The Real Estate Agent’s Guide to COVID-19
Navigating a Global Pandemic and Keeping Your Business Afloat
COVID-19 impacts jobs.
As the world around us changes rapidly in response to COVID-19, it is crucial to consider that as a real estate professional, your relationships are the whole shebang to your business. The only chance that your business has in these precarious times of uncertainty is if you harness this mantra.
You must continue to make yourself available as a resource to all your contacts and provide them information about the fluctuations in the housing market. Times might be changing, but your job remains the same: guide people through the complicated process of buying or selling a home.
Looking at historical data and epidemics of real estate’s past, the housing market has proven to be far more resilient and robust than other industries that rely heavily on consumer spending. During the 2003 SARS outbreak, Hong Kong’s house prices remained steady, but transaction volumes fell 33-72% during the epidemic, as consumers avoided human contact and practiced social distancing.
This was back in 2003. But, in 2020 we have technology by our side to conduct business whilst practicing social distancing.
The internet.
Today, consumers can browse, tour and even purchase properties from the comfort of their own homes. And you can provide them valuable services that facilitate their home buying or selling process, virtually.
People who have been considering buying in recent months can benefit greatly from homeownership during this uncertain period. If they’ve been saving and preparing to enter the housing market, it’s important to think through the advantages the COVID-19 situation can bring. And, it’s your job as a real estate agent to point out these advantages to your buyers and find them deals that will benefit them if they buy property during this time.
Now is as important as ever to work hard towards selling real estate. Here’s how:
- Tap Your CRM
Start with the warmest contacts in your database and work your way to the coldest prospects. Spread word to your sphere by reaching out to family, friends, and past clients.
Let them know you are available as a resource as the situation around COVID-19 and real estate unfolds. Share communications about your market to keep them informed. As things start to calm down in the future, you will have earned and established trust with your clients.
- Double Down on Lead Generation
In order to safeguard your business, you need to invest in lead generation. In a shifting market, generating leads might challenge you in new ways, but the opportunity is still there. Your business cannot sustain without investing in lead generation— regardless of the market you operate in.
First, identify the following income targets:
- How much you need to make to stay afloat?
- How much you need to maintain your current lifestyle?
- How much you need to make to continue growing your business?
Once you’ve calculated those numbers, determine how many leads you need to generate to hit each. These calculations will help you gauge where you are at and where you want to be so you can properly manage your day-to-day and reach your goals.
- Sourcing Leads
Invest in sourcing leads it is, after all, the most crucial aspect of keeping your business afloat. Use old listings, advertising practices, email marketing and third-party leads to keep trying to strike a deal. Always take the time to research the best option for your specific business objectives, strategy, and make sure you fully understand what you’re getting when you advertise or pay for leads.
- Go Virtual
While nothing will ever replace in-person interactions, meeting with people virtually has its benefits. People might be more inclined to meet virtually than in person in the early stages of working with you. As leads are getting to know you, meeting virtually is far less invasive than having a stranger in their home.
It’s important to reach out to your market during this time of uncertainty. Whether you’ve got clients in contract, leads who’ve just come into your pipeline, or a sphere looking to you for guidance, now is the time to engage. You will learn a lot about public sentiment, where your specific market is going, and how you can be of service.
