Top Ways Real Estate Agents Can Survive an Economic Downturn
Many things are on hold or slower right now. That includes the real estate market. However, there are some people who still need to move during the pandemic for a variety of reasons. Even if people aren't moving unless necessary right now, there are ways to prepare for when the economy opens back up. Here are some tips on how real estate agents can survive the economic downturn.
1. Make it known your services are still available
Many people may not know you are still open for business. It's your job to make people aware you are still working. Try different marketing tools to market your services. Start simple by posting on social media. You can also send out an email to your email list. If you really want to make some changes, try sending out a local mailer as well. Make sure you emphasize the fact that you will still be helping people through the pandemic. If people don't know you're still working, they won't know they can call you.
2. Let people know how this situation can actually help them during the pandemic
The economic has been affected drastically. This means the real estate market has been affected, too. While this may not be great for some people, it can actually be an advantage to other people. Some homeowners may be forced to sell their homes in a short sale. Short sales are generally beneficial for the buyer. Also, banks are eager to do business just like every other industry. Essentially, it's a buyer's market for people who are in the position.
3. Take this time to educate yourself
You may have more free time these days than usual. Use this free time to educate yourself on everything you can. Learn your current properties and neighborhoods inside and out. When things do pick back up, you will be ready to answer any questions that come your way.
You may also choose to educate yourself on the industry in general. Learn about current trends in the real estate market both locally and nationally. You should also brush up on local real estate laws to help answer questions for your clients. Finally, read recent articles about the real estate market to learn about key players and events. All of this education will help make you a leader in the industry and a better sales person.
4. Reach out to former clients
This is a great time to reach out to old clients to wish them well. Send out mailers or emails to old clients to send your love during these trying times. It reminds them that you care. Also, many people need to make changes these days due to the pandemic. They may actually be considering selling their house to help ease some of the financial strain.
5. Take stellar pictures of your current listings/create virtual tours
You need to focus on the things you can do for your clients with your time. People may not be buying as much at this time. However, this just gives you time to take great pictures of your current listings. Ask clients if you can come take new, high quality pictures.
Many things are going virtual these days. You can actually use this to your advantage. Talk to clients about creating a virtual tour of their home. You can allow potential buyers the opportunity to look through the home without putting them at risk by going out in public. Naturally, you want to make the property look as amazing as possible for the pictures and virtual tour to increase interest.
6. Complete Renovations
This is the perfect time for homeowners to complete different renovation projects and cleaning projects that can increase the value of their home (and your commission). Most contractors are still taking on projects. There are also plenty of things that bored homeowners can do themselves, such as paint. By the time the pandemic is over, the home will look its best.
7. Network with other realtors
Most realtors are extremely busy throughout the day showing houses and meeting with clients. Since more realtors are free, it's a good time to get together and talk about different ways people have overcome during these hard times. To keep people healthy, consider going to online networking events. You may also just reach out to your mentors to talk to them one on one.
8. Find alternative sources of income
The truth of the matter is that you need to make money. If real estate is slow, you may need to look into alternative methods of earning some money. Luckily, there are options. Since you are a salesperson by trade, you may look to see if you can sell insurance or another product. Other ways to make income include:
selling items online
starting a new business
writing website content
taking surveys online
renting out a room in your home
The economy is slow, but it isn't completely dead. Real estate agents need to make the most of this time to come out swinging when the economy picks up. No matter what, just don't stop hustling.