From left: Megan Gianopulos of Apartment People & Tristen Heimann of Luxury Living Chicago Realty
Broker Megan Gianopulos had a set routine whenever a client would walk into her Apartment Peoples office in Lakeview looking for a rental. The two would discuss size and price of apartment and neighborhood, then hop in her car and over the course of a few hours, tour through several properties and areas. She would repeat that a few times a day, every day.
Times have changed.
As Covid-19 has upended the economy and forced several big cities like Chicago into a near lockdown, Gianopulos is now working from home and leading virtual tours.
Before, social distancing was definitely not a part of this job. Like, not at all, she said.
Though real estate services are deemed essential businesses under Gov. J.B. Pritzkers statewide stay-at-home order, Gianopulos clients dont want to see apartments in person, she said. And tenants who now live in those units on the market dont want strangers walking in and potentially exposing them to the virus. While that business has dried up, Gianopulos is still doing some showings in vacant units, but estimates that leasings have dropped by about 50 percent.
Across Chicago, real estate brokers in what is mostly a high-volume, low-margin rental business are now feeling the pain, sidelined during a time when the local apartment market is usually heating up.
Instead of walk-ins or clients pulled from rental websites, brokers must increasingly look to leads from their brokerages marketing teams, then try to close a deal from an online tour. It hasnt been easy, several of them said in recent interviews with The Real Deal.
Following Pritkzers stay-at-home order last week, Luxury Living Chicago Realty suspended all in-person showings. The brokerage which has 30 agents had about half as many showings and lease signings last week before the order compared to the week before. Those numbers are expected to keep dropping.
Luxury Livings director of residential rentals, Tristen Heimann, expects April will see a third of the tours compared to the same time in 2019. Most if not all of those showings will be done virtually, which isnt as conducive for establishing rapport between the agent and their client, he said.
Fewer leads coming in through the brokerages various marketing channels, he said, but the clients who do seek their services are more determined to find a home. Hes closed on two virtual-tour deals in the last week, including one in less than a 24-hour span from introduction to lease signing.
This is the way people will have to find apartments for the foreseeable future, Luxury Living CEO Aaron Galvin said. Pritzkers order extends through April 7.
Despite the many obstacles, there is still demand from renters looking to move in the next two to three months, Galvin said, though he anticipates the slowdown will have a dramatic impact on Luxury Livings revenue.
We believe that, unfortunately, this will probably get worse before it gets better, so the sooner that somebody can get in, the better right now, Galvin said.
Some tenants whose leases are expiring might be able to convince their landlords to let them extend month-to-month, or give them a short-term lease extension, but others will eventually seek out a new apartment.
Pritzkers stay-at-home order did call for a halt on evictions and the U.S. Department of Housing and Urban Development said it would suspend all of its foreclosures and evictions through April in response to the pandemic.
Several brokers said they were optimistic that once the virus subsides, business will return to normal and the citys rental market which had been booming will return, bolstered by the recent Downtown job growth.
Heimann said he believes that later in the summer there will be a pent-up demand from renters looking for a change of scenery after staying inside their apartments for so long.
Gianopulos agreed, saying she hopes renters will feel comfortable moving again in June and July, and even busier than she was last summer.
Were trying to get apartments rented, but we all have to be safe, she said. We want to keep our clients safe and keep the current tenants safe, but we still obviously want to secure tenants for landlords. Theres a lot of hurdles at the moment.
See original here:
Worse before it gets better: Rental agents adapt to new virtual reality - The Real Deal
- UNL program using virtual reality to enhance research - KOLN - May 13th, 2024 [May 13th, 2024]
- 3D augmented reality with regular glasses | Stanford News - Stanford University News - May 13th, 2024 [May 13th, 2024]
- LG Display's Research Results on OLEDoS for VR Selected as Distinguished Paper at SID Display Week 2024 - PR Newswire - May 13th, 2024 [May 13th, 2024]
- Full-colour 3D holographic augmented-reality displays with metasurface waveguides - Nature.com - May 13th, 2024 [May 13th, 2024]
