In the age of coronavirus, the real estate industry has had to adapt, and quickly. Many social distancing requirements have made traditional real estate practices, such as in-person showings and open houses, not possible.
A big way industry professionals have adapted is by hosting many of these events virtually, and no matter where you look, it appears virtual tours and open houses are everywhere. But are they actually getting the job done?
Expert real estate investor Nick Trimble thinks so. Trimble, who has a diverse portfolio which includes a wide variety of properties, is weighing in on the debate, and why he thinks virtual tours and open houses are a no-brainer.
Nick, how did you become the expert investor you are today?
I’m really self-taught, a self-made guy, which I think gives me a unique perspective. I was always attracted to real estate investing, but I had to work my way through it, one property at a time.
A few years back I acquired my first rental property, and once I succeed in rehabbing it and renting it out, I shifted my focus to my next property. It was a careful climb, because along the way I had some big lessons to learn. But now, I have experience with everything from fix-and-flips to wholesaling.
How has the pandemic changed the real estate industry?
There are so many things we need to do differently now. The pandemic has changed what home-buyers want. I think a big part of the real estate industry, which people took for granted, is the in-person factor, and the need to connect with one another.
If you can foster a relationship with your buyers or sellers, you’re much more likely to succeed. Now that we can’t conduct this same business in-person, you can see that many aspects of the industry are hurting.
How have real estate professionals had to adapt?
We’ve seen that some people were able to make the shift successfully to remote practices, such as virtual tours and open houses. People had to get creative with how they wanted to approach business going forward, and it definitely wasn’t easy.
You have to be comfortable with digital and virtual tools, which were definitely new to most of us. You have to get creative with digital marketing, because your audience is remote now.
Here is a list of 10 of the most coveted virtual tour software tools used by real estate professionals, based on client appreciation, price and value, features and ease of use: https://www.propertyshark.com/Real-Estate-Reports/2020/06/19/top-10-best-360-virtual-tour-software-options-for-real-estate-in-2020/
Do you think these virtual tours and open houses are working?
Definitely. Despite the challenges, there is still a great demand for real estate right now, and mortgage rates are still quite low. Just because buyers can’t do their business in-person, doesn’t mean they’re out for the count.
There’s actually a big need for these virtual resources, for that very reason. The show still needs to go on, any way it can.
How can people learn more about your work?
Now that I’ve been around the block when it comes to real estate investing, I’m really eager to share what I’ve learned along the way, because I know how valuable that knowledge can be. I recently spoke about four marketing secrets for growing your real estate business during COVID-19 and shared some strategies to help investors find great deals on properties on my blog at nicktrimble.com.
