The impact of the coronavirus pandemic on the whole world is massive, with a sharp down-trend in stocks and real estates in the UK. Since the pandemic became wide-spread across the globe, it has become increasingly difficult to do business as usual for everyone, even for real estate agents, as they develop new ways of viewings and valuations. The country-wide lockdown has taken its toll on the real estate market.
As it becomes increasingly difficult to carry out business as usual, Eitan Eldar says, “The quarantine and restrictions on movement set by the government to stop the spread of the coronavirus prevented potential buyers from inspecting properties and meeting with agents. We all know this isn’t good for the real estate business, but it’s the best approach to contain the spread of the virus.”
Online tools for viewings and valuations by real estate agents
With new sales becoming virtually challenging to close, the UK real estate agents are moving online in their droves for viewings and valuations. Sellers that were already on the ground on the market have their available stock reduced just by 2.6%. However, as the government restrictions on movement and physical business transactions came to being, different initiatives have been exploited by real estate agents to reach both potential buyers and sellers.
“Showing properties online has helped to keep the real estate market afloat for all during this coronavirus outbreak. However, sales are still down,” said Eitan Eldar. “This method allowed the real estate market to stay somewhat active, compared to other fields to shut down completely. With this novel initiative, investors can still go about to check out properties of their choice and close deals even as the pandemic ravages the world”.
The focus of the real estate agents is now on video viewings of properties, allowing buyers to inspect properties they are interested in ahead of the time when the restrictions will be lifted on movements. Real estate markets have started to recover from the fall it experienced at the beginning of the lockdown.
The overall result of the pandemic on real estate
Like every other sector of the economy, the real estate industry has had its fair share of the pandemic. And the impact might still be felt even when restrictions of movements have been loosened.
Eitan Eldar says, “In the real estate market, commercial real estate continues to experience the most of the impact of the pandemic. We don’t expect a fall in the private home market, at least, not in the long run”.