As with many things in 2020, the housing market is in an “uncertain” place right now. In previous months, the industry has seen an increase in new home mortgage applications […]
No one expected 2020 to be the year of a global pandemic. Up until the initial months of the year, everything was business as usual (with a few exceptions). But […]
As with many things in 2020, the housing market is in an “uncertain” place right now. In previous months, the industry has seen an increase in new home mortgage applications in regards to 2019, amid the Coronavirus. But, at the same time, experts forecast a tsunami of chapter 7 bankruptcy cases due to the impact COVID-19 has had on the economy. So the question arises: what does this mean for the Luxury Real Estate market? Pretty good news, actually.
Despite the current crisis, luxury real estate sales are skyrocketing in South Florida. Several multi-million dollar properties were bought in August alone, and houses that have been in the market for a long time, are now being sold.
Palm Beach, Coral Gables, Miami Beach, and Coconut Grove have all witnessed home purchases exceeding the $10 million mark, and all in the span of a few of weeks. Here’s a list of a few luxury properties sold in August:
Luxury real estate sales have been in an increase for the past several months nationwide. For sellers, this translates as a great moment to list their properties in the market, if they had intention of doing so previously.
When evaluating the current state of the luxury real estate market, Petra Liebmann, CEO of the Corcoran Real Estate Group stated that “a growing number of luxury buyers are looking for additional square meters and residential furnishings such as theaters and pools. For many apartment hunters in South Florida, “privacy” and “space” are the keywords. “
These current times might not be the best for most realtors, but in spite of COVID-19 there are deals happening! Realtors must take new action to get in front of their customers, innovate their marketing, get on social media (check our blog on social media tips on how you can promote yourself online). Those who adapt to the changes will be the ones who make the most out of any situation. Make sure that is you!
We, at Title Partners of Florida, write and support the real estate transaction closing, including the issuance of title insurance policies through Attorneys’ Title Insurance Fund. We also coordinate searches, title products, and a variety of other services for our clients. Contact us with any questions about our real estate closing services by phone (844) 321-6168 or by email titleinfo@titlepartnersfl.com.
No one expected 2020 to be the year of a global pandemic. Up until the initial months of the year, everything was business as usual (with a few exceptions). But now COVID-19 has changed the way we live our lives. And has also changed the way we do business. This is especially true when it comes to realtors. Social distancing and mandatory lockdowns have forced realtors to transition from open-houses to more modern and innovative approaches to showcase properties. In consequence, realtors have taken advantage of a tool with immense power for brand awareness, engagement, and influence: Social Media.
In the first quarter of 2020, realtors were still conducting their businesses and attending their buyers the same way they have been for years before. The real estate market was a predominantly “in-person” industry. Property viewings, signings, and notarizations were actions that needed to be done in person. There were alternatives, they just weren’t paid too much attention.
On January 1, 2020, the state of Florida passed House Bill 409 and became the 21st state to adopt Remote Online Notarization (RON). This new bill allowed real estate professionals to close transactions, even if one of the parties were not physically present. For this, audio and video communication is used to notarize the signer’s electronic signature on electronic documents. However, in the first quarter of the year, very few realtors were registered to take advantage of the bill. It wasn’t a priority for the times. But this changed with COVID-19.
With quarantine orders putting a halt on the real estate market, realtors hastily searched for alternatives to keep their businesses in full swing. Insert the recent increase use of Virtual Showings, 3D Virtual Real Estate Tours, and Social Media.
Social Media is the perfect solution for realtors to face the problem of getting in front of their clients. Besides the fact that through Live Broadcasts, realtors can showcase a property to a considerably larger amount of people than possible in person. Many have already started implementing the use of Facebook Live and/or Instagram Live to display their listings, answer questions or doubts, and provide any extra information.
In addition, through Social Media, you also have the benefit of being able to reach a broader audience. The more followers, subscribers, or “friends” you have on Social Media, the more chances you have to find high-quality clients that are ready to purchase. It also allows you to interact with clients, increase engagement with your content, and be more likely to be recommended to other buyers. There are virtually no limits to the growth you may have on Social Media. And those who have an active social network are the ones who are getting the buyers, listings, and transactions. However, not everybody is highly tech-savvy, and the change in the industry might be harder for some to assimilate than others.
If you are looking to take advantage of Social Media to impulse your business, here’s what you need to do:
It is no secret that these are challenging times. The industry has changed. The old way of doing things is no longer effective and we have all been forced to overcome different levels of adversity. But those that put in the effort to adapt to the new way of conducting business will see the results they desire.
We, at Title Partners of Florida, write and support the real estate transaction closing, including the issuance of title insurance policies through Attorneys’ Title Insurance Fund. We also coordinate searches, title products, and a variety of other services for our clients. Contact us with any questions about our real estate closing services by phone (844) 321-6168 or by email at titleinfo@titlepartnersfl.com.
Despite COVID-19, Luxury Real Estate Still Selling in South Florida
UncategorizedAs with many things in 2020, the housing market is in an “uncertain” place right now. In previous months, the industry has seen an increase in new home mortgage applications […]
Social Media Becomes Realtors’ Solution to COVID-19
UncategorizedNo one expected 2020 to be the year of a global pandemic. Up until the initial months of the year, everything was business as usual (with a few exceptions). But […]