Real Estate Strategies to Use During the COVID-19 Pandemic

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Real Estate Strategies to Use During the COVID-19 Pandemic

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The COVID-19 pandemic has resulted in seismic shifts across the real estate industry, both in North America and worldwide. This has made it difficult for both buyers and investors to know how to navigate market changes. These real estate strategies can help increase the likelihood of sound purchases and sales.

The New Reality

Current social distancing requirements have completely changed the operation of residential and commercial real estate markets. Physical showings and meetings have been suspended, and many are hesitant to move forward with sales and purchases, which has resulted in sharp declines in activity.

Yet modern technology is allowing realtors and clients alike to continue business online. Video chats and virtual showings have replaced physical meetings and, in this way, buying and selling have been able to continue.

Strategies for Buyers

There are a few real estate investment strategies to try. The continued focus on relationships is of the utmost importance. The more a seller likes you, the more likely they’ll be to choose you as a buyer, so make a connection with the seller that communicates your good intentions for the property.

The COVID reality has resulted in much shorter shelf lives for properties before sellers must discount them. Therefore, it can help to inject urgency regarding potential future occurrences that may impact the sale of properties further.

Present yourself as the solution to a seller’s problem of unwanted property. Communicate to the seller how much simpler their life would be without the property and offer to help them simplify.

Strategies for Sellers

Those selling properties are finding the virtual tour to be an effective strategy for getting their properties sold, with more sellers than ever now offering this feature. Would-be owners can enjoy a recorded or streamed virtual tour from the comfort and safety of their homes. 360-degree panoramic images are also proving to be effective for sellers.

In addition to virtual tours, online financial transactions have sharply increased in popularity since the onset of COVID-19. Those wishing to sell would be wise to consider offering more than one method of online payment to buyers.

The Future of Real Estate

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There is much positive speculation about the future. The reopening of businesses will result in new listing surges that will mean success for buyers, in terms of fast sales, and sellers, in the form of lower prices, some say. Others predict the most growth will occur in smaller cities and rural areas, thanks to lower populations and the resulting ease of social distancing.

Historical trends reveal that stock market volatility has left the real estate market largely unaffected, and some predict this trend will continue.

Are you looking to optimize opportunity and positioning with your sale, or do you want to be assured you won’t overpay as a buyer? TB-RE offers over 20 years of expertise in how to buy real estate. We also specialize in owner, tenant, and seller representation; commercial property management; and much more. Get started by calling us today: (312) 473-1764.