Key Highlights
- Tech and digital assets seen as collateral necessities for agents
- Strict protocols must be maintained
- New luxury home trends revolving around safety and space
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Here are some key areas for you as luxury real estate agents and brokers to glean from Wealth-X’s latest Luxury Real Estate Outlook, particularly in light of the impact that the COVID-19 pandemic has had on the luxury real estate industry.
Wealth-X encourages agents and brokers to utilize and enhance their tech and digital assets. No longer merely optional as it was in a pre-pandemic world, Wealth-x views “…virtual collateral (as) paramount.” Those savvy agents able to communicate with clients around the globe with digital and interactive tools have a huge leg up here.
During this mid-pandemic time frame, real estate showings continue to require pre-signed disclosures prior to entering the property and mandatory appointments to ensure that no other visitors suddenly “show up.” Both the client and the agent must be required to social distance, wear facemasks, remove shoes upon entry and avoid all surface touching. Only the prospective buyer and agent should be permitted on-site…no owner, no tenant, no children. The current homeowner and the potential buyer will appreciate the agent’s concern for safety.
Luxury clients want more rather than less space for greater breathing room and more spatial distances within the home. Amenities within the home, such as swimming pools, exercise/gym spaces, at-home theaters, are in high demand now and will continue to be going forward. (Luxury clients are not interested in “sharing” spaces or amenities, at least for now and the near future.) Along with designated home offices for remote working and learning, luxury clients want a quiet place in which to make conference and/or Zoom calls in order that teleconferencing spaces are free from extraneous noise and that the spaces “sound” professional.
How long these mid-pandemic luxury preferences will last is anyone’s best guess. However, most industry professionals believe that many of these “new” preferences will become the norm sooner rather than later. Additionally, many health professionals are encouraging all of us to realize that the coronavirus is and will not be a singular event. If and/or when another virus pandemic again takes hold of our world, safety protocols and living/working/learning adaptations and preferences may become part of the global landscape.
Thanks to Wealth-X.
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