The industry is embracing drastic changes in hopes of a better future.
As the coronavirus (COVID-19) outbreak makes its way through the world, many industries are falling to the challenges presented by the pandemic. From the retail segment to the restaurant sector, business owners are facing their biggest gauntlet in modern history.
In these unprecedented times, it is natural to wonder about coronavirus effects on real estate. After all, as an industry that relies on physical visits and in-person agreements, the real estate segment is in for an unusual situation. And it’s doing its best to adapt to these changes.
Changing at a Moment’s Notice: The Industry is Relying on Tech
In the state of Minnesota, real estate agents are considered essential workers during lockdown measures. This means that they are able to continue their operations if they comply with social distancing best practices. This makes way for uninterrupted services at the surface level, while grappling with hurdles at every other step.
Doing open-houses amid a viral outbreak is a no go, so is hosting whole families for physical showings. But the real estate coronavirus adaptation plan is in full force in this aspect, with most realtors turning to technology as the first point of touring a home. They are also limiting the signing of most contracts to digital avenues, and keeping an open channel of communication with clients to maintain transparency.
From Snacks to Gadgets: Realtors Are Turning to Virtual Showings
In the middle of all of these efforts, the coronavirus effects on real estate are most evident during house showings. Instead of holding conventional open-houses to help potential buyers learn more about a home, realtors are doing livestreams and video calls in terms of a so-called virtual tour.
Some of these realtors are using basic apps for these calls, while others are relying on video conferencing platforms. In either case, virtual tours are now the primary way to show a listing and gauge a buyer interest. If a buyer seems genuinely curious about the home, the designated realtors take the process to the next level.
New Rules: Physical Showings Are Different Than You Remember
Even when the buyers advance to the physical showing part, the real estate coronavirus adaptation is evident once again. Realtors are limiting in-person visits to two people from the buying party, while also ensuring that they don’t travel to the listing in the same car as the buyers. On the other hand, sellers are asked to turn on all lights and open all doors and windows to limit the risk of surface transmission for COVID-19.
Before the showing, realtors are also taking sellers into confidence and also asking them to sign a waiver in order to steer clear of legal troubles. Only after the seller’s agreement do the realtors execute a physical visit. After the showing, realtors are maintaining disinfecting practices to ensure that they are doing their part in limiting the spread of the novel coronavirus.
All Eyes on the Prize: It’s All Building Up to a Budding Market
Since the housing interest rates have taken a stroll to lucratively low levels, they are attracting the attention of those buyers who are hopeful about life beyond the pandemic.
According to Minnesota realtors, this outlook is creating a vision for a growing market that will explode in listings, showings, and closings after the worst of the COVID-19 pandemic has passed. For now, the realtors are doing their best to adapt to coronavirus effects on real estate, and keeping their eyes on the prize for when life returns to normal.