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State of Real Estate During COVID-19

The impact of COVID-19 is different for every industry. Many have seen it expose the cracks of what isn’t working, and others have learned how to adjust in this quickly evolving time. Since the real estate industry is largely influenced by interpersonal interactions, what is the state of real estate during COVID-19?

Watch Jerilyn on the American Dream Panel

Turning Obstacles into Opportunities

Since COVID-19 is so contagious, many states have enacted a stay-at-home policy that requires people to limit their time in public spaces. In addition, the CDC has recommended that everyone practice social distancing. With these two policies in order, in-person open houses and walkthroughs are cancelled.

With the most important part of the homebuying process eliminated, the real estate industry has had to change course and evolve to fit the needs of the clientele. As Jerilyn points out in the panel, “our job as realtors is to continue to hold the fort down so when [people] get here, it’s up and running. The more time we spend at home, the more technology becomes our friend.” Through virtual walkthroughs, livestreaming of local parks and areas, and Zoom calls, realtors have been able to continue helping people find their dream home.

Keeping the Focus

No matter how quickly technology advances, real estate will always thrive from interpersonal relationships. As realtors and brokers are trying to navigate the new normal of COVID-19, keeping their sights on maintaining these relationships will help determine next steps. Technology has given the real estate industry a gift to be able to reach people in a new way, so it’s important for brokers and realtors to be thinking of ways to use these tools to reach their customers.  At Posh Properties, we have begun virtual walkthroughs that allow customers to see these homes in a more personal way than just an online photo gallery. It allows customers to see features that normally wouldn’t be accessible with a still image, like the opening of a door or the size of a shelving unit to-scale.

Maintaining Optimism

In a time of uncertainty, people’s attitudes and outlooks are being tested. However, it is how we react to these trials that determines our character and our outcome. It’s important to know that in a time of change, you can’t expect to keep up. You just need to find what works for your firm, what customers are responding to, and what you’re comfortable with. Once life returns back to the way that it was, you’ll want to be the agent that your customers trust with such a big decision. The problem with COVID-19 is that it’s truly a ghost – you can’t see it, but you can feel its presence. But when you give your customers knowledge and support, you’re instilling a sense of optimism and credibility that will follow you after the crisis ends.

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