State Of Emergency In New York & Digital Real Estate Brokers like Real

A state of emergency was just announced in New York effectively causing businesses that are considered "non-essential" to stymie all operations that have to do with working outside of their home. Real Estate being considered a non-essential business, just experienced a small steppingstone to providing value for clients either for buyers, renters or sellers.

Realtors are no longer allowed to show open houses or provide in-person listing presentations. In addition to this, all Real Estate brokerages must now be closed on Sundays. Real estate is normally a 24/7 business, but now, big aspects of its business are being limited.

According to Governor Cuomo, via NYSAR,
“I don’t know who you think you’re going to rent an apartment to now anyways if you kick someone out…by my mandate you couldn’t even have your real estate agent showing the apartment. Same with commercial tenants.”
Here are some reasons why this is a problem economically based on Real Estate alone.

People Will Find Difficulty Moving In Or Out

With agents not being allowed to show renters homes, they are only allowed to provide digital walkthroughs of homes to prospects. It is unclear if Agents are allowed to go onsite and provide a live digital presentation to renters, but as of right now, it clearly states that all Realtors must work from home and not do any business that is considered outside of it. This bottleneck will cause severe lag in move-in times, and people already out of a home must figure out what to do about their living situation if they are unable to be showed property by Real Estate professionals.

Landlords Will Have Trouble With Vacancy Rates 

Vacancy or occupancy rates are crucial metrics in providing whether a multi-family apartment unit will be a good investment property for them on a risk-basis. Based on how long this Coronavirus pandemic lasts, Real Estate professionals being limited in showing property will cause problems with rental investors' businesses. Being unable to sell their property or generate occupants for their units will undoubtedly cause short term economic effects to the downside.

Cold calling For Generating New Prospects Is Banned Until At Least September 7, 2020 

Why is this important? Real Estate Agents cold call to generate new business either on the buyer or seller side. This causes agents to pivot their prospecting methods in the short term to advertise their business. Cold calling is a skill and definitely pertinent for helping property owners get more eyes on their units or to help create more liquidity in the market. Being able to help property owners is a big part of a Realtor's job, and not being allowed to cold call (despite it being an indoor aspect of the job), will undoubtedly create more bottlenecks in the long term. Most people do not want to buy or sell in the near term, but they will for sure want to buy or sell in the long term. If the work isn't being done to generate that business today, then there will be even more latency for liquidity in the future.

The Positive News

Real Estate is a creative job. Lead generating is part of our job and this is just a hiccup, not a major roadblock. Real Broker NY LLC, the brokerage I belong to, makes my job as a salesperson much easier because we already have the technology infrastructures in place to help you. We are a digital brokerage with amazing tools that allow us to pivot and think on our feet.

I Will Do Listing Presentations Online

I will provide you with the best digital solutions to your needs while keeping social distance. My aim is to give you the opportunity to choose why I would be the best candidate for selling your home at above-market prices. I will do the market research needed to let you know straight up if now is the best time to sell or upsize to a newer home.

Technology Is In Our DNA

Real Broker NY was built upon technology. We have one of the most convenient Real Estate apps for both Realtors and clients alike. We want you to trust us with your business, and it would be my pleasure to provide value for you when you need it most. We have an app for both iOS and Android. Try it out and see what I'm talking about. 

During these times, creativity and driving solutions is the name of the game. I would be grateful and incredibly glad to provide solutions for you and your family during this time. If you have been hit by this recession as a result of being involved in "non-essential" businesses, I would love to talk to you and brainstorm ideas to get you pointed in the right direction.

Bottom Line

I'm excited at the possibility of providing you solutions to your needs. If there is anything I can do to help, let me know. I'm here for you during this time.

Thank you for being gracious with your time; I really appreciate it. If you're indoors, stay safe. Be on the lookout next Sunday for my market report on Long Island City: Only in my newsletter every single Sunday

State Of Emergency In New York & Digital Real Estate Brokers like Real State Of Emergency In New York & Digital Real Estate Brokers like Real Reviewed by Alex Sung on March 23, 2020 Rating: 5

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