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The coronavirus pandemic made many people rethink their plans for the future, job occupations, professional status and the other essential parts of their everyday lives. Despite the challenges, people are still willing to buy homes due to low mortgage rates. Real estate agents trying to adapt to the new realities.
Before the COVID-19 pandemic people had a lot of plans to change accommodation, move or purchase a new property. The new restrictions connected with the limited number of people in one place caused difficulties for showings during the busiest season of the year. According to the statistics, the number of newly listed properties decreased to 19% this year. In comparison, from March to April the number of new listings usually increases by 50%.
Agents and realtors are no longer talking to the clients in person, they prefer discussing the details either on the phone or via email. The showings are done with the help of new technologies like virtual or augmented reality.
People are trying to get adjusted to the present conditions, using remote job opportunities, studying information that would be useful for the profession and even making a career change. The real estate agents and other professionals are no exception. It is a perfect time to improve negotiation skills, develop the business plan, or study something new. However, there are some more reasons that are important for success in the real estate industry. These reasons will help you to stay optimistic about the future and keep pushing forward in your career.
New knowledge and skills
Skilled real estate professionals can get used to successful deals during the busy seasons when the overall conditions in the market are favorable. In case of the opposite events, it will be difficult to get ready for overcoming the hurdles.
According to the predictions by real estate experts, it will take some considerable amount of time for the real estate market to cope with the consequences of the economic crisis which takes place now. That is why it is essential for real estate professionals to learn, develop a new skill set and adapt to the situation. This creates significant scope for studying, starting from the customers’ behavior, needs and requirements and ending with the real estate market trends, new systems and technologies.
Innovations and technologies
The real estate industry does not stand still, the new technologies are constantly developing. Telecommuting, 5G, augmented reality and other innovations that are helping us to cope with the new working mode demand our attention. The periods of crisis make people create new coping mechanisms, including innovations in digital technologies.
Since the lockdown ends, we will be obliged to keep within the limits set connected with the social distancing, mask regime and other restrictions arising from the global coronavirus pandemic. Some practices applied now by real estate agents for showings like virtual property tours and online bookings may remain in force in the future. The crisis will definitely change the industry, so we have to be prepared for these changes and educate ourselves on emerging technologies.
Passion for work
As the famous quote says, “Do what you love, love what you do”. Passion for work is one of the important things that are pushing us forward. If there was no love for the real estate industry, we would not have succeeded in the real estate business. This is the love for the job that makes real estate agents, realtors and other professionals not to give up working and continue going further even in these difficult times.
Motivation is extremely important in this respect. People who are motivated are looking for ways of problem-solving instead of sitting back and waiting for better times. The supply and demand for the properties have not changed drastically but the real estate agents had to change the approaches to professional activity.
For instance, some real estate agents have limited the time of the showings to 30 minutes and asked the sellers to leave the doors open. This was made to reduce the need for touching. Also, buyers and sellers are signing the contracts separately. The other agents are creating virtual tours for the rental properties and speak with the buyers and sellers through video conferencing.
Buying or selling a house or apartment during the global pandemic may seem difficult but it is possible. Homebuyers and sellers are still conducting transactions with the help of modern technologies. Virtual tours are replacing the showings and the agents find new ways to communicate with the clients and do their job. The real market is under stress now but the low interest rates are attracting potential buyers. When the situation with the coronavirus disease is over, the real estate industry is expected to evolve and develop more tools and technologies that will be useful in the future.
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