- The Future of Onboarding: Inside Serviceplan's VR-Based Employee Integration | LBBOnline - Little Black Book - LBBonline - May 13th, 2024 [May 13th, 2024]
- Virtual reality space experience returns to Silver Street Studios - Houston Chronicle - May 13th, 2024 [May 13th, 2024]
- Rain Technology to Unveil New Anamorphic-XR Optical Engine at Display Week 2024 - Display Daily - May 13th, 2024 [May 13th, 2024]
- Virtual reality used as a tool for brain health at assisted living center - Eyewitness News 3 - May 13th, 2024 [May 13th, 2024]
- Virtual Reality in Gaming Market to Reach US$75 Billion by 2028 - Analytics Insight - May 13th, 2024 [May 13th, 2024]
- Disney+ to release VR Marvel series exclusively for Apple Vision Pro - CyberNews.com - May 13th, 2024 [May 13th, 2024]
- Startup aimed at VR entertainment in cars files for insolvency - PhoneArena - May 13th, 2024 [May 13th, 2024]
- After Decades of Promise, the Virtual Reality Era Has Finally Arrived - Kiplinger's Personal Finance - May 13th, 2024 [May 13th, 2024]
- Hahnville senior signs with virtual reality gaming company - St. Charles Herald Guide - May 13th, 2024 [May 13th, 2024]
- Sandbox VR Forges Franchise Partnership with Apparel Group to Pioneer Virtual Reality in the Middle East - Business Wire - May 13th, 2024 [May 13th, 2024]
- Best VR games in 2024 - TechRadar - May 13th, 2024 [May 13th, 2024]
- Researchers rely on Virtual Reality as a complementary therapy for eating disorders - MIXED Reality News - May 13th, 2024 [May 13th, 2024]
- Beyond therapy: Virtual reality shows promise in fighting depression - Medical Xpress - May 13th, 2024 [May 13th, 2024]
- Apparel Group And Sandbox VR Announce Partnership - Retail & Leisure International - Retail & Leisure International - May 13th, 2024 [May 13th, 2024]
- Batman returns to VR - theSun - May 13th, 2024 [May 13th, 2024]
- Virtual Reality Shows Promise in Treating Depression - Neuroscience News - May 13th, 2024 [May 13th, 2024]
- Augmented And Virtual Reality in Manufacturing Market Size, Share And Growth Analysis For 2024-2033 - EIN News - May 13th, 2024 [May 13th, 2024]
- Sandbox VR Announces U.S. Franchise Initiative and International Deal - Franchise Times - May 13th, 2024 [May 13th, 2024]
- MINI Mixed Reality Experience: Driving into the Future. - BMW Press - May 13th, 2024 [May 13th, 2024]
- Virtual reality project will allow users to witness October 7 first hand - The Jewish Chronicle - May 13th, 2024 [May 13th, 2024]
- Spin Rhythm XD getting PlayStation and VR ports this summer - Niche Gamer - May 13th, 2024 [May 13th, 2024]
- Students at the Hong Kong University of Science and Technology use virtual reality headsets in class - Islander News.com - May 13th, 2024 [May 13th, 2024]
- SFU SIAT researcher uses virtual reality to help teen mental health - Simon Fraser University News - May 13th, 2024 [May 13th, 2024]
- The Navy Brings Training to the Fleet With VR - ATD - May 13th, 2024 [May 13th, 2024]
- Manchester Airport launches gaming area with virtual reality escape room Business Traveller - Business Traveller - May 13th, 2024 [May 13th, 2024]
- Can virtual reality help ease the end of life? - Universit de Montral - May 13th, 2024 [May 13th, 2024]
- Fans still waiting for a virtual reality view of the Buffalo Bills' new ... - Buffalo News - November 28th, 2023 [November 28th, 2023]
- Immerse yourself in new, augmented worlds - University of Miami: News@theU - November 28th, 2023 [November 28th, 2023]
- Who are the leading innovators in vehicle digital twins for the ... - just-auto.com - November 28th, 2023 [November 28th, 2023]
- How Virtual and Augmented Reality Are Redefining Construction - TimesTech - November 28th, 2023 [November 28th, 2023]
- Virtualware Appoints VRARA's John A Cunningham to Advisory Board - XR Today - November 28th, 2023 [November 28th, 2023]
- University Project Aims to Dissolve Borders Between Virtual and ... - XR Today - November 28th, 2023 [November 28th, 2023]
- Are real cadavers better than virtual ones? - Slate - November 28th, 2023 [November 28th, 2023]
- Samsung Glasses could be the name of a new pair of Samsung ... - TechRadar - November 28th, 2023 [November 28th, 2023]
- The Best Augmented Reality Accessories for AR Immersion - XR Today - November 28th, 2023 [November 28th, 2023]
- The best VR apps for 2022 | Digital Trends - February 18th, 2023 [February 18th, 2023]
- What is virtual reality? - TechTarget - February 18th, 2023 [February 18th, 2023]
- Forget the metaverse, Sony's PlayStation VR2 will make you a virtual reality believer again - British GQ - February 18th, 2023 [February 18th, 2023]
- Time to play! New virtual reality gaming coming to Northern Virginia - WUSA9.com - January 31st, 2023 [January 31st, 2023]
