How has COVID-19 changed our day-to-day business process?
Per Governor Pritzker’s decree – real estate is allowed to operate as an “essential business” despite the statewide quarantine.
First and foremost, we want to make it clear that we take the health and safety of our clients, employees, industry associates, and city-at-large is our absolute top priority.
With that said, we’d like to outline some of the ways this unprecedented crisis has changed our industry in the short term:
1) First showings are now virtual and done by going through advanced media that includes 3D walk throughs, digital floor plans, and multiple high resolution photos of each room.
2) Second showings are being done via Zoom or FaceTime directly between the buyer and seller, with both Brokers likely on the call as well. The seller walks the buyer through the home and both they and their Broker answer questions.
3) Third showings (if needed) are done in person at the property. We’re respecting the wishes of both buyers and sellers by using lockboxes and limiting the presence of people unnecessarily for this appointment.
4) Inspections, appraisals, and final walk throughs are all being done with the same principals and goals from above in mind (as little people as possible, as quickly as possible)
5) Closings are likely to be the buyer alone in the room with their Attorney on the phone and the closing Agent in another room waiting for them to finish and leave before coming back in.
6) Everyone in our industry is using gloves and masks whenever possible and we’ve eliminated the usual business practices (hand shaking, being in close proximity, etc) as recommended by health professionals
Given the complexities of doing business right now, many buyers and sellers are electing to stay on the sidelines temporarily creating unique opportunities for people willing to transact during this time.
If you’d like to know more about how you can take advantage of this market as a buyer, seller, landlord, or tenant- we’d love to schedule a time to speak further at your convenience.