Like most business sectors across the globe, the New York real estate industry was equally affected by the COVID 19 pandemic. This is evident because we saw people stop buying houses and apartments for a moment while some moved away from the city to get away from what looked like the apocalypse. The discovery of the vaccine along with people getting used to this new normal is contributing to the recovery of this industry. Here is how the New York real estate business will look like after the pandemic:
Virtual tours will rule
We have already seen realtors shift to utilizing virtual home tours to maintain social distancing while giving buyers a realistic experience of a property on sale through a phone or computer. Well, this trend is bound to be here to stay even after the pandemic is over because of the numerous benefits it offers. For instance, virtual house tours are proving to get more potential buyers interested in making a purchase because it gives people a chance to view a property as many times as they want before they make in-person visits. This technology is also saving realtors time showing homes so that they focus more on closing deals while properties sell themselves. More importantly, is that it is contributing to online business promotion. Given how shaken the industry is at the moment and how stiff the New York real estate market is; virtual tours might be the only way companies like yours stay in business after COVID 19.
Business for property management companies
The big-city exodus currently being observed due to the high rate of unemployment caused by the pandemic and the newfound appreciation of suburban areas is leaving a lot of properties unattended. Only a small percentage of people know that they can engage the services of an NYC property management company like MD2 Property Group to lease or rent out their property. For realtors, this is a chance for them to work with property owners in the sale of high-end apartments in the rich areas of Manhattan, Brooklyn, Queens, and Long Island. As people leave New York, a new generation of New Yorkers is being born hence the need for property management companies to have more apartments in their listing.
Online business will take over
Since the start of the pandemic, businesses shifted online as employees were forced to remote work. Given the convenience of online working, very few companies will go back to their past business model. While sustaining this business approach seems easy, all the stakeholders in the industry will have to provide concerted effort to ensure that they stay in business. On that note, we are going to have real estate companies engage in all online business tactics to stay relevant such as maximizing their online presence through blogs and social media. Additionally, with a large pool of remote workers, these companies will have to leverage tech tools (such as video conferencing, project management, and time management among others) available to ensure that their employees feel valued so that they enhance their productivity. In a nutshell, online business and remote working will take precedence!
Dwindling of physical offices
As business moves online and telecommuting increases, the need for a physical office will be a thing of the past. We are going to observe more office buildings get turned into co-working spaces and residential buildings. Coworking spaces will serve to cater to the growing wave of remote workers. The increased renovation of former offices to residential property means more apartments to sell and lease. In the same light, there is going to be a huge explosion of square footage in the new residential buildings at the heart of New York which will reduce the cost of renting. This shakeup is inevitable but the beauty of it is that it will benefit all parties including property owners, realtors, and the New Yorkers looking to rent.
As the COVID 19 pandemic affects our lives, we still hope that our resilience will see us through and things will go back to the way they were. Despite our desire for normalcy, some aspects of the real estate business will change forever. If you are in business, you need to come to terms with these changes and adapt to this new evolving normal.