How The Coronavirus Craze Will Change The Real Estate Market Forever11545
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 iGuideSales Team Kitchener, Canada |
andriystrebkov private msg quote post Address this user | |
| Hello everyone, I have written an article about the situation in the real estate market and how it is changing right now. It's my first article written on this topic, so please don't be too strict about it. I just wanted to share it with you, and see what you guys are hearing about the situation with the real estate market and where it is going  . I assume it is quite relevant topic for many in the 360 community.--- With the introduction of the new unprecedented, social distancing and quarantine measures around the globe, thousands of people are now working from home, many are being laid off, and some are experiencing booming growth in demand for their skillset (especially in food and pharma retail, videoconferencing technologies, etc.) Without a shadow of a doubt, the housing market will be affected too, and there’s growing evidence that the demand for the properties has started to fall. It is reasonable to predict that there will be a downward pressure on both residential and commercial real estate prices (despite the fact that the interest rates in the United States and Canada are in the free fall right now), and, thus, making it more affordable to purchase a home. Real Estate Industry Will Change Although some people are hoping to be back at work within the next couple of weeks, it is becoming increasingly obvious that these social distancing and “shelter-in-place” rules are here to stay at least till the end of May or longer. Even without these measures, people are hesitant to attend public events or be in public at all, and open houses are not an exception to this rule. Agents are working from home and are not allowed to have in-person meetings or house showings in many cases. But this doesn’t mean people will stop buying and selling houses. On the contrary, many people are still putting their properties on the market for a number of different reasons, and some people are excited to buy a house today to take advantage of low-interest rates and decreased competition. That means the real estate market will have to adapt and do it fast. Technology Is The Future The first alternative to open houses and in-person visits is the virtual 3D tour. Virtual tours have been ranked as the 4th most important piece of information for homebuyers in 2019, according to the National Association of Realtors Report and there is good reason to believe they are even more important now (and will continue to be in the future). This type of technology allows the prospective buyer to immerse themselves in the property of their interest from the comfort of their home, see every single room at their own pace and maybe even check the measurements to see if their furniture would fit. It allows the buyer to access essential property details any time of the day without any need to meet in-person and violate social distancing rules. Some agents have already named it the “24/7 open house”. Another alternative is the real estate video, which allows a viewer to have a deeper interaction with the property than just by looking at photos. Well-edited and well-recorded videos may have a lasting impression on a prospective buyer, especially if accompanied by the right music and even sound effects. The key is to strike an emotional cord and get the prospective buyer to imagine themselves living in the space. Another option is a virtual walkthrough. Sometimes this term is being interchanged with virtual tours, but in most cases, this refers to a live or recorded video of a person walking through the home. This approach to showing the property has grown increasingly popular with the recent pandemic. It is definitely an inexpensive way to communicate with the homebuyers, but might not always be the most effective. Real Estate Industry Has To Adapt Let’s face it, as much upfront information on the listing as possible will be a game-changer today. The agents who provide virtual tours, videos, floor plans, and, of course, high-quality photos of the property are going to be at the vanguard of this new market because homebuyers demand all of it now. The real estate market is entering rough seas for an unpredictable amount of time but it doesn’t mean that there’s no tomorrow. Deals will still be closing, and those who adapt quickest will thrive. The new homebuyer wants as much information as possible before they decide to visit a property in-person. Traditional photos won’t be enough to keep a potential buyer engaged. Stay at the forefront of these new and exciting changes and make sure you don’t get left behind. " Source: Random Observations and Thoughts by @andriystrebkov What do you guys think? How is it going to play out in the end with this crisis? |
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 WGAN ForumFounder & WGAN-TV Podcast Host Atlanta, Georgia |
DanSmigrod private msg quote post Address this user | |
| @andriystrebkov Thanks for sharing your thoughts about how the pandemic will change the future of real estate marketing. About ... Quote: Originally Posted by @andriystrebkov Do you have a 360º video that you - or an agent - has done? I would  to see one.Please do continue to share your perspective with the Community. Best, Dan |
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iGuide Sales Team Kitchener, Canada |
andriystrebkov private msg quote post Address this user | |
| @DanSmigrod Thanks for your post above, the problem with the 360º videos is their typically poor quality of image. For example, the latest one I've seen in real estate space was this one here: Probably there are better examples when it comes to the quality, I just haven't seen one before. |
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davedion private msg quote post Address this user | |
| Disregard my original question below...... I see the video you shared was not yours and almost 3 years old. I just bought two Insta 360 R one cameras and plan on utilizing them heavily, and expect the quality to be better that that. What camera did you use??? I too plan on doing 360 video tours of homes... more for buyers... due to the speed and ease as opposed to a full Matterport tour. Quote: Originally Posted by andriystrebkov |
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BrokerBruce private msg quote post Address this user | |
| I've been looking hard at going to the Richo Theta V1. Much quicker scans than he Matterport set up. Take a look at EyeSpy 360 which has some examples with the newer cameras. Their tours have some features that definitely up the game in the 360 / 3D world.Check out the post on this site about the Best Cameras for 2020. https://youtu.be/QmtJbcncdZc | ||
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