The Real Estate industry has had to adapt due to the social distancing guidelines during the coronavirus pandemic. Showings of properties have gone from in-person to online, Agents, buyers, sellers and lenders now see each other on computer screens and electronic communications are being used to transmit the necessary paperwork to close a transaction. As the Real Estate industry continues to evolve and restrictions are eventually lifted, many of these changes may become part of a new, normal way of doing business for the convenience of buyers, sellers and Agents. Those Agents who embrace new technologies and adapt their practices will survive the challenges of today’s markets and then thrive during the recovery.
On April 1, the New York State Association of REALTORS®, Inc. (NYSAR) announced that the Empire State Development Corporation (ESDC) deemed Real Estate Agents as essential workers and that some Real Estate-related activities will be allowed to be performed, including virtual showings and appraisals. However, because of the “shelter in place” rules, Agents have been forbidden to make in-person contact with the buyer or seller. Rather, “real estate services shall be conducted remotely for all transactions,” according to the ESDC.
As a result, in the future, more open houses and showings will likely be conducted virtually. This means prospective buyers will never have to leave their house in finding the home of their dreams, and they do not have to travel certain distances to view the property. (As per ESDC guidelines, Agents may host virtual showings, but only with the knowledge and informed consent of the seller and Broker.)
Another growing trend includes teleconferencing. While Agents cannot meet with the buyer and seller face to face, they can still meet using such online tools as Zoom, Skype, Facetime and Microsoft Teams. The remote meeting aspect of future Real Estate transactions may be adapted in the long term for the convenience of all the involved parties.
In addition, Agents can also send documents via email, e-fax or text messaging, for closings and notarizations. As the NYSAR explained, “remote notarization is now permissible under the Governor’s Executive Order 202.7 and closings may be conducted virtually. It is the decision of the lender, seller’s attorney and buyer’s attorney as to whether a virtual closing and/or remote notarization or other methods are used to avoid person to person contact.” (NYSAR guidelines prohibit Agents from attending a closing in person, unless their presence is required.)
Individual Brokers, however, are choosing to interpret these rules with caution as the guide. While Real Estate sales transactions may be handled in a new and different way, most Brokers are taking no chances when it comes to liability or safety.
“Our top priority is the safety of all involved in the Real Estate process,” said NYSAR President Jennifer Stevenson told Long Island Business News. “We can do anything that is virtual or involves no person-to-person contact.”
Charles Rutenberg Realty continuously provides training to its Agents on the latest available technologies so they can meet with prospective buyers remotely. If you are looking to buy a home and wish to meet with one of our Agents online, go to www.crrli.com/meet.asp to find an Agent.
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