The real estate industry is currently facing what could be the most uncertain future since the 2008 financial crisis. In a previous post, we provided an in-depth look into a graph which showed the average housing price over the course of six decades. Since many investors look to real estate as a safe investment during troubled times, we saw that housing prices and buyer demand tends to increase, even in the midst of a recession.
In the short-term, however, things in your real estate market may seem bleak; sellers are concerned about having people in their homes, and buyers may not want to leave their homes to view properties. While some real estate agents may see a dramatic decrease in commission revenue, does this mean agents should simply wait for things to get better?
Of course not. In this post, we will share some of the reasons why now is the time to be assertive in your marketing and outreach, and some of the ways you can do so while maintaining proper social distancing practices.
When Others are Panicking, Be Aggressive
The above heading paraphrases one of Warren Buffett’s most famous quotes. Since most people tend to panic during times of crises, as a real estate agent, this is your opportunity to stand out.
You may not stand out as an agent, per se, but with the right marketing strategy, you can gain trust and attention while most of the agents in your community wait for the panic to subside.
In the era of COVID-19 and real estate, adapt your strategy to market conditions. Explore innovative options like Facetime/Skype tours if buyer interest continues and regulations allow.
If the buyers and sellers markets have dried up, then take the initiative to reach out and see how you can be of service to your target audience. Setup a Facebook Group, invite your sphere of influence (SOI) to join, and if someone needs help, find a way to help them, or connect them with someone who can.
These simple steps can demonstrate that you genuinely care about more than closing a sale, and if the members of your community notice, who do you think they will trust with their real estate needs?
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We Don’t Know When Things Will Get Better With COVID-19 and Real Estate
You hear a lot of prospective investors say they want to “time the market”, and invest at the perfect time to maximize profits. However, savvy investors know that trying to time the market is impossible, and it’s much better to think long-term.
The same can be said about timing when the COVID-19 pandemic will cease to be a threat. There are simply too many unknowns when it comes to the virus, the rate of spread, and the likelihood of re-infection. Since we can’t predict when the crisis will be over, it would be foolish to wait until the “perfect” moment to utilize your marketing strategy.
Does this mean you should do everything the same and not pivot your strategy? Unless you are still producing the same number of leads and closed transactions, probably not. Pivoting your strategy and marketing budget into different channels is far more effective than simply waiting for things to get better.
What is the Competition Doing?
In the context of COVID-19 and real estate, staying idle risks your business’s fate to competitors. Take proactive steps for success.
However, the more agents and brokerages that are proactive in their marketing, the more likely they will surpass you when buyers and sellers are ready to engage in transactions again. While there are no guarantees, real estate agents who stay engaged and proactive with their target audience and their community will provide themselves with the best opportunity to succeed in the long run.
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Share Your Experiences Regarding COVID-19 and Real Estate
How have you pivoted to stay proactive during the COVID-19 crisis? What strategies have been the most effective in navigating COVID-19 and real estate? Let us know in the comments below.
We have recently added several templates specifically tailored to the Coronavirus, including tips on how to stay safe during this crisis. These templates can be easily customized, and you can see how easy it is to use Wise Pelican without a credit card by clicking here.
