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Technology & real estate: How COVID propelled industry forward

Enabling buyers and sellers to move quickly from start to finish

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technology real estate
Technology has transformed the real estate industry, enabling contact-less viewings and sales.

Over the past six months, nearly every industry in our economy was accelerated by technology due to COVID-19. Whether consumers or businesses were ready, the global pandemic forced us to conduct business almost 100 percent virtually. Residential real estate was undoubtedly one of the industries most affected. The entire process from start to finish shifted, and now the future of real estate has never been more technology driven. Follow along as I address how COVID impacted technology changes in residential real estate and take a glimpse of where the industry is headed.

The Cloud Movement: In the past, real estate has always been paper-heavy, so when the economy shut down there was a scramble to set up remote workforces. Paperless transactions became key, and cloud-based systems were essential to survival. In most markets, there was no option to go into the office and pull files or save paper documents. Streamlining the entire real estate process on a digital platform between all parties was the biggest step businesses could have taken to continue serving their buyers/sellers through stay-at-home orders. In some areas, real estate was deemed essential. Therefore, in-person meetings were unavoidable. However, choosing to conduct minimal tasks face-to-face and saving the bulk of the process for digital gave peace of mind to both employees and consumers. From now on you must be forward-thinking on the cloud movement and flexible to support a remote workforce because office days in real estate are long gone.

Productivity Tools: With that said, the technology movement in real estate started a few years back, but COVID placed urgency on the digital drive. The real estate professionals adapting best are those placing the biggest priority on transforming their business with productivity tools. Some veteran real estate professionals are not keeping up with the times, creating a competitive gap between them and the tech savvy. The goal for the entire real estate industry should be to streamline and automate the entire process with technology to make it as painless and easy as possible for buyers and sellers. This is done by integrating the best practices and tech tools into one system. This enables all parties to work in partnership more effectively and efficiently. If you are an investor, your productivity tool should assist in managing your leads, conducting property assessments, making the offers, negotiations and settlement, renovations, accounting, purchasing, scheduling and field management. If you are an agent, your productivity tool should manage lead generation, negotiations, settlement and closing procedures.

Going Contactless: On the consumer side, technology has allowed buyers and sellers to move extremely quickly from start to finish. You are now able to search and view properties on new platforms and even some agents are showing houses via FaceTime. Agents sharpened their marketing with 3D tours and began hosting virtual open houses. Investors with state-of-the-art technology can now quickly analyze property values and provide home sellers an offer within minutes. Signing documents over email using e-sign is also the new normal. Now more than ever, consumers have multiple options to navigate real estate contactless.

Your Technology Platform: The key to ensuring the process is seamless for consumers relies on your technology platform. You must have a deep knowledge of the real estate industry. Some industry veterans are not tech-savvy, and some others who are tech-savvy do not hold industry knowledge. When companies build technology around faulty business practices, the platform fails and vise-versa. Marrying technology with industry expertise will provide the most robust infrastructure. This will maximize workforce productivity and give customers a unified hassle-free experience more rapidly than the pre-COVID days. If you choose to purchase a software package instead of building one, ensure your goals are aligned with the softwareā€™s capabilities. For example, firms with significant growth plans should invest in software that can scale with their needs by offering extensive functions for multiple users. Small firms may not need all those extra capabilities. Think ahead and invest in a system that will grow along with your needs.

Looking to the future, technology will continue to evolve and reshape the way real estate is conducted, courtesy of COVID-19. The one factor that the pandemic will not change is the importance of personal relationships. Investors, agents, lenders, and brokers should continue to build their sphere of influence. Technology cannot replace human interaction in this regard. As you map out the future, keep these points in mind and remember that technology is only as good as the knowledge base it is built on. You must understand the best practices and know the policies and procedures to develop the most dynamic package. The companies that develop these integrated systems will have significant productivity advantages and cost savings. They will also recruit the most elite agents/employees because the future of the industry lies in technology.

Nick Ron, CEO of House Buyers of America, is a tech-savvy industry veteran with more than 20 years of experience as a real estate investor. Since 2001, he has bought thousands of homes in the D.C. Metro area through his hybrid real estate model that balances technology with human, on-the-ground expertise.

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Real Estate

Summer means time for annual maintenance

ā€˜Gonna turn this house around somehowā€™

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Spring and summer mean itā€™s time to freshen up your landscaping and curb appeal.

Itā€™s almost summer! The last days of school are here, people are getting ready to wear their swimsuits again, and suddenly BBQ sauce is front and center on all the aisles at the grocery store. What does that mean for all the homeowners out there? It means a bit of yearly maintenance.  

