How Can The Real Estate Industry Adapt to the New Normal?
- July 16, 2020
- by John Yu
What are the ways for the real estate industry to adapt to the new normal?
- Focus on virtual showings
- Disinfecting properties
- Adapting to buyers’ needs
- Improve digital marketing strategies
- Hold webinars
- Revisit crisis management
There shouldn’t be any surprise that the new normal will continue as far as the foreseeable future. For the real estate sector, this has many implications. Traditional schemes of conducting real estate activities may no longer be viable, in an effort to prevent the spread of the COVID-19 virus. How the real estate industry adapts to the new normal is ultimately dependent on the needs of both the clients and the real estate professionals in the business. Continue reading to learn more.
Focus on virtual showings
In navigating the new normal, there will be a prevalence of virtual showing arrangements for both buyers and sellers of real estate properties. The main motivation behind this is people are wary of physically visiting sites due to the ongoing threat of the virus.
Virtual house tours provide clients with one of the safest options for assessing the various features of the property they’d want to look into. This has been made possible through online platforms that provide 3D, as well as video surveying tools.
If you think about it, virtual tours are more practical compared to physical site visits since the former can easily be accessed at any time. There are no shortages of ways to conduct these kinds of activities — a real estate broker needs only be creative with the way they walk their client through it.
Some potential buyers and owners may still prefer implementing traditional practices in real estate, so open house viewings may slowly become more of a possibility in the new normal. As a precautionary measure, however, real estate properties should have already been properly disinfected to accommodate this kind of activity.
Disinfecting during the time of a global pandemic is all about ensuring a space will become inhabitable and safe for everyone in it. For example, as a buyer sets a schedule for the open-viewing of a particular house, the seller has already undertaken the necessary steps in disinfecting the entire property. High-touch surfaces like doorknobs, window latches, and furniture should be spotless.
Adapting to buyers’ needs
Purveyors of real estate services should also see to it that they’re considering the welfare of the buyer around this time. Income may be more difficult to come by nowadays. When sellers or licensed brokers adopt a more customer-centric approach, they would be able to increase their chances of attracting sales.
Brokers can accomplish this through a variety of means. First-time property buyers may be unaware of the process, especially in the new normal — they would appreciate it if the brokers make it a point to inform them by providing accessible materials. Compromise is key. Allowing potential buyers to feel like their time and presence is valued should be one of the primary goals of any real estate activity in the new normal.
Improve digital marketing strategies
Many in the world of real estate may also feel they’re in limbo — but this doesn’t necessarily have to be the case. There are still many ways by which they can make their presence more palpable to their potential clients and customers and this is through improving their many digital marketing strategies.
One of the most convenient ways to do this is by making an effort when it comes to real estate photography. Many sellers are making use of third-party property platforms. Sometimes, a well-taken photo can make the difference between boosting leads, or generating none at all.
For brokers, on the other hand, they can improve the design and functionality of their website to improve the user experience. They can also invest in targeted ads and make their presence felt through social media marketing.
Webinars are undoubtedly becoming more popular around this time. Real estate providers can take advantage of this demand by also holding their own.
Anyone seeking to venture into the world of real estate would appreciate engaging in webinars that are able to educate them on some useful real estate tips, for example. These types of online conferences can also be a method to inform the public about the state of the real estate industry in the country.
Staying well-informed is undoubtedly one of the main priorities of everyone during the pandemic — anyone will surely appreciate gaining insights on anything related to real estate, especially when these insights come from reliable pundits and professionals in the field.
Revisit crisis management
Anyone involved in real estate should also be able to revisit their crisis management strategies. This is true for anyone, whether they’re a landlord, a real estate agent, or the like.
Crisis management during the new normal is all about staying on top of the changes and updates that are communicated by both the national and local governments. This is to ensure they’re complying with all the regulations that may result due to the pandemic.
Some strategies may also need to be modified to adapt to the current situation. Whether it be to improve health and safety protocols, assess real estate contracts, manage insurance claims, and keep them all up to date is critical.
Everyone involved in the industry may eventually begin pondering how the real estate industry can adapt to the new normal. As challenging as it may seem, the new normal has also seen the rise and popularity of online platforms and other kinds of digital schemes.
The intent is for all those involved in the industry to take advantage of these platforms and accommodate everyone to the best of their abilities. Through simple methods like holding webinars, keeping in close contact with clients, or even revisiting the most important crisis management strategies, the new normal can be more easily managed.
If you want to learn more, click here to get in touch with your favorite real estate brokers.