How are real estate agents going to survive in times like these and what should you be doing/working on? Here are some ideas for you:
Do whatever it takes to see it through
Hunker down. Those that come out of this will win. Less competition and bigger market share here we come. This is the time where we find out who is good and who is great. You have a choice which one you’re going to be. Another good thing to do is to make sure that you get your finances in order. Cash is king, do you have savings? What can you do to cut down short term expenses? Consider fixing loans at low rates or switching to interest only to free up cash.
Given the circumstances, it’s time to think about how you can innovate or change the way that you’re doing things. This could be how you do business, what you offer, tech or tools you use. Here are some examples: Create a leaner and smarter model to reduce costs, move to offer virtual or online appraisals and viewings for those that would prefer that, utilise tools like Zoom, Messenger, BombBomb video communication and screen sharing. If you’ve been thinking about changing companies, it’s a good time to do it while it is quiet. You might even think of a way to solve customer problems during this time and start a new business.
Add value and provide the best customer experience possible
Show that you’re the agent or company that can help the customer through this, be available, become a councillor, stay in contact with your clients and offer to do the grocery pick up and drop off, problem solve, push for a result, over service your clients!
Make it easy for buyers and sellers
Electronic document signing (DocuSign or Adobe Fill & Sign), Have floor plans, Matterport tours, videos and documentation available for buyers, video calls instead of face to face, look to pull together off-market deals.
While numbers are down, work on your marketing and brand
Create a marketing plan, create marketing content, work on your personal brand, clean that database up, create your past client nurture funnel, create lead generation funnels, what is an offer, promise, claim or guarantee that you can introduce that no one else is or prepared to? Send a survey to your past clients to get some great insights (if ever there is a time for people to take your survey, it’s now!), send out a bulk communication to your database asking if they’d like to know an updated value of their home and send CMA’s
Prospect for after the shutdown
How many listings can you have ready to go or at least in the pipeline for after the shutdown? If you wait until this all blows over, you’ll be starting from scratch again and it takes a long time to get the wheels moving again. There’s no time like now.
Take this time to work on yourself
Personal development, health & fitness, regaining balance, getting your mindset nailed. A few great tools for personal development that I like are Blinkist, Audible, MentorBox, The Real Estate Gym, Podcasts and even a good old book (if you can read well, unlike me!)
No explanation needed here.