Summer maintenance checklist:

  • Check gutters and clean downspouts. The summer storms can knock a lot of branches and leaves around.
  • Have the HVAC serviced if you havenā€™t already.Ā  A good rule of thumb is after winter, and again after summer.Ā 
  • Itā€™s time to trim back bushes and trees away from power lines.Ā 
  • Wash windows and replace the window screens.
  • Reverse the ceiling fans so that it pushes the cool air downward.Ā  You want them to spin counter-clockwise.
  • Clean the garbage disposal and the dishwasher.Ā  You can add a cup or two of vinegar to the dishwasher and run a low wash cycle. Ā 
  • Clean baseboards.
  • Test smoke and carbon monoxide detectors ā€“ replace batteries as needed.
  • Check outdoor hoses and appliance hoses ā€“ refrigerators, dishwashers, etc. for any leaks or cracks. Ā 
  • Freshen up your yard, porch or deck spaces. A quick trip to a hardware or a garden center can help you liven up any outdoor space and get it ready for entertaining.Ā  Donā€™t forget the citronella candles and bug spray.
  • Power wash decks and driveways.
  • Clean and scrub any grills. Check any hoses and connections for gas grills. Ā 
  • Get a dehumidifier for any musty basement spaces, clean it up and plug it in.
  • Check seals on washers and dryers, and wipe down with an all-purpose cleaner.

Spending a little time and energy on your home – one of the biggest investments you will make, can help you to improve its resale value and optimize the enjoyment of your purchase.  Spring and summer can also be time to tackle those larger projects such as cleaning out a garage, a closet, or a spare bedroom.  

As someone who just moved after 10 years in the same building last year, I can speak to the level of freedom one feels after taking old appliances to Goodwill, finally selling that table or those chairs online, and hauling out bags and bags of trash. Do yourself a favor and clean it all up. You will be so happy you did when itā€™s finally done, and it can give you a sense of new beginnings.  

How might you use that extra space after you clean it up? Who knows, thereā€™s only one way to find out. Need a little motivation to get all these projects done?  Donā€™t forget to find your favorite summer playlist, or even put on a Gay Pride Playlist. You could even recreate your favorite scene from ā€œSaltburnā€ and dance around naked in your newly cleaned home when you are done. 

Joseph Hudson is a referral agent with Metro Referrals. Reach him at [email protected] or 703-587-0597.

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Real Estate

What property should I purchase if Iā€™m not sure how long Iā€™ll be in D.C.?

Row homes, English basements and more options abound

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D.C. offers an array of properties no matter how long you plan to live here.

Great question! If you are looking at real estate as an investment ā€“ two great property types to look at would be a smaller row home and also a row home that has an English basement. Some property types that you might want to stay away from would be a condo or a co-op unit. Letā€™s take a look at why these properties would be good and bad:

Smaller Row Home

Row homes are a great investment for many reasons. You can often find smaller two-bedroom row homes in the same price point as those of a two-bedroom condo, which might be seen as a ā€œcondo alternativeā€ and afford you much more freedom. There are no condo associations or home owner associations that you must belong to so this keeps your monthly carrying costs on the lower end and you are allowed to make more independent decisions. For example, if you wanted to paint the house purple – in most cases you would be allowed to. If you wanted to change the color of the front door or put shutters on the windows ā€“ you would be allowed to. This is usually not the case with condo or co-ops. 

When it comes to the rental market ā€“ similarly renters like the independence of privacy in a home and not being among many other people. The luxury of perhaps direct off-street parking, outdoor space or even just more space at the same rental amount that a two bedroom condo rent would be ā€“ this is more appealing for a renter and would likely rent faster than that of a condo or co-op. For this model – you would obviously need to move out before you could take advantage of the investment of this type of real estate.

A row home with an English basement 

With this type of real estate you can immediately begin receiving income after your purchase. You can occupy the upstairs of the row home, which is usually the larger portion of the home, or you could even occupy the basement, which is usually the 1-2 bedroom smaller portion of the home and receive rental income for the other half of the home. This can be in the way of a yearly traditional tenant or in the manner of short-term rentals (check with the most recent STR policies within the District). With this model, you stand to make even more of a return on your investment upon your move out of the home as you can rent the entire home or you can rent the top unit and basement unit independently to gross a larger amount of income. It is important to note that it is never advised to purchase a row home unless you can fully afford it WITHOUT the idea of accepting additional rental income to offset the mortgage cost.

These two options listed above are the most typical found within the District because they are fee simple, standalone pieces of real estate and are not within a condo association, HOA, or a co-op with governing documents that tell you what you can and cannot do which makes row homes an attractive type of real estate for a long-term hold.

