The real estate industry has been temporarily put on hold due to lockdown guidelines to contain COVID-19, but now business is slowly but surely gaining momentum again. However, real estate agents like you must be aware of the New Normal for tenants and property acquisition to find viable leads and sales for your clients. Fortunately, we have just the information you need.
This article will discuss the real estate industry in 2020 and what real estate agents can expect in the coming years. Since most of the world is still trying to contain the virus, you have to adapt to the changes and do your part in staying compliant with the government and their efforts to keep your community safe.
Modern-day work has already shifted largely into a remote setting wherein employees and executives communicate and complete deliverables online from their homes. Prioritizing work-from-home setups means that you should expect more aspiring homeowners who seriously want to consider buying a house. They may also want to rent, depending on their budget and daily living expenses.
On the other hand, industrial spaces like small offices and corporate buildings may experience a decrease in sales as a result of the shift to remote work. However, companies are still not 100-percent remote since some operations require workers’ physical presence in the worksite.
As such, real estate agents should study the remote work trend more closely and consider repurposing their properties to service different tenants. Talk with different office industry clients and gain their understanding of rental spaces and what their priorities are during this transition period.
Urbanized properties can expect an increase in tenants moving out as they prioritize relocating into suburban communities. In fact, a study by The Harris Poll validates this, with 40 percent of urban residents considering moving out of the city. As a real estate agent, you should then find viable suburban options around less-populated areas, such as around Dallas and Fort Worth.
If you have properties in more urbanized areas, don’t simply abandon them as merely unsellable. Look into repurposing the property for other owners, like commercial center businesses that are looking to expand. There are still niche markets for urban spaces, so you should continue to think about maximizing your resources and the potential of your properties.
Tenants and investors are no longer prioritizing on-site visitations since localized lockdowns have restricted their mobility for their personal safety and health. This is why many real estate agents are using social media to find viable tenants and investors by producing professional marketing content, like high-quality videos and pictures.
As such, you should hire a professional real estate photographer and videographer to work on capturing the best angles of your property to promote it on social media platforms, like Facebook and Instagram.
Be sure to note your target audience and their lifestyle to easily find and match vacancy opportunities for your properties. Don’t forget to also offer remote tools to communicate and complete compliance documents to provide your clients with convenient services.
Conclusion
The New Normal for the real estate industry has made agents, tenants, and landlords change the way they view home purchasing and listings. These trends will continue to shape the future of real estate businesses. Take note of the previously mentioned trends, take advantage of them, and become a top real estate agent today!
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