The Prime Minister has given the directive there should be no more on-site auctions or open homes. WILLIAMS MEDIA spoke to industry leaders John McGrath and Dan White to see how they move ahead.
In a necessary decision the Prime Minister last night advised there were to be no more on-site auctions or open homes for the real estate industry.
With massive numbers of over 3,000 properties scheduled for auction this weekend, agents have had to scramble to advise vendors and sellers what the next step will be.
Ray White advised WILLIAMS MEDIA that the organisation was moving to 100 per cent digital auctions after Saturday anyway so they have moved up the timeline.
"I think we were ahead of the curve in a lot of ways as all our 1000 offices were planning for this," said Ray White Group Managing Director Dan White
"From midnight we'll be 100 per cent private auctions where there is a digital room set up, streaming over devices and accepting bids over phones or via the digital platforms.
"In New Zealand last night we had one auction that had 15 phone bidders and a big result.
"So it's definitely not all doom and gloom, auctions can still create competition in this new world order, we are very respectful of the physical distance rule.
Mr White said no other restrictions were announced for either property management or sales businesses, subject to other restrictions on physical distancing and hygiene.
"This is not a shutdown of the industry," said Mr White.
"It is a massive change to the way we do business but we are very well placed to adapt and adjust to this as the industry has a lot of tech and is capable to handle the new world."
John McGrath, founder of McGrath Estate Agents also advised WILLIAMS MEDIA of the steps the organisation were taking.
“Most Vendors are currently reassessing their sale process in consultation with our agents," said Mr McGrath.
"Some appear to be tending towards delaying their auction until the far sides of this situation, whilst many others are happy to continue as planned.
"There is still very healthy buyer demand and with a reduced amount of listings many vendors are still comfortable proceeding to market.
Mr McGrath said they weren't seeing any great change to the way they are doing business.
"We are simply shifting from open homes to private appointments and our on-site auctions will become on-line auctions conducted over a technology platform which allows buyers and sellers to participate in an auction from remote locations," said Mr McGrath.
"So we have made whatever shifts are required to comply with legislation and of course maintain safety for our staff and customers, but other than those changes we are continuing with a business as usual approach.”
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