Despite the turmoil caused by the stay-at-home orders and the near complete shutdown of the real estate industry, the housing market shows signs of coming back to life in many areas. If you are in a position to possibly buy or sell a home, you’ll want to consider the new landscape surrounding the rules of showings, closings, title transactions, and the whole real estate process.
Unfortunately, the guidelines are a little different depending on where you live, but many of the rules are almost universal, and probably a good idea in light of the potential for spreading COVID-19.
We suggest that you check your local public health regulations, the real estate association and of course, adopt common sense to comply with social distancing and personal safety guidelines.
There are a couple of new items to work around; you will have to schedule showings and you may be asked to sign waivers before viewing. Of course, there’s the standard “masking-up” procedure for all involved, as well as hitting the hand sanitizer and possibly wearing booties and/or gloves.
Here are a Few of the New Realities for Home Buyers and Sellers
Masks and hand sanitizer are a regular part of any home buying trip, but most of us pretty well expect that at this point. What’s not expected is the new viewing conventions.
In many places the buyers are only entering the home one at a time with the agent. They often wear gloves and might have sanitizing wipes at hand in case they need to move anything.
Another new convention is signing documents concerning your health before going on a home tour. You may be asked to sign a disclosure document stating that you don’t have connection to anyone with symptoms of COVID-19 infection. This applies to both parties – buyer and seller or agents.
It follows that closings may be handled in a very similar way in most places, trying to minimize the need for contact and having as few people present in a room at once as possible. This leads to situations where a husband may be the first signer who enters alone to sign with the title agent and followed separately by their wife or partner also signing alone.
Again, expect to wear masks during closing and it’s a good idea to bring your own pens, however minor that may seem. It’s all about keeping distance and lowering contact.
Sales Require a New Approach too.
As an agent, this new situation can make it tough to entice clients and make them feel comfortable with the entire process.
Here’s where a little ingenuity goes a long way. Agents that have seen success in the current market are resorting to alternatives to showing in person wherever possible.
For instance, many agents are using devices like 3d cameras to create virtual walk throughs of their listings giving things a much more personal and engaging feel. There are also video vignettes that work well on platforms like Facebook and Instagram. These are powerful tools that agents need to be on top of to generate interest.
Of course, good photos and an easy to navigate gallery of a listing is a good place to start.
And forget about trying to time out marketing. Those rules went out the window with prolonged quarantines. Everyone is almost always available. So, for instance, where agents used to hold off posting a listing before a major holiday, that’s no longer applicable. Data shows that listings posted on Saturdays or holidays can now mean quick replies and immediate exposure that can result in sales.
Is the Open House Gone Forever?
Open houses have long been a method used by agents to get as many people into a showing as possible. They are still allowed in some areas but appear to break the rules in others.
Agents who have held Open Houses since the initial shelter-in-place orders have been lifted for certain areas say they have seen turnout, though not like it used to be. If you live in a large city that’s had significant numbers hit by COVID-19, open houses are not being held. It appears the best option may be having completely “scheduled” open houses where everyone sees the property, but only during their viewing time.
So, while the rules of home buying and selling have changed pretty dramatically, it’s still an essential process. As a buyer or seller, you just may need to be a little more flexible and, in some cases, very patient.
For more about the changes taking place in real estate, or help with how to handle your next transaction, contact Ideal Title Agency by email at info@idealtitleagency.com or see their posts at facebook.com/idealtitle .
