West Midlands Property Market - Video Innovation
As the Government has issued guidance to the housing market, buyers, vendors, agents and tenants must take note of the information. There is no reason for housing moves not to take place, but social distancing guidelines must be followed.
At Innovate, we are pleased to say we are on hand to assist people in the West Midlands who require information or guidance about the lettings or property market. If you have any questions about the current state of the housing market, please feel free to get in touch.
The current state of the housing market
Government advice to the public concerning house moves centres on:
"Homebuyers and renters should, where possible, delay moving to a new house while measures are in place to fight coronavirus (COVID-19)" and
"Our advice is that if you have already exchanged contracts and the property is currently occupied, then all parties should work together to agree to a delay or another way to resolve this matter"
One interesting point in Government guidance is the mention of virtual viewings. Video tours will play a significant role in the short-term future of the housing and letting industry, but it will likely feature in the long-term. Images are instrumental in promoting rental property or houses for sale, but moving forward, there is a strong chance video content will be integral to the process.
As a more significant number of people become confident with live video technology, there will be greater demand for this style of content. There is a convenience to video tours and conferences, which means many people will request this form of content when looking at homes to buy or let.
Lettings industry is robust
Most people would agree the housing and rental market has evolved considerably in recent years. The market is robust and adaptable, as can be seen with the way the letting industry grew online. With search facilities making it easier than ever for tenants to narrow their search and find something suitable, there is an opportunity to connect tenants and buyers quickly.
The benefits of virtual tours will speed up the letting process, saving time, and helping minimise viewings. While the thought of fewer viewings may be a concern for some landlords, it is essential to realise that the quality of viewings will likely improve.
If a prospective tenant likes images of a property, but after watching a video tour realises the home is not for them, this is good. This is because they would have likely reached the same conclusion when viewing the property. However, if a prospective tenant views a virtual tour and still wishes to view the property, they will be more inclined to make an application to live in the rental property.
Landlords should be looking for quality of prospective tenants as opposed to quantity. The use of virtual tours improves this ratio, which is why landlords should consider it a benefit to their business.
We know these are challenging times, but at Innovate, we are here to help. If you have questions about the West Midlands rental market, get in touch, and we will be happy to assist you.