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Real Estate Trends During COVID-19 Pandemic

Thursday, May 21, 2020 in Blog

 

To make an introduction to what we’re going to talk about in this article, I wanted to strongly point out one item when it comes to AgentLocator.

The moment we realized that the COVID-19 pandemic will affect the whole world and that everything is going to change for a while, we wanted to react immediately and do everything we can to help and make sure we go through this together.

 

We wanted to put out tools that will be useful and content that will help you steer in the right direction, but most importantly we wanted to take the lead and release a series of webinars on a weekly basis that will allow us to gather as many clients as we can in 1 place and talk about staying positive during these unpredictable times.

 

We are absolutely positive that you will find them useful and in any case you’ve missed them please find them all on our YouTube channel recorded and ready to go.

 

 

For all of the upcoming ones make sure you register, available on this page.

 

However, where we want to be even more helpful is to make sure we give you proper updates on what’s happening with online marketing, in other words - what’s happening with searches across Google related to Real Estate in both, Canada and the United States.

 

If we were to explain it in only one word - it would be “blooming”.

 

Let’s start with Canada and let’s explain it more in detail. Please take a look at the image below.

 

 

Interestingly enough, compared to the week of May 2019 and 2020 online searches on Google for Real Estate went up by 8% - how?

 

Would you say it’s just curious to see what’s happening with the real estate market? 



 

 

Take a look at the chart above and please pay attention to the difference between the red and blue lines compared to the yellow one. Blue and red lines represent 2018 and 2019, respectively.

 

The yellow line represents the current year, 2020. 

 

So the question is what happened towards the end of March, why did the volume of searches go up significantly while in the previous years it was consistent throughout the whole year?

 

It is actually a mix of a few answers. 

 

First, the number of people that are staying at home increased significantly and for most of them the online world became a reality for the next little while. And let’s face it, what do we all do when we’re at home? We Google everything we want to find and learn more about.

 

People became more and more interested in Real Estate, the searches went up by 8%.

 

Searches related to Homes for sale went up by 39%, while searches related to rental properties went up by 13%.

 

And now you could still conclude that all happened simply because people are curious about it but there’s one parameter that tells us a different story.

 

Searches related to Virtual Tours have increased by 107%. That alone tells us that people are not only curious but are well aware that Tours in person are not recommended for a couple more months and that they still want to be able to see homes & condos they want to purchase.

 

Reality is that a lot of people not only want to do it but have to - for multiple reasons.

 

Real Estate got listed as an essential service and everyone is aware of it, on top of that Real Estate Brokerages took multiple amazing steps to ensure they can still provide their services and help while keeping everyone safe - from Virtual Staging, Virtual Showings & Digital Coffee Meetings.

 

All of that, along with helpful content, videos, and blog posts had a big impact on the trends we’re seeing today.

 

Please keep in mind that a small percentage of the leads searching for Real Estate online are not instant buyers or sellers but rather searching for answers and information - which is something they expect from you and it’s as valuable on a long term perspective as much as someone who needs to move immediately.

 

All of this applies to Real Estate trends in the United States as well, please take a look at the image below.

 

 

With slightly different stats, it increased as well. 

 

Searches related to Homes for sale went up by 47% while apartments went up by 29%.

 

Rentals have gone up by 12%.

 

The biggest conclusion here is that there is simply no better time to generate online Real Estate leads.


And here is why.

 

With such a significant increase in the volume of searches one thing is inevitable. The cost per click across the board is going down and the results of it are simple - for the same budget you are now getting more clicks with your Ads and that directly increases the number of leads you’re generating.

 

With all the tools you have, the past month and the next couple of months will be golden for you and yes - you might not close the leads instantly but you will provide information and answers they need. You will also keep in touch with them, nurture them, and prepare yourself for down the road when everything goes back to the usual.

 

And in the end, please remember to always be their source of information, guidance, and help for anything they need whether they’re looking to rent, buy, or sell their property.

 

There are no secrets to success. It is the result of preparation, hard work & dedication.

 


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