Okay, first things first! There is no magic formula to sell properties easily during this COVID-19 crisis. These are exceptional times that virtual viewings aren’t going to save. But this situation will surely change and those who are able to keep working during this time, I believe they will have a great advantage over the rest once the industry starts recovering.
So, what can real estate agencies do during this time? Let me give you some ideas:
1. Marketing is still the fuel of your business but be careful!
The interest in buying property is still there and it is possible to generate good leads. We won’t get many ready-to-buy-now ones, but quality buyers that will convert to transaction later on. Let me tell you a little secret about your competitor, they will cut down on marketing spend, what means it’s time for you to increase it. It’s time to start filling the pool with quality leads.
Important to have crystal clear which marketing channels you should spend on. Now is no time for experiments or to put money in actions with a non-clear ROMI (Return of Marketing Investment). Lead-to-conversion ratio tracking has to be looked at every single day.
2. Follow Up – Follow Through – Follow back consistently
So simple, yet very hard for agents to commit to a good nurturing process. The time you receive a lead and convert this to a deal is going to be more widespread. So, we better make sure we have a good process in place to try to keep those leads alive until the situation is better.
Whatever you do, make sure you keep a good tracking system of every single lead. Give an exceptional service and be powerful in your communication. People need comfort, security and guidance in times of crisis, something you will be able to give.
So, Follow up on every lead. Follow through on all the promises, information and delivery. And finally follow back to all your old clients and re-engage with them for any opportunity.
3. Bring opportunity to the market and avoid bad news
There is a confidence level that can help any industry to recover faster from a crisis.
The question is, are agencies spreading positive or negative news to the market. Our markets are overwhelmed with scary, negative and frightening news. We as an industry need to step up and make a difference here. It’s all going to be about ‘’the way forward’’
So you clients WHY they need to look at property during times of crisis. Build the confidence, soon you clients will be ready for a decision.
4. Adapt your processes to the current situation
Whatever worked in the past, probably won’t work anymore in a crisis. We have changed many things from showings, meetings, and even calls.
Things you might want to look at:
Communication flows, calling scripts, objection handling scripts, email templates, call recordings, qualification processes, customer service tasks and so on.
Also, very important to update the trainings. Look for video appointment trainings, updated marketing trainings, and new bank requirement trainings.
5. What is happening in other parts of the world
Wherever you live in the world, you probably have another country that is ahead of the trend. What means they went through, what you are currently going through. Important is to study the markets in those countries.
Some countries are now suffering the worst part, others are starting to recover and there are some with apparently a minor impact. If you usually deal with international buyers, could be interesting to shift your efforts while that happens.
Final word
As I mentioned earlier, there is no magic formula in a crisis. It’s going to be survival of the fittest. Hard and smart work have to blend together, more than ever before.
If there is anything, I can give a guarantee, it’s the following:
The world will not come to an end. We will survive this crisis, like we did with many other crisis. We have to step up and make this our opportunity to shine. Many agencies, agents and salespeople without financial strength will struggle, that’s inevitable. But those who manage to keep working, be innovative and willing to step up can turn out to be big winners.
