{"id":2478,"date":"2020-03-31T09:00:05","date_gmt":"2020-03-31T16:00:05","guid":{"rendered":"https:\/\/www.roomvustore.com\/blog\/?p=2478"},"modified":"2021-06-11T08:05:59","modified_gmt":"2021-06-11T15:05:59","slug":"how-will-covid-19-change-real-estate-practices","status":"publish","type":"post","link":"https:\/\/www.roomvu.com\/academy\/how-will-covid-19-change-real-estate-practices\/","title":{"rendered":"How Will COVID-19 Change Real Estate Practices?"},"content":{"rendered":"\n<p class=\"has-drop-cap\"><span style=\"font-weight: 400;\">COVID-19 has proven itself to be a party crasher not willing to leave until it\u2019s made a big enough mess. While the total economic effect of the Coronavirus is still unknown one of the potential positive outcomes are more flexible, experimental, and technologically savvy businesses. Real estate, viewed as reliant on paperwork, showings, and a personalized approach is also starting to change practices as a result of the pandemic.&nbsp;<\/span>Lets see how Covid-19 changes real estate practices and how the market will respond. <\/p><div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #326df7;color:#326df7\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #326df7;color:#326df7\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.roomvu.com\/academy\/how-will-covid-19-change-real-estate-practices\/#ChangingAppealing_Interest_Rates\" >Changing\/Appealing Interest Rates<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.roomvu.com\/academy\/how-will-covid-19-change-real-estate-practices\/#Online_Signing_Methods\" >Online Signing Methods<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.roomvu.com\/academy\/how-will-covid-19-change-real-estate-practices\/#Technology_The_Importance_of_the_360%C2%B0_Virtual_Tour\" >Technology: The Importance of the 360\u00b0 Virtual Tour<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.roomvu.com\/academy\/how-will-covid-19-change-real-estate-practices\/#Your_Online_Presence\" >Your Online Presence<\/a><\/li><\/ul><\/nav><\/div>\n\n\n\n\n<p><span style=\"font-weight: 400;\">Virtual Tours and <a href=\"https:\/\/www.roomvu.com\/academy\/listing-videos-for-real-estate-agents\/\">listing videos<\/a> are replacing showings, and there has been a huge jump in Online Signing with some lawyers talking about online ID verification for buyers and sellers and causing pressure in the United States for federal legislation to allow <\/span><span style=\"font-weight: 400;\">transactions to be signed off on remotely.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"has-text-align-center\"><iframe src=\"\/\/www.youtube.com\/embed\/N6fKa6bEy0s\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><br><span style=\"font-size: 10pt;\"><em>A realistic 3D walk-through with iGuide technology<\/em><\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-changing-appealing-interest-rates\"><span class=\"ez-toc-section\" id=\"ChangingAppealing_Interest_Rates\"><\/span><span style=\"font-weight: 400;\">Changing\/Appealing Interest Rates<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><span style=\"font-weight: 400;\">While the situation is in constant flux, currently low mortgage rates are helping to make this a buyers market.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">It is possible for qualified buyers to get a five-year fixed rate for below 2.5 % and variable rates below 2%.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">It should be stated that this is likely to shift. Canada\u2019s large hospitality industry has already faced massive lay-offs, with other industries starting to make similar moves this week. A possible recession will see banks facing higher funding costs and increased likelihood of loan losses.<\/span><\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><a href=\"https:\/\/www.roomvu.com\/academy\/protecting-your-residence-cleaning-and-disinfecting-for-coronavirus\/\"><strong>Read More: Protecting Your Residence: Cleaning and Disinfecting for Coronavirus<\/strong><\/a><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-online-signing-methods\"><span class=\"ez-toc-section\" id=\"Online_Signing_Methods\"><\/span><span style=\"font-weight: 400;\">Online Signing Methods<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><span style=\"font-weight: 400;\">Already in use by many agents, many more will now be moving to electronic signing methods. There are a variety of options available. The well known DocuSign claims \u201c2.5 million real estate transactions are closed\u201d.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">The Pandemic may lead to some fast federal policy changes in countries. Currently in the U.S., for example, there are twenty-three states which already have remote online notarization policies. But that leaves the majority (twenty-seven) unable to close a real estate transaction without in-person signing.&nbsp;<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">As the needs of individuals and industry rapidly shift hopefully governments can shift in time to meet those needs.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-technology-the-importance-of-the-360-virtual-tour\"><span class=\"ez-toc-section\" id=\"Technology_The_Importance_of_the_360%C2%B0_Virtual_Tour\"><\/span><span style=\"font-weight: 400;\">Technology: The Importance of the 360\u00b0 Virtual Tour<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><span style=\"font-weight: 400;\">With many buyers unable to leave their homes to go to showings the importance of having a virtual tour option has never been greater.