The saying ‘Good agents are made in slower markets’ cannot be more relevant than today. It is all about what you can do now to mitigate the impact social isolation, possible recession and an ongoing pandemic will have on the market.
Despite market uncertainty, there is one thing we do know, and that is smart agents will take advantage of the upcoming slow down to regroup, rebuild and be ready for 2021. And as you may be aware experts are already predicting a highly optimistic forecast for next year with an influx of sellers on the cards when market volatility subsides.
So what should you do to not only ensure your business will endure the market slow down but help you be the agent of choice during market recovery?
To keep it simple here are 4 tips to keep you top of mind during an uncertain market:
1. Replace Open homes with video walkthroughs
Over the next little while people are going to be desperate for content. Hence, while open homes may be suspended in the short term, use social media to your advantage. Keep your Saturday open home schedule (if safe to do so) instead of inviting people to the physical address, encourage them to come online and join Facebook or Instagram live. You or possibly the vendor could walk them through the property as you would if they were there in person. Invest in a handheld tripod and walk slowly to ensure you present the property as professionally as possible. Encourage questions and contact attendees post live events, just as you would normally do on a Saturday afternoon.
2. Build a strong social media presence
Social media is already one of the best platforms to showcase and build brand awareness. It is predicted that social media network consumption will skyrocket throughout 2020. With more than 59% of people now turning to social networks to read the news and even more communicating through social media with friends and family. It is likely that this rise will continue making social media the perfect location to be informative and build community.
Keep your audience up to date with economic impacts on their local market. Types of posts can include:
- Suburb reports – How is your suburb faring each month?
- Industry articles – Ensure you include a digest for what this means to your local audience. Large industry sources speak in less common terms and look at statistics on a larger scale. How does the state/national forecast impact them directly?
- Service offers – A market appraisal or valuation 6 months ago will be obsolete for most in the coming months.
- Advertise your properties – If open homes are suspended ensure you promote your walk through videos, virtual tours and website landing pages so vendors and investors know their properties are being seen.
- Local community – Now is the time to support your local community businesses. If you have a local coffee shop or other business you regularly visit, shout them out. Take a quick picture of you grabbing your morning coffee (Especially now cafes and restaurants operate purely as take away)
Social media is a great tool for building ‘social proof’. It is a way for you to create a face behind the brand and one of the easiest ways for people to contact you.
3. Use systems to nurture your database
73% of people prefer to receive Real Estate advertisements via email when compared to any other digital advertising. Now more than ever it is important you have a strong email marketing solution that will inform your database of market insights, current listings and future forecasts. iRealty recommends a marketing strategy we call a ‘Success pattern’. Send an informative content newsletter to your whole database. From there send subsequent content to those engaged contacts. Historically, further targeted content would include things like open homes and recent sales. However, sending suburb profiles, sales case studies or exclusive sneak peeks could all be included if open homes do not occur. Most importantly pick up the phone to these engaged contacts as they will be your buyers and sellers once we are through this.
4. Grow your database using technology
Traditionally, your open homes are a prime opportunity to collect contact information for those ready to buy and potentially sell. With restrictions on face-to-face gatherings in action, now is the time to ensure all of your digital platforms, including emails, Facebook, and your website, are designed for lead capture. Your website and social media channels should include opt-in and lead generation pages for people to enquire about listings, ask you questions or subscribe to your email list.
Key takeaway: While we cannot predict the magnitude of impact Covid-19 will have on the Real Estate industry over the next 12 months we can gain comfort in the future forecast for 2021 market recovery. Now is the time to invest in digital communication methods to enhance your business. Not only will this ensure your business can endure the current market uncertainty, it will also set you up for success when the market starts to recover.