Real Estate Trends That May Stay After COVID-19

Real Estate Trends That May Stay After COVID-19

Like most industries, the real estate industry has had to change the way we work with clients, list homes, show homes, and so much more due to COVID-19. Here at Jensen and Company, we were able to quickly adapt to the shift to greater technology usage, as we already implemented many of these practices.
As this pandemic has continued, people are starting to realize that some of the changes that our society has implemented might be here to stay. While we can’t speak to all industries when it comes to the real estate industry, here are some changes that may stay after COVID-19.

Live Open House Broadcasts

Open houses are a staple of real estate, but with a pandemic going on, it isn’t a good idea for groups of people to be shuffling through properties at this time. To help protect potential homebuyers from the spread of the novel coronavirus, realtors have switched to live open house broadcasts.
How these broadcasts are conducted can differ depending on the realtors conducting. Generally, a live open house is streamed via Google Meetings, Zoom, Facebook Live, or other streaming platforms. During the open house, viewers can check out the property, ask to see specific areas, and set up private showings if interested.
This trend takes some of the risks out of a long-distance house purchase, as it can be tough to rely on pictures and edited videos, making it an appealing tool to keep around after COVID-19.

Increase Quality Of Photography And Use Of Drone Footage

Before you even want to join in with a broadcasted open house, the property should catch your eye, and that’s when the increased bump in photography comes in. Also, when a home comes with land, the pandemic has seen an increase of drone footage usage.
Before COVID-19 concerns, even poorly-photographed homes could expect some interest, as people could still go see it in person easily. However, with more production going into maintaining social distance, reducing time outside the home, and related concerns, homes without eye-catching, professional photography don’t perform as well.
Jensen and Company has been providing photography services taken by professional real estate photographers for those in Park City looking to sell their property. Not only do high-quality photos ensure more attention can be captured, but that the unique qualities of your property are highlighted, making this a clear real estate trend to hang onto.

Greater Precautions And Boundaries

As there is no definite end in sight to the concerns surrounding the novel coronavirus, some of the precautions that need to be taken can become baked into the normal realtor and client relationship. Things like minimizing contact between buyers, sellers, and real estate agents, riding in separate vehicles, wearing personal protective gear—shoe covers, masks, and gloves—during a showing, etc., are some of the current precautions.
While some things, like mask-wearing, may scale back, it is likely that this real estate trend will continue for at least the rest of the year. And, with flu season coming in a few short months, that may not be a bad idea.

Virtual Property Tours

Instead of a live-streamed open house, the rise of virtual property tours allows you to privately view a home you are interested in. This real estate tool has already been gaining traction, but it has risen in popularity as people are encouraged to minimize their time outside of their homes.
With a virtual property tour, you have a couple of options. One, you can view a pre-shot property tour. This tour takes you room-by-room, and in most cases, allows you to get a 360-degree view of the area you are in. The other option is arranging a live private viewing with a realtor.
By opting for a live, private virtual tour of a property, you can talk to a real estate agent in real-time, ask questions about room size, layout, to see from different views, and more. With the added convenience this kind of tour provides, we predict that it will stay a staple of the real estate industry. While we acknowledge buyers will want to visit a home in person, our virtual and live tours allow for buyers to save precious time and narrow their search immensely in the process to find their perfect home in Park City.

Closings Conducted Online

Lastly, closings on buying and selling homes have shifted to be online. While a time to meet still needs to be agreed on, this real estate trend is likely to stick around, as it makes it easier for all parties, from realtors to buyers and sellers, to “get together” and wind up the closing of a property sale.
While that doesn’t mean that all in-person closings are over forever, having a structure in place for online closing provides greater flexibility for the future.
Throughout this pandemic, Jensen and Company has continued to help those looking to buy or sell their Park City home, and we will continue to be here for all your real estate needs. To start working toward your Park City real estate goals.

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