As the pandemic continues spreading all over the world, many who own a real estate business are probably wondering what options they have. According to some studies, the peak of the curve happened in May 2020, which means a full recovery could happen in the second half of this year. But whether things happen as predicted remains to be seen, as does the period needed.
Its difficult to predict the future in these uncertain times, but there are a few things you can do to try and keep your real estate business profitable. Here are five of the most important:
Even during a depression, you can leverage social media for advertising and nurturing relationships. If you can spare something to your marketing budget, youre better likely to weather the storm in the short and medium-term and bounce back soon after. Luckily, social media and digital advertising are more affordable than traditional advertising channels.
Try to attract new clients through marketing, then use social channels to reach out, check on them, and answer their questions promptly. Use your handles to share relevant information and offer support since your audience is spending more time there. Once some normalcy resumes, your business will be at the forefront of their minds.
Improve Your Listings
There are still plenty of interested home buyers, some of whom are willing to take the plunge even in the uncertainty. Others are just browsing to spot their dream home, ripe for scooping once things start to settle down. Depending on where you are, you may not be able to carry out physical showings.
Add as much information as possible about the listings and include more pictures of areas a potential buyer should be interested in. If you can, add a walk-through video. Top that with well-written copy and captions to make your listings stand apart.
Maintain Your Blog
Now more than ever your digital footprint must be vibrant, and you have a chance to reach out to an audience with little else to do. However, your social handles have limitations in the number of characters you can share.
Therefore, use your websites blog to write full articles with updates, tips, advice, and other relevant information, then share it with your socials. You want to assert yourself as a thought leader and real estate resource for both buyers and sellers.
Having virtual tours will be especially helpful because everyone is encouraged to limit movement. In the virtual tour, you take a client around the home just as though it were a private showing. They can ask you questions or ask to see certain places again. If you can, commission professionals for the listing videos and photographs, taking care to observe quarantine and social distancing rules.
Learn about eClosings
Now is the time to increase your knowledge of digital real estate home sale and closing options. Provided, of course, that they are permitted in your state. Consult with your Chamber of Commerce and relevant authorities to learn everything you should know about digital notarization and property closings.
The Bottom Line
By following a few key steps, youll have a better chance to make a fast recovery once the economy is opened and the virus is brought under control. Best of all, these tips will still benefit your business even after the pandemic. Most of all, take care of your own health and mental well-being. Its okay to be nervous, but try to keep a positive attitude.
For more on COVID-19 and the real estate comeback, check out HomeLights Top Agent Insight Survey from Q2.
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