Time and time again, the real estate industry has proven to be resilient, agile and innovative in changing circumstances. The COVID-19 pandemic has accelerated change and caused market fluctuations around the world as government restrictions and new economic realities have left their mark.

As we step out of the present moment and wait for an economic recovery, the real estate industry will be forever changed by the widespread adoption of real estate technology solutions and other trends.

What is the future of real estate?
Here are some of the rising tides we observed:

The digital transformation of buying, selling and renting processes.
Increased use of secure blockchain technology.
The evolution towards more dematerialized files and transactions.
Remote notarization is becoming commonplace.
Live auction allowing remote participation.

In addition, if the 3D virtual tours like those made possible by Matterport 3D are essential for social distancing today, they will likely become a standard expectation for buyers and sellers in the future.

Agents and agencies must adopt these three strategies to adapt to this new terrain:

1. Make remote work an integral part of your activities

Excessive reliance on face-to-face interactions can be a handicap. Adopt tactics and technological solutions that allow you to work remotely.

Start with:

Migrate to the cloud.
Invest in mobile technology.
Upgrade your video conferencing solution.

2. Set up virtual tours

This is a mutually beneficial process for you and your prospects. Potential buyers have a better view of the property before deciding if they want to book a visit, and you don't have to schedule additional visits that won't result in sales. In fact, in a recent survey, we found that 80 % of respondents said they would switch agents in favor of those who offer 3D virtual tours.

Some enthusiastic prospects may even make an offer based solely on the virtual tour.

Here for the price of a virtual visit

3. Facilitate social distancing and optimize staff

In order to meet social distancing guidelines, you may need to reduce the number of staff working in your office at any given time. The hidden benefit of this arrangement is that you may be able to extend your availability by staggering employee hours. In addition, you can fill the staffing gap by outsourcing certain functions and reallocating assets from virtual real estate tours 3d of Matterport to other real estate marketing activities.