Adapting to the Impact of COVID-19 on Real Estate

As we continue to fight through this unprecedented crisis, it is important to stay positive and look toward the future. Consequently, as we experience shifts in consumer behavior, it is essential to adapt sales and marketing strategies to adjust to this change.

With over 4 billion people staying home, technology and media consumption is at an all-time high. So, how can you adapt to the impact of COVID-19 on the real estate market?

Stand Out with Virtual Sales Tools

Zillow, the popular home listing site, noted a 191% increase in 3D home tours in the first weeks of March, compared to the average seen in February. If doesn’t already convince you, maybe the fact that listings with 3D tours were saved by users 50% more and typically sold 10% faster, will.

In order to reach potential buyers and renters in the safety of their own homes, while cutting through the noise of your competitors, it is essential to leverage virtual sales tools in today’s current market environment. Now is the time to take the leap of faith into the virtual world! Shape offers a variety of solutions, from Digital Showroom, GameOn to 360 tours. These unique, immersive tools offer an enhanced sales experience for potential residents, enticing them with engaging 3D environments.

Remain Positive

While a recent analysis by Capital Economics showed that home sales are expected to drop 35%; analysts are remaining optimistic about the housing market, and believe the downturn will be short-lived. Zillow shared that while pending sales dropped dramatically in March, they have begun to rise again in April.

Additionally, Zillow shared that while traffic to listings in some markets still remains down from a year ago, the national total has rebounded drastically, up 13% year-over-year for the week ending April 13. This consumer behavior has given analysts a positive outlook, as it is apparent that the demand for real estate remains strong.

Plan for the Future

Many expect the real estate market to bounce back once consumers are back to work and out and about. With record low mortgage rates, many individuals will likely start looking into buying homes once everything has begun to stabilize again.

Right now is the perfect time to plan for the future, and establish a clear sales and marketing strategy, to come out stronger after this crisis is over. Investing in virtual sales tools can seem daunting; however, it is extremely apparent that the market landscape and consumer behavior is adapting to this current crisis by embracing VR, and it’s time for you to do so as well.

With years of experience working with real estate clients, Shape has a proven success record in efficiently leveraging digital tools and technology to boost sales. So, what are you waiting for? Contact us for a complimentary consultation, today.