How Real Estate Has Changed for Buyers, Sellers and Agents

The COVID-19 pandemic had an undeniable impact on every industry. From lockdowns to social distancing measures, businesses have had to adapt processes to align with new regulations as well as changing consumer behaviours. The real estate industry has had to adapt to these changes in addition to broader changes taking place over the last 30 years. 

 

For a Buyer

 

Before

Before the pandemic, buyers spent more time researching and waiting for the right property. Property ownership was viewed as an eventual long-term goal while they were happy renting for time being until the right moment. People were more passive in terms of having different properties marketed towards them and relied on agents more for insight in their local market.

 

Now

Buyers today are knowledgeable and savvy, hunting for bargains and knowing where to find good value properties. They often come with their finance pre-approved and a good understanding of the project or relevant market factors. With more time spent online than ever before, buyers are more informed while considering every option before locking in a purchase. More buyers are now taking action in entering the market sooner due to new government assistance and initiatives available.

 

For a Seller

open home apps, property management app, property inspection app, open house app, real estate agent app, mobile apps

Before

The administrative tasks involved in selling a home were much more prominent. This was especially true when selling through real estate agencies that were resistant to transitioning to using digital tools. From multiple open homes to auctions and in-person meetings to sign paperwork, selling a property was a busy business. But many of those attitudes have changed during the pandemic. 

 

Now

The shift to digital has been happening for years but COVID-19 has rapidly accelerated the shift to the online environment with even the most traditionally-minded agents embracing digital. Sellers have benefited greatly from the ability to have buyers purchase properties without a single inspection in person thanks to the capability of video tours and online signings of contracts. Thanks to the internet, people can sell remotely and during the pandemic, people have become more open to the idea of making property purchases in an online environment.

 

For an Agent

real estate data, data protection, real estate software

Before

Marketing with limited data and insights was normal at one point. Tactics like billboards, “just listed” letterbox drops, flyers and print advertising played a prominent role in real estate for decades. As more people started to use the internet to search for properties, these tactics began falling out of favour. The pandemic made the shift to digital marketing inevitable for even the most resistant agents. 

 

Now

The shift to digital has been a great thing for buyers, sellers and agents. As soon as an ad is up on a digital channel, you receive insights on how it’s performing. This includes how many people you reached, what kind of demographic they were, how many clicks each ad got and what kind of actions people who saw your ad made. The challenge is that effective digital marketing requires precision and strategy to capture people’s attention. Knowing how to leverage powerful online advertising tools properly is crucial to thriving as an agency in a post-pandemic world.

 

Contact Plezzel Today, the Real Estate Digital Experts

At Plezzel, we’re digital marketing experts specialising in real estate. We can help you formulate a highly effective omnichannel marketing strategy to sell your vendor client’s properties. To find out more, please get in touch with the Plezzel team.

 

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