The biggest news of the hour is the rising number of coronavirus cases all over the world. The pandemic has surfaced in every corner of the globe and has shaken up economies. People are self-isolating and non-essential services have been curtailed by the respective governments to control the spread of the virus. Small businesses have been significantly hit especially the brick and mortar set-ups, which were dependent on foot-traffic of the customers.
Social distancing is keeping consumers locked up in their homes and away from the shopping carts of the supermarkets. However, all this has not deterred people from buying commercial property for sale in Brisbane, Sydney or any other region in Australia. The latest reports will help you to understand that investors are continuing to show interest in real estate even in these testing times, and the industry has somehow managed to stay away from a slowdown.
Although PM Scott Morrison banned public auctions and open house inspections starting from March 25, buying and selling have not halted in the sector. If you are wondering how this has been possible, take a look at the safeguard measures being employed by the industry to continue buying and selling commercial property during the COVID-19 crisis.
How Is the Industry Managing Its Pace?
Making changes to the buying process is the need of the hour. Thus the Real Estate Institute of Australia has asked real estate agents to introduce significant modifications in their mode of operations. Since the open house inspections have been banned, the agents have been directed to conduct private one-on-one assessments while adhering to all the safety guidelines.
They have also been instructed to carry out the public auctions through telephonic bidding or online auction platforms and make the most of the available digital assets to keep the momentum going. The real estate agents have embraced the innovative steps and are pleased to leverage various tools that can help them in keeping the buyers intrigued.
Remote Working Is the Key
Property managers have welcomed the changes and have shown confidence in online auctions. Many potential buyers are connecting online to bid, and the auctioneers are able to connect with them through several online tools. It works in favour of the industry and is essential for the well-being of the involved parties as the buyers can stay in the safe limits of their homes and there is no congregation of people in one place.
According to experts, the deal gets completed when the auctioneer signs the contract on behalf of the buyer and the seller, and this is helping to get things moving even faster than earlier. Private inspections have become the new norm where the buyer and the agent can be present at the property but have to maintain social distancing. They must follow all the guidelines like avoiding touching their faces and avoiding contact with surfaces and washing their hands for 20 seconds with soap or using an alcohol-based hand sanitiser.
However, self-isolation hasn’t made much impact on inspections as commercial property transactions are less dependent on the evaluation of the physical site. The buyer is more interested in generating a positive return on investment and is generally happy with virtual tours. Residential property is more likely to witness a surge in private inspections with the new norms being implemented in the industry.
The Sales Are Progressing Without Fail
The confidence of the buyers has not declined in the commercial sector, and the recent sales have proven this right. A fully tenanted office building was sold for $39.3 million in Bruce, ACT at the beginning of April, and a childcare centre on the mid-north coast of NSW was another massive transaction that fetched $3.02 million in March for its owners.
According to experts, the investors have not taken a back seat and continue to deal in the market with Sydney being the hot-favourite spot for everyone. Melbourne is following suit with many commercial and residential properties being sold even during the time of COVID-19 without any price drops. All these transactions are a positive sign for the Australian economy as capital is flowing into the system, and the industry has not come to a standstill.
How to Make Your Move in the Current Situation?
If you are planning to put your money into commercial real estate, then do not think of this as a bad time. You can cover all the aspects of the deal online and become a part of the process from the comfort of your home.
With a vast amount of information available online, you can get access to all the details of the property up for sale, such as its location, design, features, building layout, neighbourhood, accessibility, proximity to restaurants and cafes, foot traffic in the area, parking, etc. You can even get to see real-life images of the geographic location through Google Maps and check out the details of the tenants. Acquiring a tenanted property will be a smart investment strategy during the coronavirus pandemic as you will not have to wait to find tenants and sign a lease. Many office properties are leased for long periods and are available for purchase.
Visit A Real Estate Listings Website
To make sure that there will be no delays in the signing of the contract, you must contact the seller directly to know if they are available. You will be able to find the contact details of the seller on their listings along with all the other significant details like the asking price and financing options. International investors can utilise technology for digital inspections and virtual tours and the locals can opt for a private inspection or a virtual one depending on their choice.
Get The Paperwork Done Remotely
The lawyers can get the documents and the contract ready while working from home and send the copies to the parties through email. To avoid delays, the lawyers can sign the deal on behalf of their clients so that the transaction is completed on time. It will make sure that a good deal doesn’t slip out of your hands.
While it is becoming challenging to sustain industries all over the world due to COVID-19, some of the sectors have managed to shift base online and continue working. If you are looking for commercial real estate for sale in Australia, then take a look at the tips mentioned above to crack a profitable deal without any hassles.