We hope everyone is well and healthy!
This month we put together some useful information in our newsletter that discusses an up-and-coming real estate trend alongside some tips on our local Palm Springs and surrounding markets. Real Estate business hasn't seemed to slow down in the Coachella Valley, in fact, sales have kicked back into gear as the number of pending sales has jumped this year to 194 over last year's 157 homes at the same time.
Whether you are buying, selling, or just looking, we now offer personalized home video tours!
Click the link above to view an example of a custom Video Home Tour.
Below are excerpts from an article written by Rachel Burris of RocketHomes.com. She does a nice job highlighting the benefits for not only buyers and sellers, but also agents in this article. It helps to see why, with a trusting and experienced agent, you can feel comfortable buying or selling your home in today's market. We have professional video equipment that provides our clients an HD look into homes. It's now as easy as clicking a link and viewing the tour on YouTube!
Virtual Real Estate Tours Ramp Up As COVID-19 Suspends Open Houses
Click here to link to the full article RACHEL BURRIS | JUNE 20, 2020
There’s no way around it: COVID-19 is changing the way real estate agents across the country conduct business. With social distancing in full effect and shelter-in-place orders sweeping the nation, real estate professionals are hastening to find new ways to keep their business moving forward.
Virtual 3D real estate tours are not new, but they’re gaining a lot of traction now that COVID-19 has limited real estate professionals’ ability to market and show properties.
The Impact Of COVID-19 On Open Houses And Showings
When news of COVID-19 began circulating around the U.S., agents journeyed to listings, armed with bottles of hand sanitizer and containers of disinfectant. Many opened cabinets and doors for customers, while others instructed buyers to put on gloves and booties upon entering their listings. When social distancing became a greater necessity, many sellers, agents and brokerages began canceling open houses and offering limited showings by appointment.
However, as more states have mandated Americans to stay at home to help contain the virus, open houses have been suspended altogether. In some states, like Connecticut, Ohio and Illinois, real estate has been deemed an essential business, which has allowed some in-person showings to proceed.
On the other hand, states like California and New York have put an end to all in-person real estate practices, as the industry has been considered a nonessential service. Although business may not be proceeding as usual, agents in these states have been keeping busy, trying to find new methods for marketing and showing their listings.
“Open houses are nearly nonexistent and physically showing homes can be problematic,” says Jerry Clum, the founder and CEO of Hommati, a company that offers cutting-edge technology services to real estate professionals. “A virtual tour is as close as you can come to an in-person showing. Real estate agents across the country are implementing this as an alternative to physical showings. Many home buyers are staying home as a result of the pandemic but are still shopping for homes by utilizing virtual tours.”
The Rise Of 3D Virtual Real Estate Tours
Although essential to any listing, photographs of properties have their limitations. They’re intended to entice buyers to view properties in person, but they can’t be expected to give consumers a clear grasp of the space as a whole.
“You have to use your imagination to link the images together to understand the flow of the space. A virtual tour allows the home buyer to explore each room completely with 360° movement,” says Clum. “You can see each room from every angle and perspective. You can look down to see the flooring and up to see the ceiling. You can move through the space however you want. You are able to walk up and down the stairs and hallways, giving you a feel for the flow of a home.”
Although such tools are undeniably useful, proptech has long been seen as a disruptor to the real estate industry. As technology has put more information in the hands of buyers and sellers, real estate agents have trembled, thinking that the future of their business may be in jeopardy.
However, now that COVID-19 has confined millions of Americans to their homes, real estate agents are becoming increasingly grateful that the technology exists.
Credit: Hommati
“Orders for our virtual tours have increased 160% in just the last three weeks,” says Clum. “Hommati’s website traffic for virtual tour viewing has increased by 1,400% during the same time. Agents are telling us that they are writing offers for homes sight unseen except for the virtual tour, aerial video and photos that were viewed online. In many cases, they are including a contingency which is subject to the buyer physically viewing the property in the future.”
Creating Virtual Tours In The Age Of COVID-19
While many agents are starting to use the advanced 3D virtual tour technology, others don’t have the means to incorporate it, given the restrictive measures local governments have taken to protect their citizens. Still, agents are finding ways around the obstacles they face.
Instead of relying on advanced proptech to conduct virtual tours, real estate professionals are now using the everyday technology that’s already at their disposal.
“I spoke with an agent who videotaped all of her listings with her cell phone and posted them on her Facebook page and website,” says Tracey Hawkins, a former real estate agent who now teaches safety and security courses to real estate professionals. “The technology isn’t complicated, and cost provides no barrier to entry since it’s free, and people already have smartphone cameras.”
Through platforms like Facebook, FaceTime, Skype and Zoom, real estate agents have been able to quickly adapt to the times without having to worry about draining their marketing budgets or struggling to learn new technologies.
Real estate agents in Ohio have benefited from being designated essential, but that’s not the case for everyone in the industry. In areas where agents cannot get to their listings because they have been ordered to stay at home, professionals are getting even more creative.
“We noticed an increase in cooperation with the owners themselves to try to show properties virtually because brokers are not allowed to go to the building,” says Fritz Frigan, executive director of sales and leasing for Halstead Real Estate in New York City. “The brokers are talking to their owners and basically saying, ‘Could you use FaceTime, Skype or Zoom to show the prospective buyer your property?’ This way, no one has to leave where they are and violate the government order, and the showing can occur live, virtually.
Remember, virtual tours are all about overcoming the limitations of still photography and highlighting the flow of your properties. So, before you create your virtual tour, make sure you are familiar with the layout of the home and consider what information about the home buyers are unable to see from your listing photos.
“Point out items that you can’t show in pictures,” says Natalie Alchadeff, a licensed broker with HB Group in California.
“The virtual tours should focus on layout, so the buyer has a feeling of what is it like to walk through a house.”
Prior to shooting, you should also prepare the property. Make sure that all of the lights are on and plan the route your tour will take. “Have doors open before you start the video,” advises Nancy Brook, licensed broker and CEO of Billings Best Real Estate in Montana. By opening doors ahead of time, you can eliminate those awkward moments of fumbling with doorknobs and create a more seamless video of the properties.
Time will tell how virtual tours affect real estate transactions. But for now, buyers are still searching for properties and browsing the listings they see online. Any method you can use to market and show your listings virtually will get potential customers’ attention.
Market Resources
Click Here for the Regional Association of REALTORS® Market Report for July 2020
An interesting thing has been occurring with our market in the Palm Springs area; Low inventory is driving a seller's market and historically low interest rates are motivating buyers as well.
