Seemingly overnight, the coronavirus pandemic changed the landscape of businesses across the globe. In an effort to slow the spread and protect citizens, federal and local governments have mandated stay at home orders, social distancing regulations, and the temporary closing or restructuring of all non-essential businesses. While in some states real estate is considered an essential practice, the various changes have still had quite an impact on the real estate industry.
Millions of people are out of work forcing them to put their dreams of buying and selling property on hold. The weakened economy has forced lenders to tighten the reins on eligibility requirements and underwriting processes. Not to mention, shelter in place orders and the fear of spreading the coronavirus have made it all but impossible for agents to show listings.
It's an utter nightmare, to say the least. Weathering this storm means reevaluating your business practices and adapting routines and systems that allow you to continue to reach target clients and generate sales. If you're not sure how your real estate business will stay afloat during the coronavirus pandemic, consider this advice below.
Get The Facts
Before doing anything else, start by getting the facts. The more you know, the easier it becomes for you to create a plan of action to move forward that best suits you and your clients. Find out what the rules are in your state as it pertains to real estate. Is selling real estate considered essential during the pandemic? If so, what rules and regulations have been set in place?
You also want to do research on the real estate market. Are property values declining, increasing, or remaining the same? Are they selling as quickly or do they tend to stay on the market longer? Are there still available properties in your area that align with your clients' interests?
Lastly, you want to find out all the information you can on programs and resources that can help your real estate clients. You can use a notes app to record information that assists clients with their credit, finances, and even their mental health. You can also provide them with a list of lenders with programs to help first-time homebuyers, low-income families, seniors, and veterans.
Adjust Processes
Now that you're equipped with all the facts, it's time to adjust your processes and adapt to the new normal. If you don't already have one, consider setting up a website and real estate blog for clients to have a point of reference and means of contact. Calendars and appointment-setting software can make it easy to coordinate meetings and manage your time.
You'll also want to integrate digital tools to help make the buying/selling process easier including file storage accounts, document viewing/signing software, and video conferencing applications for meetings and home tours.
As you adjust your real estate processes, you may also want to consider your target audience. While a lot of people may not be able to buy or sell a home at the moment, there are millions of people in need of places to stay. This especially includes renters. Switching your marketing efforts to include renters could help you to maintain positive cash flow.
Reach Out
A large part of surviving as a real estate agent during the pandemic will have to do with your ability to cultivate and maintain positive relationships with your clients. Once you've reevaluated and updated your processes it's time to reach out and connect with your audience.
Instead of pushing sales, however, real estate agents will have to learn how to empathize with their clients during these uncertain times. Contact your existing clients and find out how they're doing and provide them with a list of resources that you believe can ease their frustrations.
You should also leverage platforms like your real estate blog and social media accounts to spread positivity, share your experiences, keep readers in the loop, provide advice, and be of as much assistance as you can.
The coronavirus pandemic may not have stopped the real estate industry completely, but it has had a major impact on how agents need to operate to keep the general public safe. If you're going to weather this storm and keep your real estate business intact, it will be necessary for you to implement strategies such as those provided above to stay afloat.
