Managing Your Real Estate Business in the Midst of COVID-19
As written in the Agent Image Article
Although the coronavirus will certainly have a significant impact on the real estate industry, there are still plenty of things realtors like you can do to keep your business afloat and emerge stronger once this is all over.
Managing Your Real Estate Business in the Midst of COVID-19
Here are some tips and relevant information to help you attract potential clients and maintain your current clientele all while observing social distancing and other public health measures.
Create and nurture relationships through social media
Health officials may be encouraging social distancing, but that doesn’t apply to social media. And now that most of us are staying at home, we’re spending more time on social media in general.
Attract new clients, keep in touch with your current ones, and maintain your reputation as a trusted realtor and real estate resource using your social media pages.
Keep your followers updated with the latest real estate market news, supply them with helpful lifestyle tips, provide the latest community updates. If you receive any questions, answer them. When this all passes and things start going back to normal, it will be much easier for you to reconnect with prospective buyers and people interested in selling their homes.
Beef up listing info
Even if the world seems to have taken a break because of the coronavirus disease, there are still plenty of interested home buyers out there, looking for their dream homes. Showings may no longer be possible in much of the country, but all doors are open online.
Add more information to seller clients’ listings to give buyers a better idea about the property’s features. Include more pictures of areas of the home that buyers would normally look at during showings (closet spaces, the views from the windows, the entire exterior, etc.). Well-written copy and captions will also help make a listing stand out.
Keep your real estate blog running
The limited number of characters you have on social media profiles is hardly enough to share a lot of information. If you have more real estate tips, advice, and community news to share, keep updating your real estate blog regularly.
You’ll not only solidify your position as the go-to realtor and real estate resource in your local market, you’ll also be helping your neighbors by sharing timely, relevant information. Sharing the links to your blogs on social media platforms can also help you generate and nurture leads.
Include virtual tours in your marketing efforts
Virtual tours aren’t new, but not every agent has them for their listings. Virtual tours are especially helpful at this time. As people are encouraged to stay at home, it can be tricky if not impossible to go and look at a property in person. With a virtual tour, a buyer can have a look around a property as if they’re on a private showing, but without ever leaving their own home.
Commissioning a professional photographer and videographer to come to a property for sale is still possible even with the social distancing guidelines. Just make sure to observe quarantine measures in place.
Get updated on eClosings
If you haven’t already, now is definitely the time to understand what options are available in terms of digital real estate closings (if they’re already permitted in your state, that is). Remote online notarization laws vary by state so it’s best to consult with a lender/title company/settlement agent to know what the regulations are so you can better advise your clients.
These tips aren’t just handy right now as we work together to overcome the coronavirus outbreak. Bear these in mind as well when you’re future-planning for your business post-coronavirus.
All this will eventually pass
Here are key takeaways to remember:
COVID-19 is easily transmitted via person-to-person contact. Public health measures such as quarantines, stay-at-home orders, and social distancing are necessary to slow the speed of transmission and help ensure that health services do not get overwhelmed.
Tourist-driven sectors are taking the biggest blows. In real estate, the second home and luxury markets are taking the most hits.
Real estate development and construction are impacted as supply lines and resources are cut by lockdowns and business shutdowns.
Mortgage rates have dropped to an all-time low of 3.29 percent. Refinancing might be an option for homeowners who want to pay off their loans faster.
Realtors will now have to conduct most of their business online. They should keep their social media pages and website active. Real estate property tips, virtual tours, and comprehensive listing information will help potential buyers find new homes even in isolation.
What do we do next?
Stay vigilant. Keep yourself up-to-date on the latest news about the COVID-19 pandemic in the United States. Follow local health guidelines and practice social distancing.
And as realtors, be flexible, plan ahead, and don’t forget to factor in delays. Help your clients explore their options in the best way you can.