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:
Social Media
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.
Virtual Tours
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.
Photo Credit: stock photo
This article is all nice but it’s looking at the wrong end of things and wasting your valuable time. YOU NEED TO GET MORE LISTINGS. That’s it in the NJ, CT and Hudson River Valley. Those who see the writing on the wall and have money are fleeing riots, looting, violence, arson, attacks on police and civilians, rapists, higher taxes, being trapped in expensive tiny apartments, with murderers and other violent felons caught and released with a desk appearance ticket, and the prisons being emptied so the criminals can roam New York City and State at will, are moving to the burbs and the rural areas to remote work from home. The most modest home or empty lot, fixer upper or total tear down, or finished house goes on the market to a bidding war. Those trapped in the Democrat cities (this is happening all over) are fleeing what they have voted to get: Liberalism. The rich man realizes his wife and children are not safe walking the street to the shops which are boarded up from the arson and looting. He is not happy that his family is cooped up in an apartment and bored. He and his family are tired of walking over homeless sleeping on the streets, feral homeless defecating on the sidewalks, public urination, public lewdness, stoned junkies wandering the streets in zombie like trances, exposing themselves in public, menacing the normal folks. Want to know how bad it is in NY? THE SQUEEGEE MEN ARE BACK. And the man who will be the next mayor of NY is a hard left liberal so it is going to get worse. These wealthy people see that in the suburbs or rural areas they can get or build a large, beautiful house on a nice lot and have fresh air, sunshine, safety, no rioting, no ferals roaming the streets, no homeless sleeping on the sidewalks, no panhandlers, no stepping in feces on the sidewalks, police who respond because they are supported by the citizens. ALL A SUCCESSFUL REAL ESTATE AGENT NEEDS TO DO IS GET MORE LISTINGS AS THEY WILL ALL SELL! My opinion (not advice!) is not to bother with looking for customers, but to drum up more listings! If you get a fresh listing the would be buyers will be stacked up on your doorstep like delivered cordwood, begging to buy whatever building it is!