Due to the COVID-19 pandemic, the real estate market is shifting to virtual like many other businesses. This is prompting a number of changes in operations for an industry that typically relies heavily on networking and face-to-face interactions.
Real estate was one of the holdouts for in-person operations in our virtually integrated world. Clients and realtors alike relied on initial face-to-face consultations to gauge whether the relationship would be a good fit.
So how can you find the ideal real estate agent with social distancing in effect? Many of the basic principles remain the same, but there are a few extra tips in keeping today's COVID-19 situation in mind.
You'll want to find a realtor who embraces the use of technology. They should be willing to meet via Skype, Facetime, or another digital platform. The experience should be easy on you-not an extra burden.
With most areas of the United States under some form of stay-at-home orders, successful agents in these times will be ones who are ahead of the curve in terms of technology adoption. They'll be comfortable working remotely and be able to offer virtual home tours, 3D online viewings, and virtual open houses, for example.
Have they conducted sales virtually in the past? What has their experience been?
Successful agents should show resilience in having solutions to overcome the challenges of COVID-19. They will also be able to provide important connections, such as reputable mortgage brokers, home inspectors, and title agencies that are operating during these times.
"The coronavirus pandemic has created a lot of uncertainty. Having an agent with the most tools at their disposal should give you extra peace of mind that you'll be covered no matter how situations change due to COVID-19," says Roy Dekel, the CEO and co-founder of SetSchedule, a digital technology firm that matches clients with agents who can best meet their needs.
You can ask prospective agents how they are currently showing properties to see if they are following practices that will make buyers and sellers comfortable. A reputable realtor will be following government mandates as well as best practices for coronavirus control.
How are they staying up to speed on the latest safety requirements and recommendations?
Their answers should be ones that make you feel comfortable in order for the relationship to work. No one should have to risk their health or safety to be a part of a real estate deal.
Aside from these coronavirus-specific considerations, the foundations of finding the best agent for your situation still apply.
"Finding the right real estate agent shouldn't be a painful experience," said Dekel. "But you'll want to go on more than your gut or your neighbor's recommendation."
The SetSchedule platform has introduced over $1 billion in real estate transactions and is focused on making the process more streamlined for both clients and real estate professionals.
In general, you'll want to evaluate an agent's:
- Experience with your type of property
- Knowledge of the local area
- Longevity in the industry (i.e., How long have you been licensed?)
- Experience helping clients like you (first-time buyers, similar price range, etc.)
- Marketing strategy
Remember that you're looking for a real estate agent and not a friend. You want someone who will be honest with you and who bases their recommendations on data. A thoughtful agent will come armed with experience to share and numbers to show you. You should be impressed by their knowledge.
At the same time, the human factor is important. A good agent will listen to you and your goals. They should be in it to help you-not just to earn a commission.
Ask questions to find out if you'll be given the attention you deserve. Having the most listings in the area is not necessarily a sign of the best possible agent for you.
"The most important question is, 'Do you have the time I need from you to help me?'" said Rita Santamaria, of Champions School of Real Estate, in an interview with Forbes. "You can also ask, 'How do you handle each transaction? Will I ever see you or are you using a virtual agent who refers out the prospect to another person?'"
Does the agent have specific working hours or are they always they reachable? Do they have an assistant? What tools do they use for scheduling?
You don't want to lose out on a good deal because your agent was too busy to give you the proper attention.
You should never feel pressured when interviewing a real estate agent. Take your time to consider your decision or to meet with other potential candidates.
After your first meeting, you should receive prompt follow up to any questions. If you have to chase after an agent, that's a red flag.
You should be given time to thoroughly review any agreements. Understand the compensation rates and period of exclusivity before signing on the dotted line. Know what services will be provided and ask what happens if you are not happy with the arrangement.
Be sure to ask for references and then speak with former clients. In particular, you should be interested in ones who were in a similar situation as you. Some realtors may also have online reviews, but you shouldn't have to rely on those alone.
These may sound like a lot of factors to consider, and that's because real estate transactions are so specialized and important. Most people only have a few real estate deals in their lifetime, so it's no wonder you want the best possible professional to help you navigate. This is especially true during challenging pandemic times.
Thankfully, there are many capable real estate agents out there ready to help. You just have to find the right one for you.
