Will real estate remain virtual after pivoting during pandemic? - CNBC

For real estate, an industry dependent on how people feel about a potential home in-person, the pandemic and the ensuing need for social distancing, cleanliness, and minimal contact, has changed technology's role from nice-to-have into a must-have.

New technology tools like virtual walkthroughs, 3-D mapping and drone surveys, were adopted years ago, but only on a case-by-case basis with select properties.

"Some of the technology out there was neat stuff," says Quentin Dane, CEO of real estate brokerage Dash Carolina, which serves North Carolina's "research triangle" of Raleigh, Durham and Chapel Hill.

Real estate broker Coldwell Banker says its agents are embracing TikTok for virtual showings, and even hosting virtual open houses through Facebook Live.

Los Angeles-based realtor John Maseredjian says he's using video calls not just to show properties, but to handle other, more mundane aspects of real estate.

Maseredjian, who is the co-owner of JohnHart Real Estate, says he relies on teleconferencing software like Zoom Video Communications and Verizon's Bluejeans to get face-to-face with clients during the pandemic.

Existing home sales experienced the largest decline since 1982 (when mortgage rates were 18%), but the worst may be over.

The virtual walkthrough is accelerating the existing home search, with buyers winnowing down the list of potential properties faster than before.

Redfin says it's seeing a rise in sellers using 3-D scans to create virtual walkthroughs that are "almost like playing a video game," says Redfin CEO Glenn Kelman.

"A majority of homeshoppers still do want an in-person tour before putting down their hard-earned down payment," says Amanda Pendleton, Zillow home trends expert.

"For a major life purchase like a home, you'd prefer to see and touch and feel it in person," says homebuyer Jarrod Schwartz.