Challenging times bring new opportunities for real estate agents willing to seize them. Learn how to exercise leadership and use your time effectively during the COVID-19 crisis.
Right now, the competition that you’re looking to beat out on is freaking out and getting into fist-fights over toilet paper.
Smart agents know that every market comes with its own unique set of opportunities. So after you’ve got a handle on things, consider where you can best invest your time.
Because what happens when the pandemic is over? The world will move on just as it always has.
I think the smart question to be asking yourself right now is: “What's my business going to look like on the other side?”
1. Use Your Time Wisely
Tom Ferry recorded a timely podcast (which you can watch be) on March 16, which I highly recommend that you check it out.
Some key points he had this to say about working through adversity are:
"What you do in the next 30, 60, 90 days will impact how your clients feel about you.”
Things you SHOULDN'T be doing right now:
- Being mad at the pandemic
- Raging about people hoarding sanitizer and selling it online for double the price
- Worrying about the possible recession
- Using the pandemic as an excuse to binge Netflix shows
Things you SHOULD be doing right now:
- Taking care of your community
- Communicating with your team on a daily basis
- Working on your website
- Uploading valuable content on your website and on social media
- Adjusting your prospecting strategy (hold virtual open houses with solutions like Matterport, implement a regulated system for in-person tours)
- Generating more leads
- Getting comfortable with electronic signing through software like DocuSign and online listing presentations with software like Google Meet, Zoom, or Skype
- Communicating with vendors and other parties involved in transactions, and finding ways around the current limitations
Prioritize the things that are within your control. Don't be a headless chicken. Be the calm within the storm.
2. Lean Into The Market of the Moment
A few days ago, Gary Keller wrote an article to his agents regarding how to navigate market uncertainty.
In it, he gives some great advice, my favorite of which is to “Lean into the Market of the Moment.” You can read the full article here, and below I’ve highlighted a few quotes which I think are fantastic:
- Make no mistake, you need to pivot. You need to pivot today.
- Although it sounds trite, what is still true is that tough times call for tough-minded people. In normal times, rising tides keep all boats afloat. When tides recede, only boats that respond appropriately stay in the game. All others are grounded.
- Even in 2011, the worst year of the Great Recession, the number of sides per agent was nearly the same as in 2019. Make no mistake, there’s still a lot of opportunities. There’s just less. So you must pivot and get more.
- Take a step back, look around, and identify the opportunities your market today has to offer. Every market will explain how you can best work in it and how people can best make it work for them.
- The market will show you where you need to pivot.
- Every shift leaves an opening. A reason to stay in the market. Every problem eventually presents a solution. A way to help someone when they need it most.
3. Visit NAR's Website "Coronavirus" Section
If you want to stay up-to-the-minute with news pertaining to our industry, this is worth a bookmark.
NAR has been feverishly (no pun intended) updating this category with new articles and loads of useful information, including Coronavirus: A Guide For REALTORS.
They’ve also been conducting flash surveys, which is where they poll NAR members to determine the impact of the coronavirus on their markets by region.
This is FANTASTIC as you can see what other agents in your hyperlocal real estate market are reporting with respect to mortgage rates, buyer interest, and seller behavior. You can read the March 19th survey here.
4. Seize The Opportunity to Show Leadership, Compassion & Expertise
Pretty much every post on every social network pertains to the virus, with lots of misinformation being spread.
With that being said, the two most highly verified sources for information relating to the virus are:
In addition to the above resources, now is a great time for you to demonstrate expertise and leadership by being an example, and by sharing content and information that others in your community may find useful.
In many areas across the U.S., droves of people are volunteering free meals, or assistance to the elderly, on platforms like Craigslist and Reddit.
If you’re able to, now would be a great time to reach out to elderly clients or otherwise people within your sphere to see if you can offer assistance.
5. Stay Informed And Ahead Of The Pandemic
Here’s what we know so far:
The Federal Reserve has been lowering interest rates significantly. This is fantastically good news for first-time homebuyers.
On the other hand, community lockdown has effectively cut off the income stream for many Americans whose jobs require on-site presence. Bars, restaurants, gyms, and other commercial spaces resemble vestiges of a ghost town in hub cities like New York, Seattle and San Francisco with more soon to follow.
However, there are still many motivated buyers and sellers particularly in the investor space who can and will take advantage of the interest drop.
A few days ago Redfin hosted a fantastic live stream titled "Selling Homes in a Virtual World" which I think is worth watching and paying attention to.
In it, they mentioned one of their agents in New Jersey holding a restricted open house for up to 6 buyer groups "waiting in line like a Disneyland ride."
Some MLSs like Northwest from Washington disabled their open house feature and most agents are circumventing this by hosting virtual tours whether through VR and AR solutions or even with a simple video. It’s a safe bet that others will soon follow suit, so get comfortable on-camera!
The CDC continues to implement new guidelines and restrictions as the world continues to deal with the pandemic.
Not only should you keep your finger on-pulse to stay ahead of these restrictions, but be the source of curated accurate information for fellow agents, team members, and your community.
We have a more in-depth article that covers the recent effects of the pandemic on the real estate industry here.
Stay Calm And Carry On
We will continue our commitment to continue to research and provide you with the best tools for you to dominate your hyperlocal market.
If you have any questions about how AgentFire can help you stay productive throughout 2020, schedule a guided tour with one of our Client Success Representatives. Or if you prefer to try out AgentFire's tools on your own, try out our free 10-day trial.
Here at AgentFire, we’ll make sure to cover any future developments to help you come out of this tragedy even stronger than before. Until then, stay safe everyone!
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