The college class of 2020 is moving into a different reality. The same coronavirus crisis which ended the school semester earlier than expected has changed the world as they knew it, including the real estate market. Now, as these new college grads head out into the professional world, they dream of living somewhere with the following criteria.

Affordable Housing

Most college graduates will continue to pay student loans even years after graduating, making affordable housing a must. A home’s affordability depends on how much the individual earns and how much of it can go into housing. Senator Elizabeth Warren popularized the 50/30/20 strategy, which suggests that no more than 50% of a person’s income should go into mandatory expenses. Whether renting or buying, a new home must be budget-friendly—considering the cost of home or renter’s insurance, utilities, monthly rent or mortgage checks and property taxes. A reasonably priced place will allow the owner or renter to still save up while meeting his payments.

Safe Neighborhoods

No one wants to live in a crime-ridden area, especially single young people with no homeowner experience. Having faced the repercussions of the recent riots and protests all around the country, college graduates are looking for spaces they can afford and still feel secure from robbery and violence. Several websites and crime mapping services are great tools to determine an area’s security. Living in a safe neighborhood brings both guaranteed protection of assets and peace of mind.

Public Transportation

Most college graduates can not afford a car of their own or the extra costs that come with it. Public transport offers a timely and reliable source for the young professional. From buses to trains to city bikes, the low-cost options abound.

Pedestrian-friendly Places

Similarly, recent graduates look for cities where they can commute on foot from home to work. This helps them save up on gas and car maintenance, in addition to lowering the famous carbon footprint.  A pedestrian-friendly place promotes community, exercise and safety.

Corona-free Zones

 

Finding themselves finishing classes online, college graduates are sick of the coronavirus. With a few cities around the nation still highly affected by the pandemic, the idea of moving into metropolitan areas has subsided. But the American economy is reopening, and with it the country itself. The Center for Disease Control and Prevention’s COVID Tracker can help young house-hunters discover where to move next.

 

 

There is no question that the coronavirus is proving disruptive. It is serious for many. Yet, there is something which may be an even more pressing threat to real estate investors, and other companies and professionals in this industry.

Lawsuits have become a fast growing problem in the real estate industry. Our professionals and businesses often look like juicy targets for those eager to make a fast buck on legal fees, or frivolous and malicious lawsuits.

It doesn’t take many of these to put a sizable dent in your cash flow. It could even bankrupt you and cause major disruptions to your business.

Here are some of the common legal issues real estate investors are facing with their websites and marketing now.

ADA Lawsuits

Ever since a blind person successfully sued Dominos pizza for not being able to use their website, even only real estate businesses have been at risk of predatory lawsuits. If your website is not compliant, you could be a target for a massive lawsuit. You may have to settle for over $100,000 to avoid risking losing more in court.

Image Copyright Infringements

Unfortunately, the vast majority of real estate websites are exposed to copyright infringement cases. If you have any images on your website, or in other marketing materials, you must make sure you have the legal rights or licenses to use them. Even settling for $3,000 per image can set you back a lot if you have 100 of them on your website and Facebook page.

Overpromising

Be careful of what you promise or ‘guarantee’. Should any of your customers see results under par, they could complain. Even negative online reviews could end up costing you a lot.

Online Ad Targeting

While the media headlines may now be occupied with other stories, it wasn’t long ago that Facebook found itself in hot water over allowing real estate companies to target users to show their ads to. It was one of the best features of these online ad networks. Now it can be a big risk. Even without meaning to, you could be discriminating by the way you target your ads. Be careful.

Privacy & Data Storage

New European and Californian laws have placed even more of a burden on businesses. You may be required to have a dedicated toll free number on your website home page to help answer consumers on what data you hold on them, and to delete it on request. Be sure you are storing it securely and are confirming opt-ins.

 

The coronavirus is here. How will you ensure your real estate business survives and thrives in the days ahead?

Spreading panic isn’t helpful to anyone. Yet, it is wise to stay informed and ready. The CDC has taken the bold move to warn that the coronavirus is likely to begin spreading through America on a local community basis. San Francisco has already declared a state of emergency That could begin affecting daily life and routines.

Preparation Is Key

Like any natural disaster, terror threat or economic downturn, it’s all about being prepared. Prepare for the worst, hope for the best and you’ll be much better off.

Rushing to build a great real estate business is fun. Yet, it is equally important to protect your gains. At least if you don’t want to have to start over from scratch again.

Have plans to keep your business going and revenue coming in, no matter what happens.

Make plans early, and be sure all of your teams, family, vendors and clients know what the procedures are.

Coronavirus: The Potential Side Effects

The number one responsibility of real estate business owners is really to make sure the business can keep on running. If you don’t, how long can you survive without any money coming in? What will the impact be on all of those around you?

The most obvious impact is you or your staff and loved ones getting sick. That means not being able to work. With no symptoms for 14 days, it is impossible for you or others to tell if they are infected until you’ve got it and spread it to all of those you interact with.

Other challenges could include travel restrictions, quarantines, contaminated properties, lack of desire to interact in person, and declining access to basics like groceries and medicine, as they are facing in other countries.

Then there are the financial challenges for all of the others who are not prepared. School and business closures could create significant financial challenges for homeowners, partners, tenants and others.

Ensuring Business Continuity: What To Do Now

Have A Good Online Business:

Make sure your website and online assets can handle all of your business over the internet remotely. Be sure you can flip, wholesale, manage teams, collect payments and complete real estate closings online.

Staffing:

Recruit extra staff to be on call now. Stay ahead of needs in case of sickness. For example, creating your marketing materials six months out, not at the last minute.

Protecting Others:

Disinfecting properties to give others confidence, keep teams, tenants, and buyers healthy and performing just seems like a smart move.

See the Opportunities:

Be ready to step in and help those struggling with strong and fair offers for their homes and properties.