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Platforms have seen the number of 3D home tours being created surge by triple digit percentages.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">We are fortunate to live in a technological age that would allow for affordable virtual walkthroughs to be available for agents to set-up and buyers to view.&nbsp;<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Offering virtual tours is essentially offering a permanent open house to people. Visitors can explore all the rooms and spaces in the house without having to venture outside.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">It is likely those using virtual tours as a result of COVID 19 will continue to do so. There are many long term advantages to virtual tours; they grab attention, drive traffic to websites, are easy to share, and save time and money.<\/span> <\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><a href=\"https:\/\/www.roomvu.com\/academy\/11-real-estate-facts-in-2020-level-up-your-real-estate-knowledge-by-these-stats-and-facts\/\"><strong>Read More: 11 Real Estate Facts in 2020: Level up Your Real Estate Knowledge With these Stats and Facts<\/strong><\/a><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-your-online-presence\"><span class=\"ez-toc-section\" id=\"Your_Online_Presence\"><\/span><span style=\"font-weight: 400;\">Your Online Presence<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><span style=\"font-weight: 400;\">It has never been more important for real estate agents to have a strong online presence.&nbsp; The options available to leverage technologies to make marketing and sales seamless and affordable may prove to be the tools needed to weather the storm.<\/span><\/p>\n\n\n\n<p><i><span style=\"font-weight: 400;\">Use Roomvu affordable marketing solutions for ready to go videos about the recent events and markets to inform your audience.&nbsp; When the market picks up you will be fresh in their minds for all their real estate needs<\/span><\/i><\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><a href=\"https:\/\/www.roomvu.com\/academy\/create-trust-in-real-estate-and-get-through-tough-times-the-know-like-trust-factor\/\"><strong>Read More: Create Trust in Real Estate and Get Through Tough Times &#8211; The &#8220;Know-Like-Trust&#8221; Factor<\/strong><\/a><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<hr class=\"wp-block-separator is-style-dots\"\/>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-references\">References<\/h3>\n\n\n\n<ol class=\"wp-block-list\"><li>Coronavirus: What will happen to Canada\u2019s housing market amid the pandemic?&#8211;<a href=\"https:\/\/globalnews.ca\/news\/6702662\/coronavirus-canada-housing-market\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">Global News<\/a><\/li><li>3D tours, remote signings: How coronavirus is changing homebuying this spring&#8211;<a href=\"https:\/\/www.usatoday.com\/story\/money\/2020\/03\/24\/coronavirus-changes-home-buying-scene-causing-delays-and-cancelations\/2884635001\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">USA Today<\/a><\/li><li>Why Virtual Tours Are Important In Real Estate Marketing&#8211;<a href=\"https:\/\/myrealpage.com\/virtual-tours-important-real-estate-marketing\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">myrealpage.com<\/a><\/li><li>How Canadian Real Estate Can Continue During Coronavirus&#8211; <a href=\"https:\/\/blog.remax.ca\/how-canadian-real-estate-can-continue-during-coronavirus\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">remax<\/a><\/li><\/ol>\n\n\n\n<div class=\"schema-faq wp-block-yoast-faq-block hide-this\"><div class=\"schema-faq-section\" id=\"faq-question-1605191910513\"><strong class=\"schema-faq-question\">How Will COVID-19 Change Real Estate Practices?<\/strong> <p class=\"schema-faq-answer\">Virtual Tours and <a href=\"https:\/\/www.roomvu.com\/academy\/listing-videos-for-real-estate-agents\/\">listing videos<\/a> are replacing showings, and there has been a huge jump in Online Signing with some lawyers talking about online ID verification for buyers and sellers and causing pressure in the United States for federal legislation to allow transactions to be signed off on remotely.\u00a0<\/p> <\/div> <\/div>\n","protected":false},"excerpt":{"rendered":"<p>COVID-19 has proven itself to be a party crasher not willing to leave until it\u2019s made a big enough mess. While the total economic effect of the Coronavirus is still unknown one of the potential positive outcomes are more flexible, experimental, and technologically savvy businesses. Real estate, viewed as reliant on paperwork, showings, and a &hellip;<\/p>\n","protected":false},"author":1,"featured_media":13837,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[462],"tags":[],"class_list":["post-2478","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate-marketing"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.7 (Yoast SEO v27.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>How Will COVID-19 Change Real Estate Practices?<\/title>\n<meta name=\"description\" content=\"Learn how the pandemic can shape the real estate market and what agents can do to keep their business running despite the limitations.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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