Certain events throughout history have changed the real estate landscape in one fell swoop. The 2008 market crash changed the way houses are sold, while the internet boom in the 1990s triggered a complete overhaul in real estate marketing. COVID-19 is going to shape nearly every aspect of our lives in one way or another, and the estate agents will be no exception. We’re afraid we don’t have a crystal ball here at Virtualoom, but we can make some pretty good predictions as to what the real estate industry will look like in 2021.
The Future is Virtual
Lots of real estate agents have adopted new, digital technologies to improve their online ads and property listings. Especially during the COVID pandemic, and there’s no reason to believe these methods will be scrapped next year. In fact, as we explained in this blog post, technologies like virtual tours will continue to become more relevant and widespread in years to come. Getting a real feel for properties from the comfort of their own home saves time and increases engagement. Ultimately, leading to happier customers and higher profits. Virtual tours, property videos and high-quality images could even be joined by VR-tours by the end of 2021.
Home ownership rush
With the stamp duty threshold increased to £500,000 until March 2021, estate agents are likely to see an increase in clients wanting to buy homes rather than rent. An influx will likely be further boosted by lots of people wanting to move away from expensive, overcrowded city centres. Being confined inside during lockdown has prompted many to re-evaluate the things they value most in a home. Gardens and friendly communities ranking higher on many lists than they did this time last year.
More people looking to buy properties, estate agents are likely to want to optimise their advertising strategies in 2021. Younger first-time buyers in particular are more likely to search for properties online before visiting high street offices in person. Ensuring your business is attracting as much online traffic as possible will be paramount in the next twelve months. Virtual tours increase visitor engagement with your listings and will help with SEO rankings. So, consider building them into your advertising plan going forwards.
Life in 2021 will likely look quite different to pre-COVID times in lots of ways. The new possibilities opening up for the real estate industry are endless. Get in touch if you’d like to find out how Virtualoom can help make sure your estate agents is keeping up with the competition.