Time and again, the real estate industry has proven to be resilient, agile and innovative in shifting circumstances. The COVID-19 pandemic has accelerated change and led to market fluctuations around the world as government restrictions and new economic realities have left their mark.
As we exit the current moment and look forward to an economic recovery, the real estate industry will be forever changed by the widespread adoption of property technology (PropTech) solutions and other trends.
What’s the future of real estate?
Some of the rising tides we’ve observed include:
- Digital transformation of buying, selling and renting processes.
- Further use of secure blockchain technology.
- Movement toward more paperless records and transactions.
- Remote notarization becoming commonplace.
- Livestreamed property auctions enabling participation from a distance.
Additionally, while convenient 3D virtual tours like those made possible by Matterport are essential for social distancing now, they will likely become a standard expectation for buyers and sellers in the future.
As agents and agencies navigate this new terrain, you’ll need to adopt these three future-proofing strategies:
1. Make remote work an integral part of your operations
Excessive reliance on in-person interactions can be a liability. Embrace tactics and technological solutions that enable you to work remotely.
- Migrating to the cloud.
- Investing in mobile technology.
- Upgrading your video conferencing solution.
2. Set up virtual viewings
This is a mutually beneficial step for you and your prospects. Potential buyers get a better view of the property before deciding if they want to book a visit, and you’re free from having to schedule extra showings that won’t lead to sales. In fact, in a recent survey, we found that 80% of respondents said they’d switch agents in favor of ones who offer 3D tours.
Some enthusiastic prospects may even make an offer based on the virtual walk-through alone.
3. Facilitate social distancing and optimal staffing
In order to accommodate social distancing guidelines, you may need to trim back the number of staff members who work inside your office at any given time. The hidden advantage of this arrangement is that you may be able to extend your availability by staggering employee working hours. Additionally, you can supplement staff shortfalls by outsourcing some functions and repurposing assets from Matterport’s 3D virtual tours for other real estate marketing collateral.
Prepare for the future of real estate now
Interested in diving into these topics in greater detail and hearing predictions about recovery opportunities for real estate markets around the world? Download our free eBook, “Real Estate: Are you ready to future-proof?”