The COVID-19 pandemic has forever changed the world and how we interact with it. One of the industries hit hardest by this global crisis was the real estate industry. With the goal of selling physical space, real estate was met by a plethora of problems when stay-at-home orders were sent out around the world. But with the changes came adaptations: virtual leasing, 3D tours, and so many more technological advancements that allowed the real estate industry to continue (from a six-foot distance).
With over 50% of the U.S. population vaccinated and the number of inoculated people continuing to grow every day, the real estate industry is about to enter the post-pandemic period. What industry changes will remain? What type of real estate will be popular once COVID-19 is contained? 3DApartment has analyzed the market and has four predictions for the future of real estate that we want to share with our community.
4 Predictions for the Future of Real Estate
The COVID-19 pandemic has done more than just change the way we buy and sell real estate. It’s also significantly affected the type of properties that buyers are gravitating towards. Which changes are expected to remain after the pandemic? Keep reading to find out…
1. Where People Want to Live is Always Changing
The biggest thing that COVID-19 has proven to real estate agents is that the priorities of the customer can quickly change depending on what’s going on in the world. Pre-pandemic, big cities were still popular places to buy and rent real estate. Owning real estate in downtown New York or Chicago was once a safe investment. The sales focus was on the amenities in the neighborhood and an abundance of great bars, restaurants, and parks.
But post-quarantine, consumers are looking for larger properties with an abundance of open space and easy access to the outdoors. There is a higher demand for single family homes now than in 2019. People prefer living in the suburbs and are fleeing dense, congested cities. Small towns that were once dead spots have flourished. 60% of homebuyers have admitted that their home preferences have changed during this period. It’s important for real estate professionals to continue tracking what’s going on in the world to predict how this will change the buying habits of consumers.
2. Remote Work is a Game-Changer
For most of history, people have had to live where they work. The more jobs a place had, the larger the real estate market tended to be. The pandemic has flipped that notion entirely on its head. Suddenly, for the first time ever, a large population of the working class has the opportunity to live wherever, regardless of where their boss or office is physically located. Suburban neighborhoods and planned communities have exploded in popularity since remote working has given the average American way more freedom when it comes to where they want to live.
Not only has remote working changed where people want to live, but also what type of space they want to live in. Co-working spaces in apartment buildings have become an essential amenity. Selling a property with a designated home-office space has never been easier. Some agents in cities have found success in marketing two-bedroom apartments as a one-bedroom apartment with a home office. It’s important for real estate professionals to stay creative to keep up with current living trends.
3. Self-Guided & Virtual Tours are Here to Stay
Did you know that 56% of people who signed a lease during the pandemic viewed the listing virtually and 80% of those were content with that viewing experience? Even during a global pandemic, people had to move and go through the leasing process. Brokerages stepped up during this chaotic time and did their best to adapt to the current events. Though virtual leasing was first thought of as a temporary solution, many real estate professionals and clients alike enjoy the benefits of going through the process digitally.
There are many benefits to virtual leasing. There’s a growing interest in property viewings right now, and virtual leasing can meet that increasing demand. Virtual tours allow property managers to capitalize on what would typically be missed traffic during off-hours. Many tenants enjoy viewing properties on their own time and at their own pace. While there will most likely be in-person tours offered as soon as possible, there will still be a massive demand for virtual leasing because of the convenience and accessibility it provides.
4. Technology Will Become More Essential to Real Estate
The COVID-19 pandemic accelerated the digitization of real estate. While many brokerages have offered virtual leasing services for years, the pandemic forced all businesses to adapt immediately. In the beginning, consumers were very patient, since many brokerages had to rapidly restructure their entire business. But now, a year in, there’s an expectation for a seamless and effective virtual leasing experience. It’s never been more important to utilize technology into your business to reach a wider audience.
To stand out from the competition and generate leads in the digital age, it’s important to integrate technology that’ll actually solve real problems that your clients face. 40% of renters said they want to be able to view units digitally after the pandemic. The need to create high-quality, virtual tours has never been greater. Shaky iPhone videos don’t cut it anymore. 3D technology can easily be utilized to create incredible and informative virtual tours using 3DApartment. These tours are also shared with the entire 3DApartment community of forward-thinking property managers and agents.
Overwhelmed by digital marketing and looking for some help? 3DApartment has got you covered. With our exclusive marketing packages, we use the most up-to-date technology to advertise your work to the biggest and best audience. Our packages include immersive virtual tours (created using 3D cameras), teaser videos of the property, 3D Flyers with scannable QR codes, and a landing webpage with all of your contact information, helping future clients easily contact you. With your talent and our technology, we’ll advertise your listings far and wide to help you sell your properties faster and more efficiently.
