Real Estate Market in the Times of Coronavirus.

It’s a difficult time for humanity and our human ways. From time to time, we are faced with situations where reorganization and reconstruction of our approach are required. Sometimes these shifts are small, and only when we look back at the last decade or two, we realize how much life has changed, and sometimes, these changes are sudden and on a massive scale. The world is currently battling with one such change, the Coronavirus pandemic.

 It has forced many people out of their jobs. Many businesses are shut, healthcare facilities are overburdened, and the return to normal is looking unlikely in the foreseeable future. It’s a challenging time for everyone. People are turning towards digital resources to keep them entertained, connected, and in the market. Businesses are adapting and finding ways to serve their customers and adhere to social distancing and other safety norms. While businesses across the market are badly hit, one of the worst impacted businesses is real estate.

360 degree virtual reality 3d tour | Bit-VR

Customers are not able to visit the properties; at some locations, the construction is halted, and people are wary of making big investments during such uncertain times. Nobody knows what the future holds for the job market. To maneuver through these challenges, real estate developers and agents are using 3D virtual tours to showcase their properties.

Virtual reality for the real estate market is becoming one of the go-to solutions to provide convincing property displays to the customers. Some developers are offering win-win deals to the buyers to give them flexibility and convenience. Interested buyers can give a token amount after seeing the virtual tours and reserve the place. If they are not satisfied after the physical visit, they can get a full refund. 

 

These kinds of proposals are helping many real estate agents to engage clients and get conversions. Property virtual tours are also helping customers view multiple properties in a safe environment and shortlist some for physical visits.

 

To give viewers more impressive property tours, some developers are shooting the property from different perspectives, even using drones to show the property from the top. The real estate agents are using all means to stay connected to the clients and give them as much flexibility and choice as possible.

 

As per some agents, they start by describing the different offerings, property location, amenities, and other aspects of the property. Then they understand the client’s requirements and budget. After receiving all the necessary information, they talk elaborately about the relevant property. Once all the information is passed, agents ask the customers to join the virtual presentation, and a complete walkthrough is given.

While virtual property tours have been received quite well, the developers agree that to solely depend on them or to expect customers to book the property without a physical visit is still too early. It might take some time for the majority to accept it as a reliable medium. 

 

The investment customers are making is significant, and they would want to touch and feel the property before committing to anything. In such situations, the full refund offers given by developers help in making the decision easier for customers. 

 

Sales agents believe that virtual presentations are an excellent medium to showcase the property without any location barriers. It works wonderfully as an extension to physical visits and can help minimize the visits, but it’s too early to say if it can help altogether avoid them.

Different marketers are using different approaches and offers to get conversions and keep the clients interested. While everyone might have a slightly different opinion on virtual tours and how they fit in their sales cycle, everyone agrees they’re an essential element to the process and will play a crucial role in how properties are shown and how interactions will happen with clients in the future.

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