2020 has thrown a curveball into everyone’s lives but real estate has been impacted by the global pandemic but not in the way you think. Real estate saw a 2023 boom likely due to the decrease in supply and the recovering market. It was meant to taper off after the fall but it is still red hot.
So what does that mean for 2023? Unpredictability. The market has changed and your strategy should too. There are several traditional tactics paired with new knowledge to really make money in real estate for 2023.
Digital communication is one of the first things to consider when working with clients according to Chance Realty LLC, especially amids the pandemic. The generation that is coming up has high standards and uses technology as a means of communicating. However, now older generations are conforming to the digital era and must be comforted and eased into it.
Leveraging the driving factors such as good leads, peak markets, and more are a critical part of sustaining your financial success through these unpredictable times.
Let’s get into these factors.
As mentioned the consumer market is changing because of a new generation that gets everything done with a click of a button. That is one audience to cater to. Another audience, however, older generations are needing to quickly adapt to this younger generation because of the state of the world we live in.
Business and being conducted virtually and at safe distances. This can be difficult for a real estate agent or broker because getting a client to the house is half the battle. So now it is time to get creative and use digital tools that are not here just for the pandemic but in the long run.
It is an important reminder that while technology can be an incredibly efficient tool, it is also easy to become complacent. We will get into the importance of personalization and how it can make a tremendous impact on your client.
A virtual showing of the house is a major tool that one can use to gain interest. This provides safety and a convenience factor to a potential owner. Nowadays, While taking videos and pictures of the home can be great and are highly encouraged, try doing a 3D tour. With this, a guest can click on the screen as if they are walking through the house themselves.
This is great to get initial interest for a house. This can be left up on the website for customers to browse themselves. When they get interested in specific questions for your listing you can opt for a live showing.
Instagram Live Showings
Instagram and Facebook are great ways to show your guests a house tour without needing them to come in. If the house is staged you can really go after this by providing a “this could be yours” feel. Live of course makes things tough because you can’t edit anything out but what it does offer compared to a video that is made a chance for customers to jump on and ask questions in real-time.
A great tip is to have someone helping you out with the camera work. A selfie mode has its benefits but if you are focused on doing the showing let someone else focus on the camera work.
If you are familiar with taking selfie videos this can be useful as well. It provides a more connected audience experience. It’s even OK to make minor mistakes with filming or showing something because it shows you are human and working through unpredictable times as well. Mistakes though with information can be a loss.
Instagram Live showings can be the stage after a virtual tour because it allows guests to say, “hey we would love to see this up close.”
A newsletter can be both a blessing and a curse. For those who are ready to buy a home, it is nice to get current updates on what’s available on the market. For those who are only semi-invested, these newsletters can be annoying and overwhelming if you are getting too many emails.
This is why your email newsletters need to be somewhat personalized based on the crowd you are catering to. For instance, for those who are less tech-savvy make sure to provide a lot of easy-to-see call-to-action buttons. This way a consumer can just click “show house” under their house of interest.
Another point of consideration for the newsletter will be the frequency in which is set out to which clients. You can get really personal by dedicating certain newsletters to certain style homes if you are aware of their specifics.
Because of the market instability, it’s important to put in the extra work with good leads. It’s possible that things can turn on a dime again and the housing market may have too much supply or not enough demand.
Capitalizing on clients who are really ready to pull the trigger and find a home is imperative. There are several things an agency, agent, or broker can do to convert these leads into successful sales.
With everyone being cooped up in the house the last year, it has been hard to maintain good relationships with clients. However, technology has provided real estate agencies opportunities to re-engage with targeted ads. With technology and print, there are a few ways to get your audience to start thinking about buying or selling angina.
- Local Ads- The print paper is often overlooked these days because of the wave of technology. Don’t make this mistake. A custom ad aside from the sellings listed will be rewarded. Feature an agent or yourself with several highlights and a short bio to grab readers’ attention.
- Google Adwords- By bidding on keywords, Google will pair these words with your advertisements to attract new customers and grab the attention of old. Google Adwords is a great way to draw people to your agency with strong keywords and unique adjectives that describe your company.
- Instagram Promotions- On Instagram, you now pay for targeted ads over any desired length of time to target any desired audience. Instagram is the world of looking at pretty pictures and idealizing what you want. This way when you promote a catchy photo or video, customers who register with this photo will be brought directly to your agency.
Organize Your CRM
This follows the lines of your email newsletters. Being on top of your Customer Relations Management System is a must. With such an unpredictable market you can’t afford to make an error confusing what one customer wants for another.
- Segment Your Leads- Knowing where your leads came from is a big deal. If you meet someone face to face then you should have the segment labeled “in person” or something of the short. For instance, if you met your prospective client in a coffee shop it is important to remember they like coffee. You may be able to personalize something with this later. If you mix up clients on the other end, they will feel like you don’t listen, care, or know their needs.
If you are referred by someone who has a relationship with you it’s important to draw on whatever connection you have to get one foot in the door with the client. If it came from another client, this is positive because you already have successful experience down in their books. Make sure to study your lead properly. Just because you didn’t get it yourself, doesn’t mean you aren’t responsible for the work.
