The Survival of Boston Real Estate amid Coronavirus
While most sectors were affected at the beginning of the COVID-19 pandemic, the downtown Boston real estate market was not spared at the onset as well. Mostly, this was a result of stay home orders, global health concerns, and economic uncertainty. Despite the steep downturn experienced, the Boston downtown condo market has shown resilience and continues to thrive amid the pandemic. If you are wondering how this sector continues to weather the pandemic storms, below are four reasons that showcase how:
Despite the lockdown and work from home regulations, most real estate companies in Boston continued running their operations online. While people moved to online shopping to minimize exposure to the virus, most property management companies moved along with their clients. The aim was to continue nurturing the relationships that they have with their existing customers and attract new ones. Compared to other years, the percentage of real estate companies online increased significantly as a response to adapt to changing needs. Most of these companies mastered the art of keeping their audience engaged and updated with the latest real estate market news. They also committed to providing their audience with insightful lifestyle ideas and the newest community updates. At the moment, there is no property management company without an active online presence. It is such online engagement that has made Boston real estate continues to grow amid the pandemic scares.
Downtown Boston beefed up their listing info
Even as the world seemed as though it was coming to an end, there were still people looking to invest in new homes. Given that Back Bay and Beacon Hill as some of the most expensive and competitive real estate markets in the United States, buyers did not stop looking for their dream homes. With showings restricted, most real estate companies took to sharing videos and images of homes to their customers online. At the moment, the market continues to be hyperactive with most companies reporting sales that are higher than normal. The Boston downtown real estate market is on the road to recovery as companies continue to sell properties in Back Bay, Beacon Hill, Midtown, and Boston Seaport which happen to be the prime lands of Boston. Buyers also had a shift in priorities where instead of buying luxury properties, they scaled down to middle-class residents. Since the middle class is slightly affordable, there was an increase in the sale of these homes.
There was also a rise in virtual tours by real estate agents. Leveraging such technology helped the Boston downtown real estate market thrive as it gave Boston condo buyers access to property listings in the comfort of their homes. This marketing strategy saw the commissioning of videographers and professional photographers to take images of various properties to create a private showing for the vast home buyers. Hudson Virtual Tours is one of the companies that made it possible for homebuyers to view houses that they were interested in buying.
While companies set to launch and optimize their websites, they also enhanced their real estate blogs to lure more customers to their sites. Realtors took to sharing advice, community news, and real estate tips regularly on their blogs which created a lot of traffic on their websites. Given how stiff the market is, there was a huge improvement in the quality of blog content as realtors strived to stay ahead of their competition. There was also increased publishing of content so that potential customers have fresh material to read each week. In a nutshell, realtors became more aggressive in their marketing efforts which contributed to the growth of the Boston real estate industry.
It may seem like the pandemic came to wreak havoc on the economy but it challenged realtors to up their business strategies to keep the real estate industry alive. With more people looking for alternative ways to still buy their homes, there was the increased use of social media to enhance online presence, enhancement of the listing information, increased virtual tours, and the development of high-quality real estate blogs. These strategies worked in 2020 when the market seemed as if it would collapse and they would still work in 2021 as the economy recovers in the wake of the COVID-19 vaccine.