When looking at types of properties that you might want to stay away from ā€“ condos and co-ops come to mind and I say this with a caveat. You can surely purchase these types of real estate but must first understand the inā€™s and outā€™s of their governing documents. Condos are bound by the governing condominium documents which will tell you for how long your lease must be, a minimum of lease days, you can only rent after you have lived in the residence for a number of years, likely will stipulate no transient housing ā€“ which means no short term rentals. It could also quite possibly say that you can only rent for a specific amount of time and lastly it will also stipulate that only a specific amount of people can rent at one time in order to stay below the regulated lending requirements set forth by Fannie and Freddie Mac. Similarly, Co-ops are even more strict ā€“ they can tell you that you are just not able to rent at all or if you can you can only do so for a specific number of years and then you are required to sell or return back to the unit as your primary residence. 

As you can see, when it comes to condos and co-ops there are more specific and stringent bylaws that owners must agree to and follow that limit or even outlaw your ability to rent your piece of real estate. When you purchase a row home ā€“ there are no regulations on what you can and cannot do regarding rentals (outside of the short-term regulations within the District).

When looking for a piece of real estate in the District it is important to think through how long you could possibly wish to hold onto this property and what the future holds. If you think this is a long-term hold then you might consider a row home option ā€“ again, you can find a smaller two-bedroom row home that amounts to that price similar to a two-bedroom condo and would afford you a more flexible lifestyle. Itā€™s important to work with a real estate agent to ensure that they guide you in this process and help answer any questions you might have. Itā€™s also always advised to speak directly to a short-term rental specialist should you wish to go down that route as they will truly understand the inā€™s and outā€™s of that marketplace.

All in all, there are specific property types that work for everyone and within the District we have a plethora of options for everyone.

Justin Noble is a Realtor with Sothebyā€™s International Realty licensed in D.C., Maryland, and Delaware for your DMV and Delaware beach needs. Specializing in first-time homebuyers, development and new construction as well as estate sales, Justin provides white glove service at every price point. Reach him at 202-503-4243,Ā  [email protected] or BurnsandNoble.com.

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Real Estate

The rise of virtual home tours

Adapting to changing consumer preferences in spring real estate

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Looking for a home? Virtual tours hold special benefits for queer buyers.

In today’s dynamic real estate market, the spring season brings not only blooming flowers but also a surge of activity as buyers and sellers alike prepare to make their moves. However, in recent years, there’s been a notable shift in how consumers prefer to explore potential homes: the rise of virtual tours. 

For the LGBTQ community, these virtual experiences offer more than just convenience; they provide accessibility, safety, and inclusivity in the home buying process. 

Gone are the days of spending weekends driving from one open house to another – unless thatā€™s your thing of course, only to find that the property doesn’t quite match expectations. With virtual tours, you can explore every corner of a home from the comfort of your own space – find something interesting? Schedule a showing with any LGBTQ Realtor at GayRealEstate.com.

This is particularly significant for LGBTQ individuals, who may face unique challenges or concerns when attending in-person showings. Whether it’s the ability to discreetly view properties without fear of discrimination or the convenience of touring homes located in LGBTQ-friendly neighborhoods across the country, virtual tours offer a sense of empowerment and control in the home buying process.

Moreover, virtual tours cater to the diverse needs of the LGBTQ community. For couples or families with busy schedules or those living in different cities or states, these digital walkthroughs provide a convenient way to view properties together without the need for extensive travel. Additionally, for individuals who may be exploring their gender identity or transitioning, virtual tours offer a low-pressure environment to explore potential living spaces without the added stress of in-person interactions.

At GayRealEstate.com, we understand the importance of adapting to changing consumer preferences and leveraging technology to better serve our community. That’s why our agents offer an extensive selection of virtual tours for LGBTQ individuals and allies alike – visit our website, choose an agent and within minutes youā€™ll have access to the Multiple Listing Service (MLS) via their website.

From cozy condominiums in bustling urban centers to sprawling estates in picturesque suburbs, virtual tours showcase a wide range of properties tailored to diverse tastes and lifestyles.

In addition to virtual tours, GayRealEstate.com provides comprehensive resources and support to guide LGBTQ buyers and sellers through every step of the real estate journey. Our network of LGBTQ-friendly agents is committed to providing personalized service, advocacy, and representation to ensure that all individuals feel respected, valued, and empowered throughout the process. Plus, we are happy to provide a free relocation kit to any city in the USA or Canada if you are a home buyer.

As we embrace the spring season and all the opportunities it brings in the real estate market, let’s also celebrate the power of virtual tours to revolutionize the way we find and experience our future homes. Whether you’re searching for your first apartment, forever home, or investment property, GayRealEstate.com is here to help you navigate the exciting world of real estate with confidence, pride, and inclusivity.

Jeff Hammerberg is founding CEO of Hammerberg & Associates, Inc. Reach him at [email protected].

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