The coronavirus (COVID-19) pandemic has upended the lives of people in the U.S. and around the world. The crisis has shaken up our country’s economy, disrupting every type of business and transforming the real estate business overnight.
We’ve seen this at DMD, where we’ve resorted to only photographing vacant properties and expanding our offerings with a new marketing kit for realtors as we try to make the best of a very difficult situation.
But as hard as it may be to believe right now, the coronavirus will pass — though our world will likely never be the same. To ensure your business is set up for success when the crisis subsides, you need to adapt quickly and start preparing now for the post-coronavirus world.
Your real estate business can survive — if you plan correctly. To set your company up for success once everything reopens after the coronavirus, here are four critical tips:
Stay Positive
With the unending flood of news updates and social media posts, it’s easy to feel like the world is ending. But the coronavirus pandemic won’t last forever. For proof, look at China. Already, the country has lifted lockdowns and travel restrictions, and many employees have gone back to work.
The United States is around seven weeks behind China in the advancement of the coronavirus. If this trend continues, we will witness a steep drop in coronavirus cases come May.
All of this translates to what is looking like only a brief hiatus for your real estate business. And when this crisis does past, you don’t want to be beaten by your competitors in the race to recover lost clients and revenue.
Keep your spirits up, and if you can find creative and helpful ways to do so, be that voice of positivity for current and prospective clients as well.
Be Patient with Prospects
As a real estate agent, you may find prospective homebuyers and renters getting cold feet on deals. For many clients, stock market losses and/or fear of recession may make them reluctant to make a purchase.
Because of this, you need to allow prospects more time to consider their investment, while continuing to encourage them by reminding them of their goals — and the very real benefits to buying right now (i.e. low interest rates, minimal competition, and likely lower prices).
Connect with Prospective Clients on Social Media
In times of crisis, we get a chance to see who people — and companies — really are. Now is a time for you to position your brand as a strong, empathetic leader.
Without being salesy or pushy, you can provide your audience with support, education, empathy, and resources on social media. When wielded correctly, social media platforms can be mighty tools.
For current clients, email marketing is a great tool right now to do many of the same things we mentioned above.
Strengthen Your Overall Digital Marketing Efforts
If you’ve been a real estate agent for a while, then you lived through a similar economic situation not too long ago. In the recession of 2008, many companies saw a dive in revenue as Americans tightened their budgets and spent less. But some companies managed to survive — and often they did so by ramping up their digital marketing efforts.
Real estate businesses that regularly produced free content to answer real estate questions were able to establish a strong relationship with audiences during the recession. Once the recession was over, these real estate businesses not only survived but saw a boost in revenue because of the solid relationship they had fostered with future prospects.
How can you strengthen the digital marketing efforts of your real estate company? There are more ways than one, and pictures are (as they say) worth a thousand words. Don’t just tell potential clients what you can do — show them... with the help of DMD Real Estate Photography.