The events of the past ten days turned everyone’s predictions of the housing market upside down. We already saw a sharp decline in showings since March 11. Learn how to survive the coming recession and how to keep your business afloat.
The coronavirus pandemic probably derailed your business plan for this year.
Face and Survive the Coming Recession Heads On
With global travel restrictions, grounded airplanes, and closed restaurants, bars, and other non-vital businesses, we will certainly slide into a recession.
This recession is not due to housing or mortgage lending. It’s similar to 9/11.
The COVID-19 pandemic came as a total surprise to most of us. Nobody knows how long it will take.
The good news is that our economy was in excellent shape. There is still a huge demand for housing, and there’s no indication of a looming foreclosure crisis.
Steps We Take to Dampen the Impact
There will be a substantial slowdown in your business. Estimates range from 10% to 30% fewer home sales.
Let’s hope the situation will clear up in 2 or 3 months.
What can you do in the meantime?
Here are 5 ways to keep selling real estate in this environment:
1. Safety First. Do virtual tours instead of open houses. Our agents have free access to a Matterport camera to scan all of their listings.
2. Social Distancing. We train agents to conduct online meetings, online buyer and seller consultations, and use digital video. There are so many tools available to communicate over the Internet. Most are free, including Google Duo, Facebook Live, and Zoom.
3. Over Communicating. We stay in touch with daily tips, updates and personal support for listings, buyer consultations, and marketing.
4. Short Term Marketing Plans. Develop a plan to make it through the next 2 to 3 months. We want to ensure our agents are prepared for the strong upswing we expect once the crisis is over. There will be a “gigantic” pent-up demand when the economy rebounds.
5. Sharpening the Axe. This unexpected slow-down gives you time to improve your skills. Take online classes, practice scripts, and earn a designation.
I am very happy to see how RE/MAX LLC supports us and all RE/MAX offices around the world.
Almost daily, they provide new incentives, technologies, and marketing resources, so we all make it through the tough times.
I hope you and your family are safe and stay healthy!
We want to make sure that every agent comes out of this crisis stronger and no one goes out of business.
Don’t hesitate to contact me if you need help or simply want to chat.