Winning at Real Estate in the Wake of COVID-19
Although very few would have predicted it, the coronavirus pandemic is still causing sweeping disruption to many industries, including the real estate market. But, with the national median home price skyrocketing to $362,800 in 2021 and a low inventory still persisting, there could be no better time to sell a home — or snag the home of your dreams. During the height of the pandemic, the average home was selling in just 15 days and over half were off the market in two weeks, making the buying and selling process faster — if you knew how to handle the ins and outs of selling during a pandemic.
For example, the health and safety rules put into place during the pandemic caused real estate agents to rethink how home staging, showing, and selling would take place from the initial contact all the way through to the signing of closing documents. The surprise? Even with restrictions loosening, consumers have taken a liking to this new way of doing business and some of the techniques put in place during the pandemic will persist far beyond mask and social distancing rules.
Smart real estate agents will take note and bring on board the technology and methods they need to give prospective buyers and sellers exactly what they want — a more virtual home buying experience.
How to Excel in the Post-Pandemic Real Estate Market
Consumers were forced into a more contactless home buying and selling model during the pandemic, but a surprising number of them found it more enjoyable than traditional in-person sales. In fact, over 60% of buyers purchasing a home in 2020 never set foot in it in person before making an offer. The reason this trend may be persisting is the low inventory of homes — interested buyers must move fast to snap up the home they want and seeing the home in person slows down the time you have to make an offer.
Savvy real estate professionals are recognizing this trend and arming themselves with the tech tools they need to provide prospective clients on both sides of the selling process the best experience. Here’s what you need to know:
Virtual Showings are the Wave of the Future
Using high-definition video to showcase homes for sale is fast becoming the preferred method of showing houses, transforming the traditional open house into a contactless — and more effortless — process. Realtors should be armed with the appropriate technology in order to offer a seamless experience to prospective buyers, including smart video conferencing tools. For example, using an interactive white board makes it easy to show all aspects of a home for sale through stunning, 3D videos and communicate easily with your clients, even if they are off-site. Screen-sharing and notation functions make asking — and answering — questions fast and easy.
Contactless Closings are Key
Contactless or curbside closings bring a lot of benefits to the table for clients, even if social distancing rules are lifted. Removing the need to gather at an attorney or title agent’s office reduces travel time and helps to alleviate scheduling challenges that naturally arise when several people must gather at the same time. Again, smart videoconferencing can be an important tool to conduct remote online notarizations using one of the several approved only notary platforms. In addition, document management software can help capture, organize, and secure key data and documents needed for fast, efficient closings.
Blue Technologies Has the Right Technology for Your Real Estate Business
At Blue Technologies, we help our real estate clients put together the perfect selection of technology tools to offer their prospective clients a winning real estate experience.
Not only can we put the latest in videoconferencing and communications technology at your fingertips through our interactive whiteboards and customized video conferencing solutions, but we also have state-of-the-art document management solutions to fit your needs. Both tools can help you manage virtual home showings and contactless closings, but they also do much more. And, using leading-edge technology ensures that your data — whether it is sent via video or organized on a smartphone, tablet, laptop, or desktop — is protected, secured, and compliant with pertinent data protection and privacy requirements.
Continue to win at real estate, even after the pandemic has passed. Contact a Blue Technologies consultant and learn how our communications and document solutions can help you transform your real estate business.