The COVID-19 outbreak has caused some stagnation in the real estate industry and as a result, many companies are looking for clever ways to continue doing business and one effective solution seems to be the virtual open house.
LIV Sotheby’s International Realty (LIV SIR) is a company that is taking advantage of digital tools to sell and market to clients. Most recently, the company turned to Facebook's live streaming feature as a means of hosting virtual open houses that would allow "consumers from across the U.S. and the world the ability to explore their dream homes from the comfort of their couch." Prospective buyers will have the opportunity to "virtually walk around the house with a LIV SIR broker [and] ask questions."
Virtual Open Houses
LIV Sotheby’s International Realty Taps Live Streams to Continue Business
Trend Themes
1. Virtual Open Houses - Disruptive innovation opportunity: Real estate companies can leverage virtual open houses to reach a larger audience and provide a more convenient viewing experience for potential buyers.
2. Digital Tools in Real Estate - Disruptive innovation opportunity: Integrating digital tools in real estate processes can enhance customer reach, engagement, and convenience, leading to increased business opportunities.
3. Live Streaming for Real Estate - Disruptive innovation opportunity: Utilizing live streaming platforms like Facebook Live can enable real estate companies to showcase properties in real-time to a broader audience, transcending geographical boundaries.
Industry Implications
1. Real Estate - Disruptive innovation opportunity: Embracing virtual open houses and digital tools can revolutionize the real estate industry, improving efficiency, customer experience, and global outreach.
2. Technology - Disruptive innovation opportunity: Developing innovative digital tools and live streaming platforms catered specifically for real estate can unlock new business opportunities and disrupt the traditional sales process.
3. Social Media - Disruptive innovation opportunity: Partnering with social media platforms to host virtual open houses can leverage the widespread user base and provide an interactive experience, transforming the way properties are marketed and sold.