Aaron Del Monte on real estate market conditions during the pandemic
20 August 2020
Paying close attention to the market and adapting to the current industry conditions.
With over 15 years of experience in the real estate industry, Little Real Estate’s Executive General Manager of Sales Aaron Del Monte is a passionate and informed property professional.
So, like many other experts in the industry, he has been paying close attention to market conditions as they evolve during the pandemic, as well as adapting the Little Real Estate sales team’s strategy for achieving optimal results in a new environment.
“Current market conditions are surprisingly strong. We did see a rather large dip in buyer and seller confidence when the news of the initial lock down was announced. In hindsight looking at the activity, it’s clear that the darkest week of C19 was the week of the 18 April – and since then we have seen tremendous activity across the markets we service,” he said.
It’s no secret that real estate businesses have needed to change how they operate to comply with restrictions and ensure the safety of all parties. So far, Aaron has been impressed with the swift response of key players in the industry.
“Although the uncertainty in the initial few weeks of the news was overwhelming, I believe the industry reacted brilliantly – taking on the advice of the industry bodies across each state and coming together to find proactive solutions to the current state of play,” he added.
But he is particularly proud of the response Little Real Estate introduced to maintain service delivery standards under new conditions to ensure buyers and sellers are still receiving positive outcomes.
“We genuinely care about the welfare of our buyers and sellers – as well as our landlords and tenants. We saw a drastic increase in outgoing call volumes across our sales team. Due to the negativity in the media and record high levels of uncertainty, we felt the need to over communicate with all our stakeholders and this was very well received across the board. As a national team we communicate daily by sharing proactive ideas on how we could assist buyers and sellers alike,” he commented.
For owners considering selling right now, Aaron says that understanding the situation and their personal goals is critical, but although average sale prices may have decreased in recent times, there are still some vendors seeing remarkable results out of current conditions.
“I feel now more than ever as a professional adviser we really need to understand our clients’ situation and desired outcome before offering advice. Although I truly do believe there is a purple patch for owners to sell now and take advantage of the current market conditions. I appreciate the media have reported a fall in the average sale prices across NSW, QLD and VIC which I don’t question is true. My team have set several record sales in the last few months. We have traded properties which sold at the peak of the market back in 2017 for more money during the middle of C19. Well-presented and expertly marketed homes are very popular at the moment due to record low volumes of stock,” he said.
Aaron also acknowledges that one of the most important factors that influences whether an owner should sell right now is how they select their agent.
“Ensure that the agent you use has a strong vendor communication strategy. Selling a home is a very stressful time for most sellers. Just knowing what is going on is critical during this process. You want an agent that asks a lot of questions of their buyers and can clearly articulate this information back to the seller on scale,” he said.
“Also, I believe now more than ever you want to know that the agency you choose has access to an international buyer database. Little has seen record levels of buyer migration from our landlord base. We have been lucky to attract passive buyers from across the globe and add them to the mix which has contributed to some phenomenal results for our sellers,” he added.
He also suggests that prospective buyers need to be aware of their own goals and expectations if they are considering acquiring an asset during these unusual times.
“Generally speaking, I feel that for buyers looking for a bargain, now is not the time. If you are looking for a home that you intend to keep for more than 5 years though, I wouldn’t hesitate. If you find a property that suits your criteria and budget, now is as good a time as any to get into the market,” he said.
If you would like to find out more about present market conditions, our pandemic response, or would like to talk to any of our informed agents about selling your property, please don’t hesitate to give our team a call on 1300 LITTLE.