Realtors rely on technology and adapt to coronavirus

Manhattan, New York. Shutterstock.

Across the country there has been a general disruption with COVID-19, also known as the coronavirus. With the unfolding of the global pandemic, the real estate sector is not immune to its effects. To assume the temporary new norm of isolation in the face of the current public health crisis, real estate brokers are relying more than ever on technology to close deals, said Maria Avellaneda, broker at real estate brokerage firm Compass, at GlobeSt.com.

According to Avellaneda. “We are reacting to something completely out of our control, it’s not like the financial crisis and how it was related to mortgages and the specialists knew better how to understand the measures and how to control it,” she said.

Avellaneda and other brokers are relying on technology to keep doing their jobs, moving anything that requires in-person communication to virtual interaction, like conference calls, setting up online payment structures, and banking platforms.

“Everyone is trying to find solutions to day-to-day problems so that we can keep operating,” she said.

No one knows how long this virus will last, in an effort to stay proactive Avellaneda said relying on virtual tours and the use of drones to appraise properties for investors is most recommended for limiting physical activity . “By using technology, we won’t have the same volume of business, but we won’t have total business interruption,” she said.

Kristan F. Talley