Although many homebuyers and sellers are questioning their real estate plans this spring, interest rates are low, causing a strong demand for buying and selling homes. Real estate agents must change their approach to accommodate the needs of homebuyers and sellers in 2020. With the help of technology to conduct business virtually, many agents are still working with limited or no person-to-person contact. Even with the use of technology in their favor, one area that has always puzzled real estate agents is contract writing. Below are some important points that real estate agents should understand about contract writing during the COVID-19 pandemic.
A contingency will help to accommodate uncertainty.
One of the best steps an agent can take is to include a contingency stating that a home inspection will be performed after the state lifts restrictions brought on by COVID-19. This element of your contract will help to accommodate the uncertainty surrounding the process of buying a property without seeing it in person.
Briefing your client will help them to navigate the process.
During your first conversation with the client, you want to inform them that writing a contract without physically seeing a home is not unusual. This approach is becoming more common as a casual way to establish the process.
Examples of phrases:
“It is safer for everyone. And of course, you can see the home before closing and if there is a problem we can address it and have anything we need corrected then.”
“Virtual viewings allow for multiple trips to the same house and eliminate other homes from your list more quickly.”
Taking the right steps will ensure a smoother process overall.
By embracing technology and the future, you have learned new skills that you can use for years to come. Following the changes presented by the COVID-19 pandemic, methods of selling homes with less physical interaction may be the preferred way of doing business for the foreseeable future.
