No one can tell us what will happen in the coming weeks. But what we do know is that the new market is just that, a new market that presents challenges and opportunities to adapt. How can you prepare as realtors during the coronavirus pandemic? What tools does technology provide you to get through this moment in the best possible way?
The state of real estate during the pandemic
In a national report, it is stated that both commercial and residential real estate services are considered essential. Likewise, the construction of family and multi-family homes is designated as an Essential Infrastructure Business. This means that, at least for now, the business of the realtor (except in those states that do not follow the federal guide) will not cease.
While the market may be a little skeptical or conservative, there are always those investors who jump into new opportunities, and this is no exception. Low-interest rates have prompted many to wonder whether this time of crisis is not also one of opportunity, like so many others. This is, undoubtedly, an adaptation stage for realtors.
It is not new that with the advancement of the coronavirus, most companies (if they can) have opted for remote work. Everything has become virtual: schools, businesses, and public spaces. Nothing that we knew continues to work the same way and, then, it is necessary to return to the fundamental foundations of the real estate business but, this time, rethinking it in a virtual plane. At QKapital we provide tools for the client to change their financial plan or to calculate a possible mortgage loan completely online, with our mortgage calculator. We also make video calls by Zoom and Whatsapp. And, in this opportunity, we made a series of tips for realtors during the coronavirus pandemic, so that, as a team, we can continue to keep our business afloat.
How can realtors continue to be effective from home?
- Find the balance between taking care of kids (who now don’t go to school and demand attention) and remote work. Many employers are showing a lot of flexibility, but when you are self-employed, this is a luxury that we cannot afford.
- Use remote access solutions with the corresponding security needed if confidential information is handled. For example, storing information on Google Drive. Provide virtual tours through Facebook Live, Instagram Live or Zoom.
- Keep the communication fluid. Without personal contact, communication is even more important than before. Did you know that a minute of waiting on the phone is actually perceived as a longer time by the other person? It happens the same with every other channel of communication. You need to pay more attention than ever to respond quickly and clearly.
- Anticipate emergency situations and be updated on new solutions and tools. For example, realtors today have contracts that provide more time to close a sale agreement, especially due to the COVID-19 situation. Evaluate all possible situations and what tools we can count on in the worst case.
- Renegotiate profit margins. Just as the government lowered interest rates, something more tempting for the investor may also be the drop in the realtor’s commission rates.
The challenge today is to find creative ways to connect with people. Many of them are socially isolated and human contact has become essential. Beyond the previous tips, our responsibility today is to help the community and stay hyper-communicated on social media.
Other than the desire to close sales, it is important to take advantage of this moment to position yourself as a referent and build trust. In the long term, you will also see this reflected in a return on sales.