The impact of the COVID-19 pandemic on the real estate industry has been drastic. Traditionally, every step of the process – whether you’re buying or selling property – requires your physical presence. But under present circumstances, in-person transactions are either discouraged or not feasible at all.
In the face of these changes, real estate professionals have slowly embraced new ways of approaching the process. Presently, virtual and socially distanced transactions are the new norm. Read on to learn more about the fundamental components of a real estate closing today.
Clear and careful communication
Before anything else, it is important to have clear guidelines about your operations, especially in relation to the current status in your city or state. Your clients need to be fully informed about the measures you’re taking and the policies in place in response to the situation.
Some steps you can take include:
- Posting a detailed article on your page about current operations
- Regularly sending relevant email updates to buyers and sellers
- Creating an efficient internal communications flow for consistency
These steps rely on efficient use of digital tools (e.g., newsletter software, project management apps), and maximizing them is not only necessary in the current situation, but also important in the long term. A client will only move forward with the process if they feel confident that you are prepared and reliable to take on any accounts.
With social distancing measures in place, you will have to adopt new approaches that meet safety guidelines while offering the same quality of service. An important tool is conducting virtual tours – with the available technology, virtual tours provide clients a thorough look at a property as well as the surrounding area. You can even have a virtual tour guided by your narration (whether live or prerecorded) to provide supplementary information beyond the visual.
Similarly, the rest of the process – from mortgage applications to appraisals to inspections to the closing – can be done virtually or at a permissible distance. In some states, which include Utah, remote online notarizations are allowed, so online closings are possible. For others, alternatives include curbside and mail-away closings. If in-person closings are necessary, assure your client that all safety precautions will be followed.
Solid guidance and support
In between every step is the most important factor in closing a sale: building a good relationship with your client. Communicating well and providing the right resources are two ways to nurture this relationship, but customer service can be the deciding factor. Being able to give clients clear guidelines, answer all their inquiries, assuage their worries, and demonstrate reliable expertise are especially important at the time of uncertainty.
Closing a sale has always been a meticulous process, even more so in the current situation. We at Team Schlopy Real Estate are prepared to help buyers and sellers navigate the new landscape in Park City, UT and other communities nearby. For inquiries, feel free to contact our team here or call (435) 640-5660. You can also email firstname.lastname@example.org.