INDEPENDENCE, Ohio — The real estate industry finds itself having to come up with new business strategies based on the economic impact of COVID-19.
- Redwood Apartment Neighborhoods is offering the Redwood Guarantee
- The company is allowing people to break their lease within 30 days after signing it
- Redwood is also offering to waive application fees and security deposits for April
In a recent survey by Ohio Realtors, 85 percent of people who responded said COVID-19 significantly decreased interest in buying a home.
"I think right now with the current global crisis, that there is a lot of economic uncertainty out there," said David Conwill, CEO of Redwood Living, which runs over 50 single-story apartment neighborhoods in Ohio. "Because of the times right now, you know, we want to do our part to come together with folks who have concerns about making housing decisions."
Nationally and statewide, apartment and home sellers and renters have had to get creative with the coronavirus causing so many changes in our lives. Ohio Realtors has been releasing educational video. One of them encourages members to offer virtual tours.
"Remember to get educated in this time during your virtual marketing and your virtual showings. Also, don’t forget the seller has to approve any virtual showings," said Chris Reese, president of Ohio Realtors.
And other landlords are becoming flexible with rent. The Lake Erie Landlord Association shared a post about one landlord who’s letting renters pay half rent if needed.
Redwood is also taking on virtual visits and Conwill believes homes where people can social distance and not share hallways will become more popular.
"Because of our product type, our residents do not have to have any interaction. They don’t have to come through a common hallway or front door."