The ‘New Normal’ in the Real Estate Industry
When the coronavirus pandemic first happened, people had no idea about its massive effect on the economy and daily lives.
Yet now, it is obvious. This pandemic has affected thousands of people and changed the face of many industries, including real estate marketing.
Several months have passed, and the fight against this virus is still going on. We are all required to follow the ‘new normal‘ protocols – the new kind of everyday life.
The real estate’s dynamic industry, which is characterized before with numerous open house tours, personal client interactions, and intensive onsite marketing campaigns, has become idle.
Still, the industry needs to do something about it to make real estate photography and videography, virtual tours, and other marketing techniques not obsolete. Moreover, they need to look for ways to stay functional despite the limitations continually.
Here are some of the notable changes in the real estate industry under the ‘new normal.’
Limited personal interaction
Given the limited mobility, realtors and interested buyers are encouraged to do online consultations. It is still possible to have a face-to-face discussion, but it should be one by one and not by group.
A surge in online listings
Although having online listings is not new anymore, many realtors who have been practicing offline marketing are now learning how to do it. This makes real estate photography and videography still useful. Realtors need companies that provide these services to have the materials for their listings, especially good quality photos and videos (including aerial images and clips). It takes a good company to get these materials, and while the agents themselves can do this, there are still more advantages in getting a photography company to do it for you.
Demand for 3D virtual tours
Even before, some realtors already use virtual tours in dealing with some clients who cannot visit the property personally. The demand for this becomes higher, as influenced by the restrictions caused by the outbreak. Possible clients are now requesting this option when they want to see the property and its details. It is good to know that many companies now offer 3D virtual tours. It maintains the industry’s dynamic nature.
More online open house tours
Like a virtual tour, open house tours are now done online, with realtors showing the property to clients in a live video. This approach is another alternative used by agents to accommodate interested buyers who are not ready to go out and visit the property.
The popularity of single property websites
Since everything is almost done online, there is a high demand with agents requesting for single property websites to aid their online listings. For one, unique property websites highlight the property’s essential aspects and amenities, which regular listings usually lack. This kind of site is efficient in showcasing a property since it only has one home or building to show.
Continuous use of digital marketing solutions
With everything done online, the industry is practically utilizing every possible digital marketing solution available in the market. This is to increase online presence and visibility not just on the web, but also on social media platforms. Some companies are also using online ads (Google, Facebook, etc.) to boost their campaigns and increase sales. Digital marketing has also provided ways for realtors to get leads online.
These are only some of the changes in the real estate industry under the ‘new normal.’ It is still hard to predict the other changes that are bound to happen, but these adjustments should be enough to keep the industry going. At least, one thing is for sure: the industry keeps going despite the outbreak.