In challenging times, it’s a smart idea to revisit the fundamentals of good business. This spring, go Back to Basics with Inman.

It is no secret that the COVID-19 pandemic has fundamentally altered the way we will live going forward. In addition to the varying aspects of social distancing, masks and other precautions that will continue for the foreseeable future, I believe we will also see significant changes in the way homes are bought and sold.

In this new reality, we’re going to see two fundamental groups of sellers emerge — those who understand the new realities and move to get in front of the morphing market and those who, entrenched in the past, will try to keep doing business as usual.

Overall, the professional real estate community is moving quickly to accommodate the new reality. Many real estate agents already have the tools to hold virtual listing appointments and host visitor-free online open houses. Title companies have been doing remote signings only and are evaluating continuing this practice going forward. Some brokerages are reexamining the need for brick-and-mortar offices. It’s a strange new world.

In addition to adapting to new methodologies, we must also factor in COVID-19’s effect on our nation’s economy. Unemployment numbers have reached staggering levels and will dramatically lessen the number of qualified homebuyers.

Further limiting the buyer pool are those who, while still employed, have lost their down payments due to the recent stock market plunge. Of the remaining buyers, a significant number have concluded that “the sky is falling” and, while trolling for bargains, have been lobbing in lowball offers like a pitching machine. Adding to the uncertainty are transactions that were cancelled (some on the day they were set to close) for economic reasons.

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3. Photograph beautifully

Still photos are no longer enough, and phone pictures are out. Invest in professional pictures and factor in drone footage, video, 3D tours and floor plans to help buyers better visualize themselves in a home.

4. Document completely

Have all required documentation available, including inspection reports and disclosures. Make sure all are readily available online so buyer agents don’t need to contact listing agents to get copies.

5. Price strategically

This is not the time for sellers to be overly optimistic and go for unrealistically high prices. The market is softening, and sellers must price ahead of it. Buyers are currently looking for bargains, and if any home is priced too high, they will swipe left and move on.

Get everything right, and your listings stand a great chance of selling. Miss any category, and you may help sell your competitors homes instead.

Carl Medford is the CEO of The Medford Team.

After 25 years, Inman Connect is coming to you. We’re transcending our legendary events in a live digital event, Inman Connect Now. Get ready for the top industry leaders plotting the path forward, new business ideas and opportunities, networking like you’ve never imagined it, and tons of exciting new magic, all straight to you. It’s all part of an epic new Inman experience, Connect Now, June 2-4, 2020. Click here to save your seat.

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