Real Estate’s New Normal

Key Highlights

• Pre-pandemic business models now past tense
• Some pandemic practices and changes for the better

Old Normal Business Models Now Past Tense

Real estate’s New Normal remains a people business.  However, some of the ways real estate serves its consumers have changed due to the COVID pandemic.

True, some of the changes we see in real Estate’s New Normal are technology based.  However, much of the technology we’re now regularly using has been around for a long time.  The pandemic was the reason we actually started using it.

Here is just one part of this multi-part story about what and how real estate services have changed due to the pandemic.  We’ll continue telling additional parts of this New Normal story as we go along.

Many Business Practices Now Done Virtually

Videoconferencing has been around for a long time.  Now, because we use it so much, we call videoconferencing zooming.

 With firms and teams located in different states and/or countries, zooming to review CMAs, reports, inspections, etc. makes all of this a breeze.

Also, many clients prefer online meetings.

The bottom line regarding virtual meetings and communications…zooming is here to stay.

Open Houses Not Required to Sell Houses

From the onset of the pandemic with open houses off-limits, agents quickly got onboard with 3D and drone technologies to bring consumers virtual open houses. Agents then enhanced virtual open houses with floor plans, virtual brochures, neighborhood views, etc.

Sellers didn’t have to be bothered with strangers traipsing into their homes and buyers didn’t have to be bothered driving around or having to fly to listed houses that were inappropriate for them.

Another plus…no open house signs needed.

The bottom line regarding virtual open house…they’re here to stay.

Some Sellers & Agents Prefer Scheduled Appointments Over Open Houses

Again due to pandemic restrictions, agents, sellers and buyers jumped on effective methods of scheduling in-person home tours.

Sellers appreciate knowing when buyers are touring their home and how many people will be included in that tour.

Buyers appreciate having the full attention of the agent plus they appreciate being able to have private conversations with the agent without an audience of wannabes overhearing.

Agents appreciate being able to track visitors effectively and concretely via the listing appointment.

Scheduled home tours are here to stay.

Virtual Staging Works

Now that home tours are virtual, the property must look great to attract potential buyers within the 7 – 10 seconds a consumer sees that property on her/his mobile device.

Virtual staging works for agents without large advertising budgets, for sellers not wanting to pay for staging services and for buyers who may need a few ideas to tweak their imaginations.  Virtual staging also works for lower-priced properties when real-time staging makes no financial sense.

Back to the Future – Real Estate is a People Business

Personal contact continues to be critical in real estate…no matter how virtual real estate becomes.

The most successful agents in this New Normal are the agents who have doubled down on their spheres of influence.

Personal phone calls, personal texting, personal emails, personalized marketing and ads, webinars, you name it.

The name of the game in real estate has always been people.  People continue to be the name of the game in real estate’s New Normal.

Thanks to Inman.

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