The coronavirus pandemic has disrupted the way just about everyone does business. We’ve all found new ways to work in the face of quarantines and social distancing, and the real estate industry has adapted as well, coming up with ways to safely market real estate during COVID. Here are some of the best and most effective methods for doing just that.
With the COVID-19 outbreak having a strong negative influence on global economies, spending habits change drastically. This is reflected in the real estate industry by market shifts away from certain types of properties, such as larger commercial buildings in regions that are suffering from a lack of tourism. Another example would be the market for second or vacation homes, which is also one that traditionally recedes in a recession.
What real estate markets are likely to see renewed interest at the moment? Smaller, more modest residential properties for first-time owners capitalizing on ultra-low interest rates and smaller-scale commercial properties for businesses looking to control costs by downsizing as their need for personnel space diminishes due to working from home. Realtors working in these markets, or who can pivot to these markets, are likely to remain more successful during the COVID pandemic.
All of us have had to embrace video calling technology since the onset of the coronavirus epidemic. There are few who haven’t had to struggle with configuring their phone or laptop for Zoom, Skype, Google Meet, or whatever other professional teleconferencing option that your organization uses. However, these same tools that are being used for business meetings and the like can be leveraged to show properties to interested buyers much more safely than in person. In fact, teleconferencing can be used as an invaluable tool for exposing prospective buyers to properties as safely as possible.
Nothing replaces the impact an open house or personal walk-through will have on a prospective buyer, but with social distancing rules still firmly in place, such events are decidedly off the table. Walking through a property while teleconferenced with a prospective buyer to showcase the property’s elements is a viable option, however, as it allows you to field questions from a buyer in real-time and respond accordingly. Even other options, such as a pre-recorded walkthrough or a virtual slideshow put together through a service like Matterport can help a customer get a feel for a property without physically being there.
Just because the economy has taken a hit from a global pandemic doesn’t mean it’s the end of the world. COVID-19 will come to an end, and things will return to normal, but until that happens you can still market your real estate company by shifting your focus to recession-proof properties and by leveraging technology to provide safe and informative services to your clients. The rest is up to you!