The COVID-19 pandemic has been very challenging to all sectors of life, not just the health sectors and front-liners.
One industry that is facing challenges in the pandemic is the real estate industry.
Real estate agents are having difficulty with their job due to this pandemic.
In this blog, we will discuss the five challenges real estate agents face in the pandemic.
1. Homebuyers need to chill out.
The biggest challenge real estate agents face today is how to handle the psychology of homebuyers in general. At the back of their mind, homebuyers tend to be stressed out in overthinking the process of buying their dream house. Transactions in real estate are now viewed as something that needs to be exhaustively undergone. Although there might be some sense to it, buying your long-time dream house should never be a stress. In fact, studies have shown that despite the pandemic real estate remains stable as far as selling and buying properties is concerned. Therefore, the major challenge for realtors is to assure their client that everything is under control.
2. Home showings and stagings slow down
Another challenge facing many real estate agents today is the low number of homeowners who allow home showings and do home staging before selling their houses.
Many real estate agents said while home showings and staging are still happening it has drastically slowed down due to the pandemic.
Unlike in the past where homeowners would show their homes immediately to potential buyers, it is not happening today.
“Before the coronavirus, homeowners were encouraged to stage homes for showings and open houses so they felt lived-in. Recently, however, that policy has been turned upside down”, Katie Witry, a real estate agent and owner of Witry Collective in New Orleans said.
3. Too many precautions on home showings
Many homeowners today require their real state agents to wear too many COVID-19 safety precautions before they decide to show their property.
“I’m suiting up in a mask and disposable gloves to show the property,” says Lara Cox, a Realtor® in Las Vegas.
“She’s also “using a disinfectant wipe to open doors, turn on light switches, and open blinds” Cox added.
Some agents also complain that due to the face mask their clients are using they could not see their facial reactions.
4. Some clients are too keen on virtual tours
Due to the ongoing pandemic virtual tours or the online showing of the property has become widely popular.
However, some real agents complain that their clients are not too happy with virtual tours since they want to experience a home and how it feels.
While virtual tours are safe and convenient, many clients still want to physically see the property examine it.
5. Lack of property listing inventory
Due to the ongoing pandemic, most homeowners are not putting their property on property listings because many of them are reluctant to sell their homes as a form of security.
Without property listing, real estate agents are having a hard time finding homes to sell. Others are resorting to extensive social media presence to broaden their leads.
As competition becomes more intense, realtors are also having a hard time finding off-market properties today. The real challenge is, to find potential leads days, weeks, or even months before they hit the market.
If you are a realtor, you need to keep an eye on these five challenges in the midst of the pandemic. Now is the good time to re-strategize.
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