This post originally appeared on Burt M. Polson's Real Estate Journal and is republished with permission. Find out how to syndicate your content with theBrokerList.

Photo by  Dejan Zakic  on  Unsplash

Photo by Dejan Zakic on Unsplash

You may be like me waking up some days feeling like Phil Connors in the movie Groundhog Day. It is not all bad, many good and exciting things have come from these difficult times.

In part one, I shared some of my thoughts on how the world may change after the pandemic. Below you will find a few more of my predictions I have gathered for you.

  • The way we find a home to purchase has changed. 3D imaging was before an option for many home sellers to consider. Still, buyers are discovering the convenience of viewing a 3D image online of 20 houses, and choosing two or three to tour will be the new norm. Real estate agents and buyers will no longer drive around, looking at those 20 homes.

  • Office users may reconsider the amount of office space used and reduce their footprint encouraging employees to work from home. Virtual meetings will continue in some form.

  • An economic shuffle may occur on many levels. Consumer habits could change. The frequenting of stores, restaurants, or gyms may change to those closer to home rather than the office, for example. Local governments who rely on specific sources of income, such as the transient occupancy tax, may need to find additional sources of revenue. Companies and countries that produce oil may have to pivot to other goods and services because the use of oil is going to continue decreasing.

  • The medical personnel took a hit with many elective procedures not being done as well as telemedicine replacing the in-person visit for some situations. Insurance companies are taking notice that many in the industry make most of their income from elective vs. necessary procedures and may start treating each differently when it comes to coverage.

  • Many who may be reticent to be on a video call or to subscribe to a streaming service may find it was not so bad after all. We may see more “cord-cutting” and the embracing of technology by those late adopters. Along those lines, we could see a significant shift in the movie and television industry. More movies may be rolled-out online instead of in theaters.

  • Churches pivoted to the online streaming platform of their weekly services and will need to continue offering this because it is now part of our lives. Churches may find those participating in online services from out-of-the-area, which will bring a new trend–being part of a church family remotely in a different city or even state.

  • Lastly, I have seen and experienced the cultivation of many relationships of those that matter because of the shelter-in-place. I have experienced a special closeness with my wife and two adult children as we live and work at home. I suspect a new appreciation and perhaps less desensitization to the need for relationship, downtime, and living in the moment will be recognized.

Chief Seattle once said, “Humankind has not woven the web of life. We are but one thread within it. Whatever we do to the web, we do to ourselves. All things are bound together. All things connect.”

Burt M. Polson is the CEO of ACRESinfo.com, a commercial real estate brokerage company and CEO of StoneMarkerInvestments.com, a private equity real estate fund. Call him at (707) 254-8000 or email [email protected] and [email protected]

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