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New trading and initiatives have been introduced to support agents and vendors during the uncertainty of the COVID-19 health pandemic.
While the trading conditions over the last month indicated improved listings volume and growth, driven in part by a new commercial pricing model, the potential impact by the coronavirus, or COVID-19, is predicted to hit the Australian property market.
To offset the damage to agents, vendors and buyers, Domain’s CEO, Jason Pellegrino, said the real estate giant has implemented business continuity plans.
“Agents and consumers are at the centre of everything that we do, and we will remain focused on providing value at every step of their property journeys. Our commitment to helping agents build resilient and sustainable businesses stands on,” he said.
In an ASX announcement, Mr Pellegrino said Domain will provide increased flexibility on current and planned listings until 30 June 2020. This will include free refreshes from sales and rental listings, as well as the ability to relist without charge within six months, particularly if an existing listing will need to be paused amid the coronavirus effects.
“We are also working on new digital features to provide confidence to agents, vendors and buyers, and new ways to showcase, enquire, inspect and transact on property.”
Domain said its people are paramount and it will “rise to the challenge” to ensure plans are in place to deal with testing times that may lie ahead for businesses and agents.
Prior to the COVID-19 outbreak, Domain was seeing a material improvement from its residential business following a soft start to financial year 2020. “For sale” listings volume in New South Wales and Victoria were on a year-on-year high.
“We continue to make progress towards our goal of quality audience growth,” said Mr Pellegrino. “In February 2020, Domain’s property views increased more than 20 per cent year-on-year and enquiries to agents increased to 40 per cent year-on-year.”
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