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COVID19Question of the Day

Question of the Day: How is COVID-19 virus affecting your Matterport biz?11111

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The WGAN Forum Question of the Day for Thursday, 27 February 2020:

How is COVID-19 virus affecting your Matterport Service Provider business?

Dan
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Chemistrydoc private msg quote post Address this user
Remains to be seen. Most folks here have other things to worry about!

As an interesting sidenote: I have noticed that since becoming an MSP, my health as related to communicable disease has markedly improved. I used to count on having 2 common colds per year, and the flu about once every three years. I haven't had one cold since September, 2016, and have not had the flu in that time. I point this out only to emphasize that there are benefits to going alone into buildings and not dealing with people face to face very often!

Keith
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homefrontphoto private msg quote post Address this user
Can we put this into perspective of what we do? Are there a lot of WGAN subscribers in China, South Korea or Japan? Maybe Italy or Iran?

The Coronavirus does not have an especially high mortality rate and it is mostly contained to Asia. Check out the statistics on this site.
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@homefrontphoto

The issue is probably not the disease itself, but rather the fear of the disease. Fear causes all of us to behave more or less irrationally.
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Atlanta Agent Magazine (26 February 2020) The bizarre impact of coronavirus on local home sales

"That’s why this past month has seen mortgage rates drop even further from their already historic lows by an additional quarter-point. The current average interest rate on a 30-year mortgage is 3.49% and 2.99% for a 15-year ARM, according to Freddie Mac. Not surprisingly, consumers are enthused by the possibility of locking in a low mortgage rate. While they may not understand why rates are falling, they’ve been inspired to jump at the opportunity nonetheless. Mortgage applications have increased to their highest level since 2013," according to Atlanta Agent Magazine.

"While in our personal lives, we would be at least reluctant to trade on another’s misfortune, smart real estate agents—including your competitors—be ready for an earlier start to the selling season. The best mortgage lenders will also use the coronavirus crisis to their advantage and partner with you to close more deals. Doing the math with your customers and demonstrating how a quarter-point interest drop can deliver five-figure savings during the first five years of homeownership, is compelling no matter what’s on the nightly news," according to Atlanta Agent Magazine.

Source: Atlanta Agent Magazine
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Inman (26 February 2020) Coronavirus poised to wreak havoc on real estate

"The coronavirus has also produced a steady trickle of headlines in recent days about impacts to real estate such as plummeting mortgage rates, a stranded agent, rising anxiety and the advent of “coronavirus clauses” for contracts," says the Inman article.

"Danielle Hale, an economist with realtor.com, told Inman that cities such as New York, San Francisco and Seattle that have globally oriented economies could see their pool of international buyers shrinking thanks to the virus," says the Inman article.

Source: Inman

Save $20 on your Inman subscription with the WGAN Affiliate Link for Inman
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Screen Grab courtesy of CNBC

CNBC (26 February 2020) Dow plunges 1,100 points as the coronavirus sends the market tumbling into correction territory

"The Dow Jones Industrial Average plummeted 1,190.95 points, or 4.4%, to close at 25,766.64," says the CNBC story.

"Thursday marked the Dow’s biggest one-day points decline in history," says the CNBC story.

"...the Dow was down more than 11% week to date," says the CNBC story.

Source: CNBC
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homefrontphoto private msg quote post Address this user
What I'm seeing is a lot of feelings and emotions at play. The facts of OVID-19 are in the link sent above.
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Inman (27 February 2020) Real estate stocks slammed amid coronavirus market woes

From the Inman article:

Realogy stock fell 16 percent.

Zillow dropped 5.5 percent.

RE/MAX shed just over 5 percent.

And that was just on Thursday.
Post 9 IP   flag post
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Hi All,

How is COVID-19 virus affecting your Matterport Service Provider biz?

Best,

Dan
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JCHAFE private msg quote post Address this user
Not effecting my business right now, but we currently have no cases reported in our province yet.

With the mortgage rate cuts, I see that as a positive. Cuts will stimulate home sales and will allow more first time buyers to qualify.

John
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@Chemistrydoc @homefrontphoto @JCHAFE

Thanks for sharing ...

Hi All,

How is COVID-19 virus affecting your Matterport biz?

Dan
Post 12 IP   flag post
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Quote:
Originally Posted by @Home3D
I'm surprised that this subject isn't the focus of everything on WGAN.

Personally, I hope that the people at 3M (mask makers) and Purell (hand sanitizers) are NOT celebrating, but rather simply working hard to provide these essential tools for combatting the COVID-19 outbreak.

In the same sober tone, we should be aware that there has never been a better reason for all real estate to be promoted using 3D and 360° Virtual Tours. The focus of this event is on limiting, if not eliminating, close social contact. You can't do this any better in real estate than by replacing traditional open houses with the VIRTUAL OPEN HOUSE. Whether 3D (Matterport, GeoCV) or 360° (NodalView, RicohTours, 3DVista, EyeSpy360 and dozens of others) our tours keep people safe.

A few of these platforms such as NodalView, EyeSpy360 and I understand soon 3DVista, include "LIVE TOURS" wherein an agent can perform a live tour of a home as a video conference with the potential buyer. NodalView's system allows BOTH PARTIES to manipulate the screen, walking around, turning, tilting, in real time. It works surprisingly well!

The challenge here is how to promote the use of 3D and 360° Virtual Open House tours without crassly appearing to leverage a truly serious situation.

Let's get this conversation going. I'm curious what others are thinking.

Wash your hands and stay safe.
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