Real Estate Moguls on the Effects of the Pandemic and How Realtors Can Weather the Economic Storms
Times may be difficult, but the real estate market will never slow down. Case in point: during the 2008 worldwide recession, there were over 4 million houses sold. Right now, even during the face of a pandemic, you know that real estate investors and buyers will still be buying here and there. If you are a realtor and you’re still worried about business, don’t fret. Here are a few real estate tips during a downturn from seasoned real estate moguls.
Be present and be fast to adapt to new technology
Real estate is one of the fastest industries to buy and execute emerging marketing technology. Appointments are now being set through automated marketing funnels, tours can now be done through virtual reality goggles, and chatbots are saving 50% of the work for most realtors and real estate investors. That said, realtors should be quick to jump on new tech in order to get themselves ahead of the competition. And if you’re not that “techie”, you can always hire a real estate assistant to take care of it for you!
Keri Shull of the Keri Shull Team in Virginia shares how they are winning despite the crisis, “The agents that find a way to target their ideal client and can speak directly to their pain, will always rise above the crowd. I believe the agents that adapt fastest to policy changes from players like FB and IG win. We are crushing it utilizing geotargeting and funnels. My advice is always to find how businesses outside of your industry are winning and apply those lessons to your business.”
Another real estate expert, Hillary Robert, founder of Realtor Match also encourages the use of technology, “The best thing a realtor can do to stand out in the industry is to be adaptable and present. New technology emerges every day. Some are garbage, some are game-changing. Technology allows realtors to show properties from afar, reach the 92%+ of homebuyers that are choosing their future home online instead of letting their real estate agent hold the ropes.”
Director of Marketing for the Keri Shull Team, Tyler Marrin, agrees and explains how a real estate professional can stand out during an economic downturn: “Time to innovate in your business. Doing business as usual has been seen as disrespectful to the community by a large portion of people. This is the time to offer virtual appointments for anything that can be done without being in person. Take your buyers on Facetime guided tours of homes. Host virtual open houses for your social media following. There is a lot of ways to still serve your clients with less in-person interaction. To really stand out – do get involved helping your community without asking anything of people. Help the elderly get their groceries/meals, donate supplies or food to your local hospitals, gift retirement communities.”
Sell Investment Diversion
Even newbie investors know that one of the most stable investments out there is real estate. During an economic downturn, stocks, foreign exchange, gold, and oil prices may fall, and nobody may be buying homes for a while but the investors think differently. In fact, this is the time they “go shopping”!
One way that a realtor can shift his/her messaging is to sell investment diversion and convince both newbie and intermediate investors to buy real estate. Real estate is a more stable instrument and throughout the years it has always aided the recovery of the past economic depressions.
“If you are able to communicate the investment opportunities and the magic of timing to your prospects, you will definitely close more deals than you think,” shares Regina Bayot, a real estate broker from the Philippines.
Keep Calm And Just Call
Ouwens Casserly Real Estate managing director, Nathan Casserly from Australia shares in an article, “Our team is still getting properties sold and they’re continuing to bring new properties to the market next week. It might be a somewhat adjusted strategy … I would never say it’s business as usual, but absolutely business is continuing on.”
“Stay calm and resilient through the current global situation. If you keep your cool, protect yourself and your family and stay busy making your calls to help people…clients will be drawn to you now and forever.” posted by real estate expert Ricky Carruth in one of his tweets.
Keri Shull also adds, “In a crisis, many people brace for impact. They retract spending, stop hiring and do anything they can to cut expenses even when that means eliminating the very people that got them where they are. That creates an opportunity for the business leaders that double down on marketing and greet the talented people looking for their next opportunity with open arms”.
Most real estate brokers or agents might be panicking, but not those who know the natural flow of the economy. In fact, lots of seasoned realtors can handpick certain opportunities that come specifically at this time. To add to that, technology has also contributed certain advancements that make closing real estate deals faster and more efficient.
Got real estate tips during a downturn? Let us know in the comments below.
