What You Can do During the COVID-19 Pandemic to Help Your Business Weather this Storm?
In a typical year, the real estate would begin its Spring boom right about now; however, 2020 will be no typical year. The Coronavirus pandemic has undeniably impacted the spring schedule, making it likely that real estate market activity is going to be pushed further into the spring and possibly into the summer months. With many people postponing (or cancelling) summer holidays and hundreds of millions being placed on lock down, buyers and sellers have been looking at properties online, even more so than they usually do. When society resumes its normal rhythm, and it will, pent-up demand will likely yield a surge of activity in the market. As a real estate professional, you’ll want to capitalize on this interest and hit the ground running. Make sure you are positioned properly through ListGlobally’s global listing coverage and integrated platforms to help you secure new business.
In this pandemic, almost every household member, on a global scale, is spending an extraordinary amount of time on their property. Let’s not forget that this is the product that you sell!
Communicate with Your Clients
Deal with their concern. Don’t wait to begin conversations with your clients. They now have time to speak with you. Contact them to share your experience on where the market stands, and to determine their situation. Respond to the crisis by dictating how your market responds to you. Help your clients make informed decisions by addressing some of the concerns that people across the real estate industry are expressing, as they try to close deals during the escalating crisis. Agents who inquire and inform their clients responsibly under these conditions, will place themselves securely in the process as it continues to adapt and evolve.
Technology is More Important than Ever
More people will turn to virtual experiences when it comes to buying and selling homes during the Coronavirus outbreak: like, 3D open houses, video tours, chat platforms, virtual staging, e-closing and mobile banking services. This trend may continue to be dominant after the pandemic. Familiarize yourself with ListGlobally’s online features now and be ready to surf the swelling use of technology.
Hold Your Position
Don’t panic, this too shall pass. Remember that historically, real estate has consistently been a safe investment. Current challenges are caused by an entirely external event and our issue in 2020 is nothing like the 2008-2009 market collapse. The world is changing quickly, but fundamentally there is no internal operational problem in real estate. If we remain diligent and ready for business as usual, we will be ideally situated for mid-2020, when the floodgates likely and hopefully come bursting open.
Stay Flexible and Focused on Long-Term Goals
With governments taking action to bolster economies during this bumpy ride, lower interest rates and economic stimulation incentives will have an effect on the market. In the coming months, once the air clears, sellers are likely to respond with a rush of listings to capture the eyes of the buying audience. With the Bank of Canada and the U.S. Treasury dropping the key interest rates, buyers and sellers are going to want to lock in historically low mortgages for new homes and their existing properties. Many of your buyers don’t want to postpone, if it means that they could potentially miss out on their dream home. Highlight your vacant properties – a market segment that is very appealing right now. Your global online listings make you well-equipped to keep leads on track.
Think Globally
Despite the uncertain external factors driving real estate choices today, maximize your existing platforms to reach your clients and meet their needs. Incorporate them into your strategies and guide your clients accordingly. We are committed to support you as you help facilitate the buying and selling process.
To stay in the forefront of real estate, you will be working with a foreign audience. Make use of the best tools available on the market to optimize your presence in the market. Activate your MyListGlobally account to capture your full potential.
ListGlobally is the world’s largest network of property portals (+100 portals in +60 countries). One click, and your property is promoted all over the globe reaching an international audience. We offer real estate agents international exposure, and we translate their listings details into 25 languages.
