirus.

These changes made homeowners contemplating a sale to adjust their strategy. The decision also affects vendors who have their homes listed on the market. You can expect a period of reduced activity in the real estate market due to the COVID-19 pandemic; however, not all agencies can simply wait out the crisis, so they remain active on the market. 

Homeowners that have a need for selling, because of their financial situation, will continue their offering, but it might take a little longer to find a buyer. For sellers who need to make a quick deal, please remember that there is no guarantee that prices seen in the past couple of months will remain the same. It is possible to make a successful sale during the pandemic, but it requires innovative solutions and realigned expectations from the potential seller.

Offer virtual showings

If you have access to the property, make sure to hire a professional who can take your house into the virtual reality or do it yourself. Film every corner of the property describing the most valuable assets the home you are trying to sell has, and send it to potential buyers. Every buyer needs and wants to see the house before they signed the deal, and you can get ahead of the competition by making sure your virtual walk through the property is of the highest quality. 

Also, if the potential buyer still pressures you to show the house in person, you can do it is a safe way. Make sure you follow all the rules of social distancing, so enter the house, have a short tour without touching anything, and exit the property, but please keep your distance.  

Electronic signature under a contract

An electronic signature is not the newest technology out there, but it has never been more appreciated than it is now. Create an e-signature and make sure you can sign all the papers without leaving the house. With the help from this technology, you can prepare and execute contracts, and send them electronically and initiate the negotiations. This way, you don’t have to wait to finalize the deal for the pandemic to be over.

What about property inspection? 

There is so much you can do yourself, but property inspection is not one of those things. These days inspectors are held to a high standard and use some sophisticated technologies that can provide the potential buyer with a detailed and comprehensive inspection report. Thanks to tech development, there is no need for anyone else except for the home inspector to be inside during an inspection. Also, there is a special course for COVID-19 Safety Guidelines created for the inspectors to prepare themselves for safe inspection, so it is still doable even during the pandemic. 

How can you get your documents signed by a lawyer? 

Every real estate deal needs to be confirmed by a proper lawyer, especially when it comes to luxury property. You must already know that unless the government changes the law, this is the only step where you still need to be in person for the selling process. However, there are many law firms that have already adapted to the current situation and offer their services in a safe way, including real estate services. If you set the appointment ahead of time, they will be more than ready to help you finalize the deal in a secure manner for both the seller and the buyer. 

Selling a luxury property during the COVID-19 pandemic is a challenge, but it is not impossible. You can still succeed in making a deal and do it safely. The whole process does require you to be more patient and better prepared, but other than that, it seems like there is nothing that stops you from selling your property in the coming future. We all don’t know how long it will take before the world goes back to normal, so you might use that time to sell your property.

Jamie is a 5-year freelance writer who enjoys real estate. He is currently a Realty Biz News Contributor.
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