With the recent Coronavirus pandemic regulations coming into play, open inspections and public auctions are banned. As a prospective buyer, the time may still be right for you to purchase a new investment, and although there are restrictions, you can still inspect properties in several ways. It has always been more logical to run open inspections to groups of investors and buyers. However, all that we, as an industry did in the past, is no longer a possibility. So how do you inspect a property, without being exposed, and sticking to the rules?
One-on-one inspections are still allowed under current regulations, as long as social distancing is adhered to, and hygiene is maintained. Private inspections often work in favour of buyers, as they can ask more questions without other prospective buyers listening in, and you can get to know the agent better, through direct conversations. Private inspections can easily be arranged by connecting directly with your commercial real estate agent.
Virtual tours are not a new thing, but in 2020 there is no better time to start using it to your advantage. Save yourself unnecessary time out in the open by researching before you even set foot outside your door. Virtual tours and video tours are the best way to get a feel for any property. 3D floorplans are also a valuable tool when looking at properties online.
If you are unable to, or not comfortable with attending face-to-face inspections, you could request an online inspection with your agent. Using platforms like Skype, Facetime, Zoom, or Google Hangouts is beneficial. You can see the property live on a video call with the agent, ask questions, get answers and make a connection without leaving your home or office.
Adapting to the forced changes will be challenging, but if you are serious about investing, you will be able to adjust. Technology is a valuable resource in commercial real estate, and now even more than ever, investors and agents alike will be reliant on new and innovative ways to connect, buy and sell.