The global pandemic has forced significant changes in every aspect of daily life. And one of the scariest changes is that many people are facing unemployment. They have no way to earn a living when social distancing has closed stores. It has eliminated the opportunity to interact when buying and selling goods, and even for many service providers. But even with all of these changes, many people are finding some very successful alternatives, and one of them is virtual real estate investing.
What Is Virtual real estate And How It Works
Virtual real estate relies on online interaction to buy, sell, and invest in real estate. With limited in-person contact, savvy investors are going online to do everything that they once did in person. Thanks to the Internet, meetings, inspections, property listings and even general information regarding the area locale can be found on the web.
The Way Of The Future
Everyone is always talking about the new normal after this pandemic is in the rearview mirror. But we are all interested in learning what that new normal will be and how we will need to adapt. But if there is anything that we have learned, it is that virtual business can move forward and be the new normal in almost every industry. And virtual real estate investing is sure to be a new trend that opens up real estate investing to an entirely new group of investors, sellers, and brokers.
Stay at home offices are popping up across the nation and the world as parents need to care for children, adults are caring for elderly loved ones, and those with health concerns are limiting their public exposure. And with only an Internet connection, you, too can begin to grow your virtual real estate investing business.
The Tools For The Job
As you begin to look at a career in virtual real estate investing, you will find that there are a few necessities to launch your business. An Internet connection is the one investment that you will need to make if you do not have current access. Other than that expense, most of the other tools that you will use daily are free or very affordable.
VIDEO CONFERENCING- Online options such as Zoom, Google Hangouts, and Facetime will give you the ability to connect with clients, sellers, and other business associates instead of face to face meetings.
REAL ESTATE SITES- The National Association of Realtors, in addition to many state and local associations, offers the most up-to-date information regarding the current market in every region of the country.
GOOGLE EARTH- The satellite views provided by Google Earth will offer a wealth of information when you are researching properties. You can see what is located around or near the property, get an idea of the condition of the property and the surrounding area, and explore the road access to properties.
LOCAL GOVERNMENT WEBSITES- Most counties or municipalities have websites that can answer general questions about doing business in the area. Things like tax information and rates, local ordinances, and inspection processes are often defined on these sites. In addition, the sites can provide information on properties in probate, foreclosure, or that are delinquent on taxes.
Take Steps To Success
As with any business, it is essential to have a solid business plan in place and move forward in a highly organized manner. This includes creating processes and tracking systems to manage all future business. You will also want to begin building a support system in each location that you plan to work.
Finding contractors, freelancers, and other support staff will help you keep each project on schedule. Equally important is building a reliable resource for knowledge and mentoring. Having a pro to call when you have a question is the best way to avoid costly mistakes when you are learning the business and just getting started.
Cast A Wide Net
One of the most significant benefits of virtual real estate investing is that the world is your oyster. You are not limited to investment opportunities in your community, town, or state. You have the ability to research any investment in the country, or even in foreign countries. This will open many doors for you as you begin to find the niche that you most favor for investment properties. You might also discover that you prefer to work with a partner or two, and together you can share the risk, workload, and reward on each investment.
If you are currently in the real estate business, don’t look at the COVID-19 pandemic as a reason for your business to fail. Instead, look at this as an opportunity to grow your business in a new direction and diversify for more stability in the future.
If you are not currently working and are considering virtual real estate investing as a new career path, know that you could have just discovered your opportunity for financial independence with some research and work. Much of the world is becoming more open to virtual business transactions. And clearly, this is a glimpse into the new normal for many businesses, including real estate.