The Evolution of Real Estate

2020 will forever be marked as the year that technology disrupted the real estate industry. Over the course of this year, challenges brought on by the global COVID-19 pandemic forced businesses and consumers to rethink the way they interact with each other. Social distancing mandates put in place by government and health officials suspended much of the person-to-person interactions that businesses rely on, and stay-at-home orders made technology imperative.

This period of transition pushed real estate brokerages such as LIV Sotheby’s International Realty (LIV SIR)—which are deeply rooted in personal interactions—to think more creatively, become more agile, and find new solutions to meet clients’ needs. Fortunately, LIV SIR quickly adapted to the changing landscape by utilizing technology tools it already had in place and incorporating new resources to meet the demand.

As one of the nation’s leading luxury and lifestyle-focused real estate brokerages, LIV SIR was already using a variety of innovative technologies to market and sell homes in Denver Metro, the Front Range, and Colorado’s mountain resort communities. But as a result of the temporary ban on in-person property showings, virtual and online offerings became a much larger portion of the company’s marketing efforts.

To tackle the lack of in-person showings and open house events, LIV SIR took to social media to connect with homebuyers. In May, the firm hosted its first Virtual Open House event, which gave homebuyers the chance to view more than 130 homes across Colorado from the comfort of their couch. Brokers broadcasted themselves live to a captive audience as they walked through their listings, explained the features of the home at length, and answered questions from interested potential buyers.

While the Virtual Open House event was initially meant to bridge the gap between buyers and listings during the period of enforced social distancing, the impact it had on the way homes are marketed and toured will leave a lasting impression. The event reached approximately 500,000 consumers from not only Colorado, but other states where buyers frequently seek out properties in Colorado, such as California, Texas, and New York, exponentially broadening the audience of prospective buyers.

In addition to live-streamed home tours, 3D tours became an even more vital marketing tool than before. LIV SIR had been using 3D tours for years; however, because consumers could no longer view properties in person, they began to rely more heavily on these “dollhouse view” renderings to get an understanding of homes’ layouts and designs.

With 3D tours, homebuyers can simply use the click of a mouse to see a 3D model of a home’s floor plans and explore rooms as if they were walking through them on-site. This kind of tour can be done online without the help of a broker, making 3D tours a quick and easy method for buyers to view a home and decide if they are interested in taking the next step. The added convenience and ease-of-use make this tool one that will continue to be used by consumers for years to come.

In the first half of 2020, digital marketing, while already commonplace, was amplified to reach consumers where they already spend so much of their time: on their mobile devices. Social media, email marketing, and digital ads targeted at specific audience locations and demographics played a starring role in keeping consumers informed about current home offerings and market information. During the height of the pandemic, LIV SIR’s website visitors and social media interactions increased dramatically. In fact, the number of visitors to the LIV SIR website grew by an impressive 24.4%, illustrating that while viewing homes in-person was not an option, the desire to continue the homebuying journey did not diminish.

While LIV SIR’s Virtual Open House event was initially meant to bridge the gap between buyers and listings during the period of enforced social distancing, the impact it had on the way homes are marketed and toured will leave a lasting impression.

Finally, when it came time to close on a home, buyers were able to complete the process from a distance via online document signing. Through mobile notary and electronic documents, LIV SIR provided seamless, contact-less closings. Not only did these methods ensure the health and safety of all parties involved, but they made it simple for buyers and sellers to complete transactions from anywhere, at any time.

Even after the pandemic, many, if not all, of these virtual options will likely remain popular among consumers. These protocols keep brokers and their clients safe, add more power to marketing strategies, and provide convenience to consumers by making the process of buying and selling homes easy to do from practically anywhere. This year may have presented challenges; however, by forcing the real estate industry to evolve, it has provided enhanced resources for brokers, clients, and the communities they live in.

During the height of the pandemic, LIV SIR’s website visitors and social media interactions increased dramatically. In fact, the number of visitors to the LIV SIR website grew by an impressive 24.4%, illustrating that while viewing homes in-person was not an option, the desire to continue the homebuying journey did not diminish.