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How to Navigate the Unstable Housing Market during Covid-19

Real Estate Broker License DefenseThe current pandemic has noticeably altered the way most industries function. Prior to covid-19, Licensed Real Estate Brokers heavily relied on the ability to meet with possibly buyers/renters in person. Home tours were always in person, and open houses relied on the ability to invite many people into a small space to view the prospective house/condo/apartment prior to applying for it. The ability to meet in person has been heavily altered, and for a time especially toward the beginning of the pandemic, all in person meetings were effectively non-existent. Despite this, the show must go on, and Real Estate Brokers must make clever adjustments in order to reach their clientele and to navigate the housing market underneath these unprecedented terms.

One of the main differences and changes to the industry is the utilization of virtual tours. It was uncommon to organize a virtual tour for a possible buyer prior to covid-19, simply because it’s difficult for the person to gauge the space and to see the details as one would in-person. This type of tour might only occur for possible out-of-state individuals looking to move to this location. With the inability to avoid virtual tours, Real Estate Brokers have had to become adept at using technology to adequately and desirably show the space they are seeking to sell/rent out. There is also a different personal experience with virtual interaction rather than in person interaction, and the onus is certainly on the licensed professional to make the experience comfortable and easy for the interested party. This requires a distinct set of skills that the professional would have to quickly adapt to in order to continue to make money and generate happy clients.

The types of houses and amenities people are seeking out has also changed. With many individuals working from home for the foreseeable future, and some possibly permanently, having a space for a home office is absolutely vital. Because of the prevalence of working from home, individuals who would not normally seek quieter spaces are doing so, which can be a challenge for Real Estate Brokers who practice in places like Chicago. This certainly has encouraged and effectively required the professional to adapt to these particularities and to attempt to anticipate these particular needs from a prospective buyer/renter in the particular circumstances generated by the pandemic.

As we note on our website, there are also changes in the industry that will alter tools available for real estate brokers. These are just a couple of many unforeseeable and unique experiences that Licensed Real Estate Brokers have experienced in these always-changing times, and future alterations are likely to occur.

Williams & Nickl has represented many Real Estate Brokers and Managing Brokers who face issues with IDFPR. If you find yourself in such a situation, Williams & Nickl can provide the help you need.

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