The Coronavirus, more commonly referred to as COVID-19, has held the world’s economy hostage because of the threat of its spread. With strict quarantine procedures and social distancing methods in place, the world is finding new ways to cope with living in this new way of life.
The Effect Of The Pandemic on Real Estate
Many businesses have closed shop due to the overall drop in sales in the past two months, as governments pushed people to stay indoors for the remainder of the pandemic. Without an immediate cure to stop COVID-19 from spreading further and taking lives, governments all over are starting to ease businesses back into play to keep life going on.
For the real estate market, as one of the industries deemed an “essential service,” business must go on. The stall in the economy was felt in this industry in particular, with individuals and families deprioritizing real estate in favour of staying safely inside their current homes. While a brief spike in sales was felt between April and May, this was more out of fear than favourable marketing trends. To get a better understanding of how COVID 19 has affected the Canadain housing market check out our article.
Real Estate Tips During COVID-19 Pandemic
Today, this “new normal” state of the world has pushed real estate teams to implement new methods to keep both agents and clients safe. To help in keeping the threat of COVID-19 away, here are several real estate tips to take note of during this COVID-19 Pandemic.
Stick to Virtual Tours
One of the biggest challenges for real estate agents lies in conducting house tours. Prior to the pandemic, this was the biggest and easiest way to market a house.
As such, a more effective method was implemented: virtual tours. Done either through a 3D render of the building or a video tour, this provided a way for clients to still see the full scope of the house while simultaneously minimizing contact with the real estate agent.
For the discerning customer, physical tours are limited only to need—those seeking a house to take advantage of the lowered market rates are discouraged from pursuing this option.
Maintain Social Distancing
If necessary to do a physical tour, then the basic social distancing procedure must always be maintained throughout it. To help keep this basic rule active, certain protocols must be followed.
Firstly, ensure that a “touch-free” policy is maintained, with the real estate agent handling all the needs for door opening or switching-on lights. Apart from that, it is required that a certain distance be maintained from the agent at all times. To help with this, avoiding elevators is a necessity, as well as utilizing separate cars during transit between houses.
Aside from maintaining a healthy distance, basic sanitary procedures must always be employed throughout the tour. Hand sanitizer and anti-bacterial wipes should be provided and used, to avoid the spread of germs in the general vicinity.
With the real estate market being opened up again amidst the threat of COVID-19, following the basic social distancing procedures throughout the transactions must be maintained. By ensuring that the above mentioned tips are followed, a business can continue safely throughout this “new normal” of a lifestyle.
If you need information on the benefits available during COVID 19 from the BC government check out our update.
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