- Date Everything-Knowing when to follow up is incredibly important. As mentioned if you are sending too many emails and the client is not ready, you will overwhelm them. If you aren’t checking in at the right times, it is possible they will move on without you or feel untaken care of.
Putting dates next to your segmented leads like “follow up 2-3 months” and “chatted 1/23/20” will give you a better sense of when is appropriate to contact your clients.
Now more than ever is the time to be original, personal, and professional. This is how leads get closed. If you met your client in a coffee shop like said before bringing them the same coffee they ordered when you first met, is a thoughtful gesture that will go a long way.
The coffee here and there isn’t enough. These are like the finishing touches to a cake. You can provide practical services to your customer that will help them through the process. Instead of offering them a pamphlet with a regular Home-Buyers Guide, sent out a digital copy that is both easy to understand and pleasant to look at.
Here are a few more original ideas to spark your creativity.
- Occasional emails with events in the desired neighborhoods/communities your clients are looking at. This way they can be immersed themselves and really see what their future could look like. (For now Covid safe)
- Informational easy-to-understand graphics and videos that can help first-timers understand mortgages and their options.
- Go above and beyond in these times to keep your clients safe. This means working harder, being more flexible, spending more money, and more to keep a conducive environment for the near future. Technology should your first investment upgrade.
- It’s a given that you should be available to your clients. However, you can make it easy for them to reach you than by just text or call. Providing them with an online calendar that allows them to make their own appointments can guarantee that you’ll be available at that time for them.
- Remember the icing on the cake. Having waters readily available for in-person showings as well as masks in case a client forgets theirs, are important things to consider. It’s not a bad idea to have sanitizer readily out and disinfectant wipes as well.
- Include some fun in your newsletter. Offer some inspiration for home projects or activities for the family. This may not be your niche but it is a thoughtful gesture that shows your clients you understand these difficult times and want to help in other ways than making sales.
These are just a few suggestions. The more personal and creative you can get with your agency the better chances you have in securing leads and making sales.
Take Advantage of Rentals
Because of the boom in the housing market and the undeniable growth, a few things have been affected. Prices have become more and more unaffordable which has made renting a good short-term option for those who can’t afford to buy right now. For more, you can check https://inheritanceadvanced.com/blog/.
It’s also due to the fact that because the market is red hot, there is not enough supply to meet demand. Therefore rentals still become a great choice for those who need a quick alternative. Rentals are great passive income and if done the right way can be a more stable income source for the near future.
There are three areas to get into.
This is the primary focus as of now due to the direct tie to the housing market. Finding an apartment for a client can be difficult because of the restrictions a client will go through in a rental agreement. They will want affordability with extra amenities.
Keep in mind that catering to younger clientele can also be difficult because of their demands and affordability in particular. They will likely want to be closer to the city or have something going on around them.
Knowing the difference between what your clients will go back to your organized CRM system and offering more.
If your agency is in an area that is desirable for vacation rentals during the pandemic, this is a sector of the market that has been booming. Families and the circles have taken the time to get away and isolate themselves together in different parts of the country.
Some have opted for warmer weather while others have hibernated in the cold. Regardless, taking advantage of vacation rentals is one way to work the market right now. No matter what type of climate you are looking at desired outdoor space is high everywhere. People are looking to get away for change and to be no longer cooped up.
Something that is different than before will be to implement cleaning standards like never before. Combine this with technology to ease the minds of those who feel like it may not meet their standards. Use a video to show how the house was cleaned and your team’s practices to ensure good faith.
This is recognizably a different animal but an interesting one to say the very least. The commercial real estate market has been hit hard this year and if your agency is in this market, consider the following.
At first, everyone was getting out of their leasing and mandatorily prevented workers from coming into offices.
But then, people longed for their offices as working from home was nice for a while but also led to in some cases, unproductiveness.
This is opening the door for different ideas within the commercial real estate market. Different types of leases possibly as well different types of office spaces. Going back to the COVID-safe environments, get into spaces that quite literally offer spacing, minimalism for cleaning purposes, and more. Also you can check ShowcaseIDX if you need more help.
That may have been a lot to digest but here at Chance Realty LLC, we put these practices into our daily schedules and marketing tactics to ensure that in a volatile and unpredictable economy, we can secure leads and make money.
The more important thing to consider is immersing technology into every other aspect of your agency. It will not only serve as an efficient tool in your company but will also register with your younger clients. You may not feel the need to use technology with your older clients because of the possibility of them being resistant. However, if you take the time to walk them through it, you’ll not only have a better chance of closing a lead but make them more comfortable in an environment where face-to-face is not always suitable. They will instead have an appreciation for you for taking the time to help.
With technology, you can offer things like virtual showings that may be a time-saver for you and a way to stay connected. Remember not to get complacent on the ease of technology and forwarded emails. Personal touches are where you secure the wins.
With this advice, now more than ever is the time to capitalize and differentiate yourself. It’s easy to do things when they’re going well. If an agency is doing the extra work it will show customers you’re willing to go the distance in tough times.