- Virtual reality training content launched for footwear and leather sector - The Hindu - January 31st, 2023 [January 31st, 2023]
- Texas A&M researchers are using multisensory virtual reality to help NASA astronauts - KAGSTV.com - January 31st, 2023 [January 31st, 2023]
- Hollywoods Virtual Reality Guru and American Millionaire Expanded His Soccer Portfolio to Europe With a Deal Worth $940 Million - EssentiallySports - January 8th, 2023 [January 8th, 2023]
- TikTok owner ByteDance takes first step into virtual reality with ... - December 26th, 2022 [December 26th, 2022]
- Virtual Reality inspires students to think about long-term careers - Turn to 10 - December 21st, 2022 [December 21st, 2022]
- Virtual Reality Arcade with Best VR Game Experiences - Main Event - December 12th, 2022 [December 12th, 2022]
- Virtual Reality - reddit - November 16th, 2022 [November 16th, 2022]
- The Future Of Virtual Reality (VR) - Forbes - November 16th, 2022 [November 16th, 2022]
- Virtual Reality (VR) For Professional Workflows | NVIDIA - October 28th, 2022 [October 28th, 2022]
- Virtual reality in fiction - Wikipedia - October 28th, 2022 [October 28th, 2022]
- Meta will release a new consumer-grade VR headset next year - TechCrunch - October 28th, 2022 [October 28th, 2022]
- Virtual Reality [VR] Market Size & Share | Forecast Report, 2029 - October 25th, 2022 [October 25th, 2022]
- Virtual Reality in the Healthcare Industry - VISUALISE - October 25th, 2022 [October 25th, 2022]
- Virtual Reality vs. Augmented Reality vs. Mixed Reality - Intel - October 25th, 2022 [October 25th, 2022]
- Applications Of Virtual Reality - Virtual Reality Society - October 25th, 2022 [October 25th, 2022]
- The Global Augmented Reality & Virtual Reality In Manufacturing Market size is expected to reach $27.9 billion by 2028, rising at a market growth... - October 25th, 2022 [October 25th, 2022]
- We Met in Virtual Reality Explores the Potential of the Metaverse - Seven Days - October 19th, 2022 [October 19th, 2022]
- What If the Metaverse Is Better Without Virtual Reality? - WIRED - October 19th, 2022 [October 19th, 2022]
- XRHealth and HTC Introduce The First Distraction Therapy Virtual Reality Platform to Improve Patient Experience During Painful or Anxiety Provoking... - October 19th, 2022 [October 19th, 2022]
- Department of Corrections Introduces Virtual Reality Technology to Augment Programming for Incarcerated Parents and Their Children - Pennsylvania... - October 19th, 2022 [October 19th, 2022]
- Arden Bendler Browning conquers virtual reality, Luve More LC + Thinkers Makers Society, and opportunity - theartblog.org - October 19th, 2022 [October 19th, 2022]
- How Virtual or Augmented Reality Can Help Your Packaging Line - Packaging Digest - October 19th, 2022 [October 19th, 2022]
- A marriage of virtual reality and physical therapy: Immergo Labs emerges from its UCSC roots - Lookout Santa Cruz - October 19th, 2022 [October 19th, 2022]
- Senior living residents explore the world through virtual reality - Rocky Mountain PBS - October 19th, 2022 [October 19th, 2022]
- Orthopedic Residency Program and PrecisionOS Team up For Exclusive 3-Year Collaboration: Virtual Reality Development and Curriculum Integration - PR... - October 19th, 2022 [October 19th, 2022]
- 6 Insightful Construction XR Cases to Read in 2022 - XR Today - October 19th, 2022 [October 19th, 2022]
- Video footage emerges from an MMA event that put virtual reality users into the thick of the fighting action - Yahoo News - October 19th, 2022 [October 19th, 2022]
- Carmack: Theres a bunch that Im grumpy about in virtual reality - Ars Technica - October 19th, 2022 [October 19th, 2022]
- The Peripheral Co-Creator on the Shows Line Between Reality & Virtual Reality - TV Insider - October 19th, 2022 [October 19th, 2022]
- Clarkson's Dr. Dana Barry Gave a Presentation at International Conference in Italy - Clarkson University News - October 19th, 2022 [October 19th, 2022]
- Apple VR glove with finger- and hand-tracking patent hints at companion accessories for the "Reality Pro" headset - Notebookcheck.net - October 19th, 2022 [October 19th, 2022]
- Virtual reality spectacle of 2010 sockeye run returns to Shuswap Salmon Arm Observer - Salmon Arm Observer - October 19th, 2022 [October 19th, 2022]
- The virtual reality push brings together Microsoft, Meta and the art of war - Stuff - October 19th, 2022 [October 19th, 2022]
- What Is Virtual Reality All About? - Oculus VR - September 20th, 2022 [September 20th, 2022]
- What Is Virtual Reality? | Tech & Learning - September 20th, 2022 [September 20th, 2022]
- 10 Advantages And Disadvantages Of Virtual Reality (2022) - September 20th, 2022 [September 20th, 2022]
- Insights on the Tactile Virtual Reality Global Market Research Report to 2027 - Growing Advancements in Virtual Reality Products & Rising... - September 20th, 2022 [September 20th, 2022]