The Challenges Of COVID-19
How The Real Estate Industry in Canada Adapted Through The Challenges Of COVID-19
Before the pandemic began in Canada, the typical situation for realtors in selling properties is conducting open homes, arranging private showings, etc. However, Conducting Open Houses are currently banned by the Toronto Real Estate board because of the prevailing health hazard. While COVID-19 challenged everyone who wanted to sell property, the real estate industry transformed itself to adapt and resume the business.
The Challenges That COVID-19 Brought to Real Estate in Canada
The government of Canada and Ontario is doing everything they can to protect the health of citizens in Great Toronto and in Peel region of Ontario, including the restrictions for public gatherings. It challenged the realtors, builders, and preconstruction teams to find new sellers in the real estate market. The reduced competition also caused rarer discounts. It encouraged realtors to hold off buying and selling unless they have to.
Another challenge is the increased doubt of lenders and mortgage brokers. They are more careful than ever because of the rent strikes that existed in some places last April. The crisis caused buyers and tenants to face a loss of income from their businesses and Jobs, affecting their ability to pay.
The ‘New Normal’ In Real Estate
Everyone in the real estate industry is continually looking for solutions to operate safely, following government protocols. One new solution they have found is using technological advancements. Realtors conduct virtual open houses for their clients online through a live stream. They equip reliable technical gear to entertain every client and elaborate on the actual measurements.
The experience of an actual open house is different from a virtual one. Because clients tend to gather at a specific schedule, the video conference only requires less than an hour to view the property. However, technology still cannot replicate the emotional element that a real viewing can provide. These changes are gradually becoming the “new normal,” while the internet serves as a standard media.
The decline of sales forced some realtors to conduct strategies such as going door-to-door to search for a new seller or a new buyer. This practice puts everyone’s health at risk, and these agents can face disciplinary actions from the government. Thus, the best way to find a client is by increasing the online presence of the property listing.