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It is no secret that the real estate industry has thrived on in-person showings and pre-planned open houses.
This is why when COVID-19 happened, many real estate professionals were worried because the Canadian real estate industry, on the whole, has traditionally been heavily reliant on social interactions.
However, with a challenge comes an opportunity.
Real estate professionals were able to go beyond imagery and 360 panoramic displays of the subject property. They were able to experiment with new ways of showcasing properties including digital walk-through videos.
Did the Canadian Real Estate Market Embrace This Change?
We would say, it did!
This is also reflected in a recent survey conducted by Nanos for the Ontario Real Estate Association (OREA). The survey highlighted that nearly half of the Ontarians, between the ages of 18-34, were open to purchasing a property that they’ve viewed virtually.
While there was a slowdown in the market due to COVID-19, many buyers continued to remain active in the real estate market. One of the key motivators for them was the incredibly low interest rate.
So, while social distancing measures were still in place – real estate sales professionals focused on shifting viewings online for these buyers.
The Rise of Digital Walk-Throughs and Virtual Meetings
To continue to facilitate real estate sales, real estate sales professionals have been leveraging multiple technology solutions.
For instance, many have been using platforms such as Zoom, Skype, and FaceTime for one-on-one showings. This has proven to be effective because it not only allows buyers to view the property but is also convenient and saves time.
Digital walk-through videos have also garnered significant interest.
These videos are not only informative but also give the buyer a feel of the property and feature additional insights from the real estate sales professional.
Many real estate sales professionals are also using their social media channels to promote these videos. On Instagram, for instance, they often save these videos to their stories. This way, the interested buyers can revisit the videos and other prospective buyers can access them too!
This can also be very effective for lead generation!
What Other Benefits Are There?
One of the biggest benefits is that digital walk-through videos put the control back in your hands.
Traditionally, the seller’s real estate sales representative had to rely heavily on the buyer’s real estate sales representative to show the properties. COVID-19 has changed this.
Post-COVID-19, the seller’s real estate sales representative has more control over how the property is shown and which aspects are emphasized upon. For instance, when you are creating a digital walk-through video, you are in the position to talk about the amazing features and benefits of the property.
While, if the buyer’s real estate sales representative shows the property, they may point out what they perceive as negative attributes. They may also not be able to share additional information such as highly ranked schools in the neighbourhood, proximity to transit, and closeness to green spaces.
Canadian Real Estate Market – The Way Forward
When it comes to real estate sales, you can do a lot more digitally — during the pandemic and beyond.
Once the buyer has shown interest in the property, you can use your GeoWarehouse subscription to share further information that can convince the buyer to move forward with the purchase.
You can show aerial property images, share comparable sales reports, and provide information on the demographics.
For instance, with the HoodQ Reports, available from GeoWarehouse, you can really enhance the homebuyer’s experience. You can create customized, hyper-local, address-specific reports to showcase information about the neighbourhood. This includes details of school catchment areas, parks and recreation, nearby transit, and more.
With digital solutions, you have more control over the narrative.
Subscribe to GeoWarehouse today to equip yourself with the tools you need to make your real estate sales happen seamlessly even during uncertain times. Learn more by calling 1-866-237-5937 or visiting www.geowarehouse.ca.