Hi Everyone,
Each new day ends up with new information about the coronavirus and how it is affecting our day-to-day lives. Undoubtably, one of the questions is how is it impacting the real estate industry. As the virus arrives in Missouri we all have questions and concerns on how it will impact the next few months, if not even longer. The one thing that will continue to happen is we will have buyers that are going to need/want to buy and sellers that are going to need/want to sell. It will be incumbent on us to be the professional who can remain by their side and find innovative and creative ways to continue to make that happen. Fortunately we have several tools and resources to transact real estate virtually or so here are some ways to make sure that we can continue to service our clients.
3 QUESTIONS TO ASK EVERYONE (buyers, sellers, inspectors, closing agents, mortgage, etc.):
- Have you traveled recently and particularly to areas identified to have an increased risk of coronavirus?
- Do you have any signs of respiratory illness?
- Will you please let me know at any time if your answers change?
STAY HEALTH AND SMART
The same preventative measures recommended to prevent influenza are also effective in reducing the risk of contracting or spreading coronavirus. These measures include:
- Staying home if you have a fever, cough, shortness of breath or any other cold or flu-like symptom.
- Washing your hands frequently with soap and water for at least 20 seconds. If soap and water aren’t available, use an alcohol-based hand sanitizer.
- Avoiding touching your eyes, nose, and mouth with unwashed hands.
- Avoiding close contact with anyone who is sick.
- Cleaning and disinfecting frequently touched objects and surfaces.
- Covering your mouth and nose with a tissue when you cough or sneeze, or cough or sneeze into your sleeve.
Be sure to refer to the CDC’s website for up-to-date information about travel warnings(link is external), as well as information about the coronavirus’ current impact in the United States(link is external). Daily updates about the coronavirus are also available from the World Health Organization(link is external).
Q. What unique issues does coronavirus present to the real estate industry?
A. When an infectious disease, such as coronavirus, is associated with a specific population or nationality, fear and anxiety may lead to social stigma and potential discrimination. REALTORS® must be mindful of their obligations under the Fair Housing Act, and be sure not to discriminate against any particular segment of the population. While the coronavirus outbreak began in Wuhan, China, that does not provide a basis for treating Chinese persons or persons of Asian descent differently.
Q. May I ask clients or others I interact with in my real estate business if they have traveled recently, or have any signs of respiratory illness?
A. Yes, you may ask clients or others about their recent travel, particularly to areas identified as having an increased risk of coronavirus. To avoid potential fair housing issues, be sure to ask all clients the same screening questions based on current, factual information from public health authorities. If you are uncomfortable working with someone based on their answer, please make note of why. You can certainly suggest that you hold off their property search until they are tested or sure they are not contagious.
*note – this also applies to anyone who may enter a home or you would be in contact with.
Q. I typically drive my clients to showings. May I refuse to drive potential clients to see homes?
A. Yes. However, be sure that any change to your business practices is applied equally to all clients. You may refuse to drive clients who show signs of illness or reveal recent travel to areas of increased risk of coronavirus, or you may instead decide to stop driving clients in your car altogether, and simply arrange to meet clients at a property. If you do continue to drive clients in your car, it is a good idea to frequently clean and disinfect surfaces like door handles and seat belt latches, and to ask clients to use hand sanitizer when getting in and out of the car.
MARKETING AND SHOWINGS
Q. Should I still conduct open houses on my listed properties?
A. Speak openly and honestly with your seller about the pros and cons of holding an open house. Assess the risk based on your specific location, and direct your clients to local and state health authorities for specific information about the severity of the risk in your area. You could also propose alternative marketing opportunities for your seller’s consideration, such as video tours and other methods to virtually tour a property. If you do hold an open house, consider requiring all visitors to disinfect their hands upon entering the home, and provide alcohol-based hand sanitizers at the entryway, as well as soap and disposable towels in bathrooms. If you decide to do any cleaning at your client’s home, be sure to check with your client in advance about any products you plan to use. After the open house, recommend that your client clean and disinfect their home, especially commonly touched areas like doorknobs and faucet handles.
Q. How can I conduct virtual showings?
A. If you have a listing or you are going to list a home take extra pictures, hire a professional to do a virtual tour, film a video of the house and of specific rooms and the neighborhood. Take special care to do this early. You want to have as much digital media on the property incase your entry is limited to the home later on. Buyers may not want to enter and sellers may not want people come into the home. If you still have access to the home, but buyers don’t want to enter, you can tour the home virtually with a video call. You could even walk someone thru the home while they wait outside in their car as they direct you to enter and scan rooms. Should the seller not be comfortable with buying agents entering the home, listings agents can conduct the showings or you can help sellers conduct the showings. Ask them if they know how to do a video call or help them learn how to use their home.
Q. What else?
A. Make sure you focus on regular communication. Use video and send pictures to be more relatable. People love to see others smile. Clients are bound to have more uncertainly and fear with all of the news and updates. Make sure you are talking with them regularly and sharing market updates. Connect with your sphere and see if they need anything. A lot of the fear right now is that people are isolated and may be unsure of how they can get help in a crisis. They may feel alone especially if they don’t have family in the area. Reach out to your clients and let them know that you are a resource for their concerns and what is happening in the community. You know where they live and can help them if necessary.
CLOSINGS AND CONTRACTS
Q. What if someone can’t attend closing because of a quarantine or sickness?
A. We have many measures to continue business electronically to facilitate the closing of properties if someone cannot attend. Be in touch with your closing/lending agents on how to deliver documents electronically or simply dropped/picked up on a front porch. We also have some sample language we can add to a contract if this happens. We may need to facilitate alternative closing dates, possession after closing or other ideas. We are creative and innovative to solve these situations, but we will need to be proactive, increase our communication and stay up on our paperwork.
Q. Are their other reasons this may impact my contracts?
A. We may not be able to conduct the inspection if someone if quarantined. We might need to adjust inspection and closing dates accordingly. Time will solve this situation, we may just need our clients to be patient.
Q. What will this do to the market?
A. Sellers may hold off listing their property. With inventory so low, this may cause even more demand and multiple offers. It could be a great time for someone to list their property when the demand will be high. Please continue provide A Buyers and Sellers Guide to Multiple Offers to your clients. We also have an escalation form for offers. Please contact us if you need this document. I anticipate we may see a lull in the upper end. Traditionally when the stock market suffers we see the upper end have more reservation about selling and buying. This is a great time to invest in real estate and review investment portfolios. Talk with your clients about low rates and real estate as a more stable investment. Buyers could be hesitant to move. It may be a slower year. However we may see a burst this summer as things sort out and we may have a summer rush so be in touch with your clients to help advise them accordingly.
California REALTORS Economist article:
PROCEDURES AT THE OFFICE
We have increased our cleaning procedures with additional wipe down of commonly used equipment, doors and common rooms. We have implemented procedures so we can continue to operate from home if needed. We ask that you help us keep the office a healthy place for you and your customers. Please stay home if you are not feeling well and IMMEDIATLEY contact Jamie or me if you are exposed to COVID-19 or test positive.
If there is any assistance that you need, please know we are here and care for your business, safety and health. Finally, do not panic, stay informed, and use your best judgment.
Sincerely from all the staff,
| Elizabeth Mendenhall, CEO RE/MAX Boone Realty |
| 33 E. Broadway, Ste. 200, Columbia, MO 65203 |
| PH: (573) 876.2882 |
| Licensed in Missouri ABR, ABRM, CIPS, CRB, GRI, PMN, e-PRO |
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