Self-guided and virtual tours of commercial real estate properties are gaining popularity in the era of social distancing. Although they might not entirely eliminate the need for site visits, they give tenants a better idea of the layout, space, and what the property looks like than photos. In light of the pandemic, the real estate industry is looking for creative ways to stay in motion, and virtual tours are helping the market function.
The Slump in Real Estate Market Amid the Current Outbreak
Coronavirus (COVID-19) has affected many markets across the country. Reports show a 27% year-over-year drop in growth from January and February, according to Fox Business.
With concerns about future increases in COVID-19 cases, open showings continue to be put on hold in most cases. Guidelines for social distancing apply and travel restrictions may materialize that dampen the ability for in-person showings. This can have a big impact on sales and leasing for the commercial real estate market. Establishing alternatives to traditional viewings of commercial properties accommodates clients and encourages transactions to move forward.
Implementing an Innovative Strategy
Real estate companies that used virtual and 3D tours sell or lease their property faster, shortening their time-on-market, and helping clients improve the decision-making cycle. This technology gives tenants and landlords a way to capitalize on the “wow” factor of each property.
The Benefits of Going Virtual During COVID-19
While this technology has been around for a number of years, virtual tours and digital viewing are now being implemented due to public health concerns. Today virtual tours are attention-grabbing for clients who search for properties in the age of social distancing. Implementing more virtual technology in real estate listings helps eliminate site visits for clients, encouraging a safer property search environment. Virtual tours and other 3D property mapping give clients a similar experience as physically entering into the property for sale.
Alternatives to the Traditional Virtual Tour
In addition to engineering a proper virtual tour, alternatives can be used to provide a similar experience. Through social media or digital platforms like Zoom or FaceTime, brokers can walk through a property. This allows them to discuss issues and features as they would have in-person but provide a safer setting for clients. Taking advantage of visual tools and technology creates a strong relationship with clients helping everyone to take government orders seriously. It’s all about overcoming the limitations of the current environment.
About Plaza Companies Property Management
The Brokers and Agents at Plaza Companies are experts in the commercial real estate industry. With our in-depth market knowledge and four decades of experience, we’re familiar with a lot and implement our know-how to provide results. We establish relationships with our clients and are here to assist you in leasing your property in Arizona. Contact us today to find the office space that is right for you!