This Is What You Should Know About The Real Estate Market After Coronavirus
This is what you should know about the real estate market after Coronavirus
The Coronavirus crisis dug deep into the foundations of the real estate market. Some of the strategies that were a momentary fixare now turning into long-term solutions. This is what the new real estate marketing world might look like in time to come.
Technology playing a main role
This might seem like no news for most people; technology is, in fact, taking over almost every market in the world. Real estate marketing was slowly growing technology-wise, but due to Coronavirus, that had to be sped up. Technology will no longer be an exception but turn into the rule.
Virtual tours
All physical visits to properties will decline to the very minimum. Even with protocols in place, it is dangerous to go to the same house so many people went before you. This would be a tremendous effort of disinfection and cleaning from real estate agencies. Virtual tours can solve all those problems at once. With one big upfront investment, the property can be shown indefinitely online. Then, those who narrowed their search enough can schedule a visit.
Professional training
Since technology updates will be way more important than they have ever been, being up to date will prove to be crucial. Those professionals who fail to follow a thorough training regime will drag behind. When technology plays the main role, you can either be on it or behind it; there´s no middle ground.
Impact on housing
Changes after the Coronavirus crisis are not only expected on the marketing side but also construction-wise. Having spent so many days isolated made people realize that their houses weren´t ready for them to spend that many hours inside. For example, if you had a 9 to 5 job, you would leave at 8 and arrive at 6. Features like natural, direct sunlight were not so important. Also, people concentrating in big cities to be near their working place are a disappearing trend. Remote working, in most cases, is a possible solution that might not face interruption by many companies after Coronavirus. This leads to professionals looking for their spot on the outskirts rather than the city center.
Rentals on the traditional side
With tourism being another business niche severely hit by Coronavirus, most buildings dedicated to tourist rental shifted their approach. Having an empty building is much more harmful to the economic wellbeing of a company than renting it for six months to a year. Long-term renting is not as profitable, but it is easier to and much cheaper to manage.
Looking for investors
Let´s put this into simple words: those who have liquidity at the moment the market reopens will have many opportunities. There are two main factors to look at:
- Interests are their all-time low –Banks are offering none to negative interest rates for big accounts over 100,000 Euros. Having idle money in the bank is losing money day by day.
- The stock market is too volatile –The stock market is more volatile than ever and making healthy investments is increasingly hard.
If you can´t put your money in the bank or in stocks, why not put it into bricks? This promises to be a steady trend for time to come.
Conclusion
Coronavirus crisis hit hard on a market that was slowly rising after 2014. Some experts claim that it will be fully back (perhaps to a new normal) in 2022. This prediction leaves a two-year gap to prepare and do the best business ever. There will be a change in the real estate market forever; follow our hints, and catch up today.
