People who planned to invest in a residential or commercial property in 2020 have postponed their decision, an unsurprising decision when the current global pandemic is taken into consideration. The virus had affected millions around the world and has devastated the economy. Industry verticals have been adversely affected, real estate notwithstanding.
Realtors have been struggling to close deals that initially looked promising as their clients struggle to invest without guaranteed employment or income. Not only this, but business inquiries have also begun to decrease across the real estate industry.
Real estate agencies closed operations during the lockdown phase. It is essential now more than ever to implement new strategies to keep your real estate business afloat in these uncertain and unprecedented times.
Smart suggestions by Ram Duriseti
In a market that is threatened by a deadly virus, it is vital to make smart business decisions. Realtors need to relax their aggressive marketing and brand strategy that used to work in a pre-pandemic world. Instead, they should focus on perseverance and consistency within their branding and marketing. Ram Duriseti, a real estate enthusiast who takes a keen interest in real estate trends, suggests the following business revival steps:
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1. Sanitise your office
Your real estate office itself is a property that your potential clients will look to as an example of your business’s standards. If you have decided to restart the workplace with limited staff, make sure you conduct a thorough office sanitisation. Appoint a professional to the task and sanitise it safely for you and your limited team to resume operations.
Keep face masks, sanitisers, gloves, and other safety gear handy for your staff and others who walk into your office. Make sure to share your office sanitisation update on your social media page, so that interested clients know about it.
2. Make the necessary cold calls
If people declined their interest in buying a property, you need to get in touch with them for the time being. They may still say no, but you can check with them to understand their concerns. If the reason for declining the offer is the pandemic, you can make follow up calls at regular intervals. You should make a list of interested buyers and be consistent with the follow-ups.
3. Share updates on the best properties
Real estate buyers want to know about your best residential and commercial properties. Even if they decide to buy after a year or six months, they love to stay up-to-date on currently available properties. You can try to email your client base about how the best properties are getting cleaned and sanitized on a recurrent basis. This will help buyers to understand the relative safety surrounding your process.
4. Think about your clients
Research and send updated reports to your potential clients and social media followers about the probable containment zones. This will prevent them from buying properties in those zones, and reassure your clients that you care about them, which will act as a business promotion tactic.
The pandemic does not mean the end of your business. Use this time wisely, and follow the guidelines mentioned above and your own rules to ensure you get back to business gradually.