How Real Estate Industry is Changing Post Pandemic
The COVID-19 pandemic has had a sudden and rapid impact on all aspects and made more than 2 billion people around the world living under lock-down quarantine. The lives of so many have been changed in a way they never imagined. People can no longer meet, work, eat, and shop like they used to. The working world shifted quickly from business as usual to cautious flights, office closures, and work from home regulations.
Physical distance has directly changed the way people communicate and interact with physical space. Consumers are getting their essential needs like food, medicine, and home supplies delivered more often than usual. The impact of the sudden outbreak made the demand for many types of establishments go down. This affected the real estate industry.
Despite how the pandemic affected the real estate industry, agents found ways to adapt to these more difficult operating conditions.
Here are a few ways the real estate industry is changing post-pandemic:
- Real Estate Goes Virtual
Social distancing? No problem. Nowadays, instead of taking potential buyers to a home or apartment, the agent will go in, take a detailed video tour of the house, and then send it to their clients. The agent may also video call clients as they walk through the house, making them available to answer questions in real-time. These virtual open houses serve as a means of presenting properties to potential buyers or renters in a safer way compared to what normally occurs during an in-person display.
- Social Media and Online Marketing
Aside from virtually presenting the place to potential buyers, agents also found ways to reach their consumers in an easier way. As COVID19 brought anxieties to consumers, online marketing and sales had to become more customer-oriented to adapt to what investors and buyers felt.
- A more open-minded approach
The pandemic will be an overall change for real estate agencies that will have to invest in adapting their working environment, practices, technology products, and talent development. According to John Percudani, Managing Director of Realmark Real Estate Group, the pandemic also highlighted the traditional mindsets and practices that we need to let go of. And since the world is changing every day, the industry must look for ways to stay afloat.
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