The coronavirus broke out at the beginning of 2020, and by March of the same year, it has been declared a pandemic. Most industries have felt the impact of the Covid-19 pandemic, and the real estate industry isn’t exempted. After months of intense battle against the novel coronavirus, most industries are beginning to find ways to cope with its impacts.
Real estate investors have found diverse ways to handle the aftermath of the pandemic, while still carrying out their business-related operations. This article takes a look at some things set in place by real estate investors as their response to the pandemic.
1. Putting Health And Safety Precautions In Place.
Real estate investors have taken it upon themselves to ensure the protection of their staff and their clients (the home buyers) by setting up COVID-19 safety precautions. They understand that if their staff or clientele get infected while working or partnering with them, they’d be directly or indirectly to blame. Before staff members managing or cleaning the properties are allowed entry, their employers, the real estate investors, ensure that they wear appropriate protective gears.
Also, automatic water dispensers and handwashing basins with hand sanitizers are placed at the entry and exit points within and outside the properties so that the staff wash their hands thoroughly before and after cleaning or managing the properties.
Likewise, house owners ensure that clients use their masks and wash their hands properly before entering houses for perusal and viewing. That’s not all; most real estate companies are disinfecting and sanitizing their properties before welcoming prospective home buyers for home viewing. Some real estate investors even go the extra mile of carrying out most house tours virtually to minimize physical contact and prevent multi-infections.
It’s a good thing that these real estate investors, such as Time Worthy Property Solutions, care enough about the wellbeing of their clients and employees.
2. Making Faster And Well-informed Decision.
Real estate investors, like Avante Home Buyers, are making informed decisions during the Covid-19 pandemic to make profitable deals for themselves, while responding to their clients in a less amount of time. The investors are now well-informed about the scenario of and the present trends in the market during this Covid-19 era, making it possible for them to burn out the crisis and, instead, use it to their benefit.
Property buying and selling contracts or deals that would’ve taken longer periods to construe are now being examined and put into effect speedily due to the ever-changing dynamics of the COVID era. The fear of losing during the pandemic has brought about the use of detailed knowledge and information to make faster and well-informed decisions concerning the buying and selling of properties.
3. Adopting Innovative Strategies.
Real estate investors have successfully come up with interesting strategies during this pandemic. Some of these include:
Buying Properties Strategically: Most real estate investors are using strategies that will allow them to invest in the most profitable areas to help their clients recover from the crisis and continue their life. These areas are considered as ‘value-added’ areas, and are the ones that will be the fastest to recover from. One of the top places that real estate investors are investing in to make money during this catastrophe is properties that have been worst hit during the pandemic.
Miami and Florida are some of the most targeted areas because houses in those places have gone down in price. Since the properties are in good condition, the deals are profitable because the investors would be able to sell the houses at much higher prices later on.
Embracing Real Estate Foreclosure: Another strategy that a lot of real estate investors are using to make money during this crisis is focusing on real estate foreclosures. However, unlike other strategies, this strategy is very risky because there’s no guarantee that these properties are actually profitable. Most of the time, investors who have real estate foreclosures usually pay a high price.
However, if a property is really worth its price, it will definitely recover because people will still be willing to buy it. The only downside about this strategy is that it can be very expensive because there are a lot of properties that are in good shape waiting to be bought.
2020 has been a tough year for all, and the real estate industry isn’t left out. But, real estate investors have come up with effective strategies to help them stay afloat during this era. From putting in place health and safety precautions to embracing innovative strategies, the real estate industry has shown that it’s not ready to back out of the profit game.