Video chat, instant messaging and virtual tours

We are experiencing turbulent times, widespread uncertainty is high, and no one can yet predict with certainty how the real estate market will develop after the coronavirus crisis. However, there are many indications that reliable real estate will become even more valuable in the looming financial and economic crisis. This applies not only to investors but also to personal needs and retirement planning. It is therefore no surprise that demand for residential properties remains high, even though, as of the editorial deadline of April 20th, in-person viewings are currently (as of the deadline) extremely limited due to nationwide lockdowns and contact restrictions.

Most real estate agencies are closed to the public. At the RE/MAX franchise, real estate agents are also working from home, but are available to their clients online and via video chat (Skype), instant messaging (WhatsApp), telephone, email, and online meetings. Viewings are being rescheduled or conducted digitally, depending on the client's preference.

Digital technologies are proving their worth

Working with digital tools takes on a whole new meaning in these times of crisis: "We will be surprised how quickly digital cultural techniques suddenly prove their worth in practice. Tele- and video conferences have proven to be quite practical and productive," notes trend and future researcher Matthias Horx.

"The coronavirus crisis is catapulting the world of work into the future," states the analysis tool we.matter. "Changes that previously would have taken months or years are becoming reality within days."

The crisis is also accelerating a change in the real estate agent profession that has been emerging for some time: Anyone who wants to be successful in the brokerage business today needs a presentable website and a wide range of virtual tools to complement the traditional property exposé.

Virtual video tours

One such tool is the online viewing. What many prospective buyers don't know is that viewings are still possible, namely in the form of virtual video tours created with a 360° camera. Thanks to this technology, potential buyers can move from room to room from the comfort of their own home and thus conveniently get a first impression of the property. Users can not only move around the property virtually, but also view it from the outside as a 3D model, like a dollhouse, to get a complete overview of its size and layout.

Virtual tours save buyers considerable time in the often lengthy search for their ideal property and are therefore certainly among the elements with future potential in the industry. Of course, the aim of this development is not to completely replace in-person visits with online tours. Rather, virtual tours enable a good initial selection and optimally prepare for the on-site appointment, where a personalized consultation can then take place.

Personal consultation remains crucial

Buying a property is and always will be a very personal decision, in which the expertise of a real estate agent provides immense support. Essential for a well-informed purchase decision is the foundation of trust between buyer and agent, which develops during a personal meeting.

Note: Viewings are still possible, but only under strict adherence to official hygiene recommendations. Agents and clients maintain a safe distance, wear gloves and face masks, and do not touch any properties.

Sources: RE/MAX Germany, Immobilien Zeitung, horx.com, ze.tt