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The "New Normal"

Randal Engelmann & Erik Gould

We are Randal Engelmann and Erik Gould, partners in providing exceptional customer service...

We are Randal Engelmann and Erik Gould, partners in providing exceptional customer service...

May 29 4 minutes read
Randal and Erik discuss the "New Normal" in Real Estate and how buyers and seller are adjusting to the changes in the market.


Randal:
What is the new normal anyway? Stay tuned, and we'll take that apart. What's the new normal? First of all, the new normal for showing houses, you're going to talk on both sides of this one, whether you're a seller or buyer. But when a property is on the market, the new normal is looking like this, ladies and gentlemen. First of all, the listing agent's going to ask, "Did you do the virtual tour?" No.

Erik:
"Have you seen it?"

Randal:
"Have you seen the property? Has your buyer gone by the property? Have they driven by the property to check out the neighborhood?"

Erik:
Have they read all the disclosures and understand everything that we're disclosing upfront about the property before you see it?"

Randal:
... "before you see it?" And part of that is, we're still in a competitive market. They're trying to weed out as many buyers as possible, or we're trying to weed out as many buyers as possible, that shouldn't actually be in the house, right? So first, see the virtual tour, look at the disclosures, drive through the neighborhood. If you pass all of those things, then we're going to make an appointment to see the house. The new normal is very controlled showings. 15-minute blocks of time where you get to walk through the property.

Erik:
A lot of sellers, agents, and sellers are saying, even before we schedule that, "We want to see a preapproval or proof of funds."

Randal:
Yes.

Erik:
"So is your buyer qualified? Let me make sure they are before I make the effort to schedule that."

Randal:
Yep. And very controlled showing times. Many times we're also coordinating with the sellers to just have specific showing times available. So when you see, "Open house,", put up those air quotes because it's not really an open house. You don't just show up. You schedule the time, you have an appointment that is your allotted-

Erik:
A time slot.

Randal:
... time slot to go through the house. So these are the things that we're looking at for the new normal.

Erik:
Along with that, a lot of sellers are moving out ahead of time. Where before we had open houses, they'd be out for the day. But those showing times that we're seeing no requests, no children, only one or two people through at one time. So not you and your family coming through, or sometimes not even you and your agent it's just you, two people, going through. Doors open, lights on, ask-

Randal:
Don't touch anything.

Erik:
... not touch anything, wear gloves, wear masks. That's how you go and see a property.

Randal:
So are things still happening out there? Absolutely, properties are still being listed, properties are still being sold, buyers are still making offers, things are still getting multiple offers but they're under a much tighter constraint. So knowing that in advance and having that expectation about what's happening is so nice for both buyers and sellers, so we can make sure that we are keeping everyone safe.

Erik:
Yep. This is how business is being conducted, and it's being conducted and it's happening.

Randal:
Yeah.

Erik:
So it's adjusting. The new normal.

Randal:
Yeah. As always in real estate, it's constantly looking forward, adapting to the changes in the marketplace, and helping our clients make the best decisions so that they can get towards their goals in real estate. So that's a new normal there. I'm sure you're all experiencing lots of new normals in every part of your life as well. But we certainly hope that you and your families are safe and thanks for watching. Until next time.

Erik:
Stay tuned and stay focused

Randal:
... and stay focused. Why are you looking at me like that?

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