The 2020 coronavirus hype has rattled many industries, including the real estate industry. Many parts of the real estate industry rely on in-person meetings that are close contact, such as showings and closings.
Many realtors, buyers, and investors have had to adapt the way they work, in order to continue business during the first part of 2020. Adapting to new protocols has certainly not come easy, but real estate investor Nick Trimble says there was no other option for him.
This seasoned investor has rental properties and fix-and-flips as well and has shifted the way he works during the 2020 fear-based news cycle. Now, Trimble is sharing how to perform home valuations and appraisal during the 2020 lockdowns.
Hi Nick, how did you get started in real estate?
I really appreciate what it’s like to be a new investor, because I was there myself not so long ago. I basically am a self-made investor, and I started from the ground up with one rental property a few years ago.
I took it slow and steady with that first investment, and got it in good shape, before renting it out successfully. After getting the hang of rental properties, I shifted my sights to fix-and-flips.
There was definitely a learning curve for me with all of these experiences, but now that I’m a more seasoned investor, I can avoid rookie pitfalls.
What do you focus on now?
Two main things: continuing to diversify my own portfolio, and helping other investors do the same. I’ve learned a lot of hard lessons along the way over the past few years, and I want to help other investors avoid the mistakes I made thru sharing my experiences on my website. They were mistakes that came with being a beginner, but some were definitely avoidable.
How has the 2020 pandemic changed real estate?
A lot of the things we were doing in person were either put on hold entirely or have transformed. I mean initially, there were no showings, no sales, and no closings.
So, for a little while it really was a waiting game. But I think all of us involved in real estate were quick to adapt to the new requirements and see how we can still be successful during this time.
And how did you find success during this time?
I definitely took advantage of the time to utilize technologies to continue my work in the ways that I could. For example, dealing with renters and showings using video chat and making sure spaces were sanitized.
But aside from my current investments, it’s actually been a great time to grow your investment portfolio. That’s why we’ve seen such good fix-and-flip deals recently. You have a lot of properties on the market and low mortgage rates, which is a nice combination.
How do you perform home valuations and appraisals during this time?
Some appraisers are conducting in-home inspections, while others are not. If they are doing in-home, that’s great, but if they’re not, you can easily do photo or video appraisals, which is very convenient.
Enough digital footage combined with the proper information, such as repair information, might be enough to get you through the valuations and appraisals. The risk here is that there is room for fraud, so you may just have to over-deliver on what is being asked of you.
If these meetings are being done in-person, I’ve seen people get really creative to avoid contact, such as leaving all of the doors of the house open. Being able to succeed during this time is all about adapting.