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The onset of coronavirus has resulted in changes in business operations, taking security concerns into account.
Real Estate is now using the latest augmented reality technology to introduce concepts for virtual home tours. This has managed to keep residential property demand high, even amid viral fears.
Video conferencing is the new norm now, and buyers can shortlist homes from huge lists without getting out. So it is not wrong to say that the innovation of technology is the only reason the real estate industry operates successfully in these troubled times.
That being said, we are all waiting for the pandemic to end in order to return to our normal lives. And the thought of a world after COVID-19 brings us to the question: Can real estate practically continue to work after the end of the pandemic?
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In this article we are going to address this issue once and for all. So without further ado, let’s get started!
How has the pandemic affected real estate?
It is known that the coronavirus pandemic has managed to drastically change our lifestyle. And with businesses bearing the brunt, US economic growth is forecast to decline 5.6% this year.
Now the real estate market has also been hit hard by the sudden onset of COVID-19. Home sales had declined the most since 1982 (the year mortgage rates were 18%). Of course, given the market scenarios and regulations imposed related to social distancing, this came as no surprise.
However, sales of existing properties have regained momentum in recent months. In fact, we noticed a trend that indicates that properties are selling faster compared to the same time last year. With new contracts and offers, even new home sales recover faster than anyone can imagine.
How is the real estate industry thriving in a pandemic? There are two reasons. First, shelter is a basic need for living, so its demand will always persist. Plus, coronavirus and the infinite bans have made it more necessary than ever. Home is no longer just a safe haven, but also serves as an office, gym, lounge and cinema.
Second, COVID-19 has replaced physical home tours with virtual walkways, 3D mapping, and drone surveys. Prospective buyers can now take a tour of the residential property from the comfort of their own home, while observing the norms of social distancing and minimal contact.
How do virtual passageways change real estate transactions?
Buyers and sellers now prefer to conduct real estate deals virtually via video calls to reduce the risk of virus infection during physical meetings and viewings. To this end, brokers and agents are turning to Facebook Lives and Facetime to host virtual open houses for potential buyers.
In fact, they also rely on teleconferencing software like Zoom Video Communications and Verizon’s Bluejean to communicate with customers in person. That said, users can now go through data and analysis virtually by sharing screens. instead of holding meetings in conference rooms.
In addition, the demand for 3D scanning has increased. Sellers are attempting to use the latest in reality technology to create virtual walkways that enable lifelike video games to be played with VR headsets.
This has led to a nationwide surge in virtual tours, encouraging sellers to show properties without having to send an agent to the location. As such, we encountered a trend that reflects that 35% of brokers rely on virtual passages at home rather than physical tours.
Now that we’ve outlined the seller’s perspective, it’s time to focus on the buyer. The real estate industry has managed to thrive even during a pandemic as buyers are more willing to opt for virtual home tours. This in turn has contributed to accelerating the house search.
Physical viewings prior to COVID-19 required buyers to personally tour 30 different potential properties to find a suitable place to invest in. To be honest, this was not only time consuming but also quite time consuming.
However, virtual home tours have solved these problems as they help buyers narrow down properties from a huge list faster than before. In addition, contract negotiations and offers can easily be created electronically. The overall process is much more convenient and stress-free as it follows the stay-at-home instructions continuously enforced throughout this pandemic.
Can real estate work in practice after the pandemic?
In this section we address the main question surrounding the virtual operation of real estate in a post-COVID-19 world. To answer your question, virtual tours and home tours are sure to continue after the pandemic.
This is because digital meetings are not only convenient, but also speed up the overall property search process. Furthermore, even in the post-pandemic scenario, the world will not be the same as a feeling of fear remains among us all.
Although real estate can be operated virtually, buyers will always want to enter the home to see it in person before closing a deal. And let’s be honest; Buying a home is a lifelong investment. Therefore, tactile experience is vital, especially if you are looking to spend a fortune on the property.
In fact, homeowners who have bought homes after virtual tours consider physical passageways important. The reason for this is that it helps you define your idea of a house. That’s not all.
In contrast to virtual operations, in-person home tours can give you insights into the property’s exact size, demographics, landscape and drainage systems. So you won’t miss any of the crucial factors that could affect your future home needs.
On the other hand, sellers have no problem with sell a home online after the pandemic. To be honest, real estate ads were found online even before the onset of COVID-19. The only difference now is that the entire property purchase process is also virtual. This includes home tours, digital meetings between brokers, sellers and customers, negotiations and of course the final deal.
In our opinion, real estate can definitely continue to work virtually after the pandemic. However, physical visits to the property are also allowed prior to final purchase. This is done to ensure that the buyer is completely satisfied with the investment.
How will open houses take place after the pandemic?
Although virtual meetings are encouraged, open days are also held after the pandemic for buyers concerned about making a purchase without seeing the house in person. To this end, some key rules and regulations are already being put in place by leading real estate companies in the United States.
Agents were provided with a detailed layout of how to prepare for the open house and demonstrations. The tips and suggestions include making sure the agent has a list of all the names that are likely to be on the property, be it the agent, buyer, or seller.
In addition, the open house should be held to maintain social distancing practices. Therefore, only a few participants are allowed. And agents have to confirm beforehand that no one was sick in the house. In addition, detergents, disinfectants, and disinfectants should be available throughout the property.
2020 will always be remembered in the history of economics and medical sciences. It was a year of breakthroughs, regression and drastic change. Companies were hit hard, but some saw a glimmer of hope.
Although home sales declined at the start of the pandemic, they have been gradually picking up pace in recent months. With the accelerated use of 3D mapping, virtual passageways, and drone surveys, the real estate industry flourished.
However, because of the convenience and satisfaction offered by physical passageways, buyers may not enjoy the virtual home search experience for too long. Therefore, the trend of virtual operation of real estate could decline after COVID-19.
With that in mind, let’s say goodbye now. Until next time, take care and stay safe!
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