Kyle Krch Explains How COVID-19 Has Impacted the Real Estate Industry
By: Kyle Krch
Tags: Housing, Real Estate, Industry, Covid 19, Business

Like many property managers and real estate investors, Nevada native Kyle Krch has experienced major changes in the housing market since the outbreak of COVID-19. In Washoe County alone (where Kyle resides), the week before Thanksgiving saw an average of nearly 400 new cases daily out of a population of less than 500,000.

In other metro areas around the United States, numbers are even more extreme. As a result, not only are residents staying home, but they are also considering moves to less dangerous areas. All things considered, the pandemic has far-reaching effects on real estate that are likely to last long after a vaccine arrival.

Kyle Krch is the founder of Krch Realty and is a co-owner of its parent company, Hughes Private Capital. He explains how the COVID-19 pandemic has impacted the real estate industry.

Volatility in Real Estate Markets

Surprisingly, house buying, and selling has continued, albeit with some irregularity. As residents spend increasing amounts of time at home, they are feeling less satisfied with their living space. This trend has led to many people upgrading or downsizing their home, notes Kyle Krch.

Furthermore, the economic impact of COVID-19 has motivated some real estate investors to sell or buy more than usual. Job losses or dissolving business interests led many to liquidate their real estate holdings to achieve financial stability. While others (with cash to spare) increased their real estate portfolio in anticipation of a COVID-free economy.

Buying and Selling Remotely

When closing real estate deals, slowing the spread in the industry translates into virtual and remote solutions. For example, agents now host virtual open houses using virtual reality cameras. From their computer, buyers can tour a home and ask questions of the agent/seller in real time.

Similarly, real estate paperwork is digital. Agents are utilizing e-signature technology and virtual notaries to reduce the amount of travel and in-person contact.

Kyle Krch on Remote Work and Mass Migration

More so than in times past, real estate brokers are dealing with out-of-towners looking to move to quiet locations away from dense populations. This move is possible for most employees due to the fact that their employers are digitally transforming at a rapid pace, says Kyle Krch, founder of Krch Realty.

Employers that are able to send their employees home for work have done so. Additionally, companies that have embraced digital transformation are growing. As such, these organizations are increasing their payroll or hiring independent contractors to scale their businesses. In nearly every case, these new hires work from home and have access to a wide array of digital tools to collaborate effectively with team members.

Companies like Krch Realty are recognizing that managing a virtual workforce saves money and increases productivity. Both employees and employers are growing more comfortable with the remote work environment. As a result, workers can choose to live wherever they please in an effort to decrease their COVID-19 risks and cost of living, says Kyle Krch.