Numerous changes are underway
Real estate‚ by nature‚ is an “in-person” business. Open houses‚ private showings‚ and a crowded closing table are all part of the profession. In these times of social distancing‚ how are real estate professionals adapting? Take a look1:
- Gone (for the moment) are the days of sharing a car with clients on the way to a showing. “I’ll meet you there” is the new norm.
- Open houses are currently on hold (Redfin stopped the practice on March 16). Tours are being recorded and shared or broadcast live through apps like FaceTime.
- Remote signings and notarizations—now legal in 23 states—are more commonplace.
- The FHFA instructed Fannie Mae and Freddie Mac to adopt “alternative” appraisal methods to limit in‑person interactions.2 This has led to more “drive‑by” appraisals‚ which are supplemented with data gathered from public and private sources.
I wish you good health as your business adapts to the current climate. I am here if you need assistance.
1Charisse Jones‚ “3D tours‚ remote signings: How coronavirus is changing homebuying this spring‚” USA Today‚ last updated March 24‚ 2020.
2Dima Williams‚ “Fannie Mae and Freddie Mac adopt ‘alternative’ home appraisals due to coronavirus‚” Forbes‚ last updated March 23‚ 2020.