Unlike other industries, residential real estate has not necessarily felt many of the negative effects of COVID-19. In fact, though housing markets initially slowed quickly in the early days of the pandemic, residential real estate soon after began to show signs of bouncing back. Due in part to low interest rates, many home seekers decided to capitalize on this opportunity, resulting in the rise of pending home sales. One of the key factors that assisted real estate professionals and their clients in mitigating or eliminating their changes of contracting COVID-19 while searching for and showing homes was through the employment of various "PropTech" apps and platforms.
Though various PropTech applications have existed for some years, the real estate industry has seen a dramatic acceleration in PropTech's innovation and application due to the pandemic, examine partner Brad Wright and legal intern Christopher Senn in an article for Wolters Kluwer.
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