Since the first shelter-in-place orders hit, real estate agents have worried about the impact on markets and their business. And while some states are slowly starting to open back up, we’re definitely not back to business as usual.
Over the past several months, we’ve interviewed successful entrepreneurs and industry leaders to get their take on what agents should be doing right now. Below, I’ve included the advice offered by four of our most popular podcast guests.
Read on to discover their four nuggets of advice for helping your business thrive through these tough times.
With all of the uncertainty out there amid COVID-19, it’s normal to be fearful. But as a Realtor, people look to you for advice on one of the most, if not the most, valuable assets they have: their home.
You have a responsibility to clients and the greater community to offer guidance based on your experience as a real estate professional. This is the time to offer assurance and assistance, to help others see that these challenging times will pass. If you make meaningful efforts now, clients and contacts will remember later.
As Keller Williams’ Paul Morris said in this State of the Market episode, “Now is a great opportunity for Realtors to be leaders in their areas. Don’t spread panic. Don’t spread fear. Spread leadership.”
Hone your systems
Some states are starting to open back up, but the economic impact of nationwide shutdowns will likely be felt for some time. With fewer people in a position to buy homes, especially now that lenders have stricter requirements, real estate agents might struggle to make sales. Still, there’s plenty that can be done to improve a real estate business when there’s not a lot of business.
If you ask Cameron Herold, the entrepreneur who took 1-800-GOT-JUNK from a $2 million business to one worth over $106 million, this pause isn’t just a setback; it’s also an opportunity to improve.
On the Real Estate Rockstars episode above, Herold said, “It’s time to work on the business, on the people, on the systems, on the sales and marketing so you can come out of the gate strong.”
If your business is slow now, take this opportunity to improve your existing processes, so that you’re prepared to come back with even stronger sales than before.
Double down on your efforts
Most agents have heard that the majority of real estate agents fail within the first five years of their career; it’s not encouraging, even in the best of markets. And now, with a recession, agents could have an even harder time bringing in sustainable business.
Seasoned real estate investor and co-host of the BiggerPockets podcast, Brandon Turner, recognizes that agents have a rough road ahead of them. Turner said that coronavirus will “cull the herd of the 4 billion real estate agents that are in America today. The cream of the crop will rise and be fine, and everyone else will go find another job.”
But Turner’s outlook on the real estate profession isn’t entirely pessimistic. Listen to the video above and hear him explain why agents who work harder now will be able to capitalize on new opportunities in the near future.
Market to sellers
Although it might be harder for real estate agents to find qualified buyers, Carrot.com CEO Trevor Mauch believes that agents might have more luck with sellers now than before COVID-19 caused the U.S. economy to stall.
According to Mauch, who has been tracking real estate search patterns for years, more people are entering search terms related to selling homes now than prior to the first set of stay-at-home orders.
When it comes to generating and converting new seller leads, Mauch suggests, “adjusting your content, adjusting your message, building authority, trust, and credibility right now in your ads, in your videos, on your homepage. We’re finding that is increasing conversion.”
To hear what else Mauch had to say about marketing to sellers right now, listen in to the full State of the Market episode above.
What are your tips for thriving right now? Please share in the comments section below.
Pat Hiban sold more than 7,000 homes over the course of his 25-year career in real estate. Now, he dedicates his time to helping others succeed as agents and investors. As host of the Real Estate Rockstars Podcast, Pat interviews real estate experts to explore what works in today’s markets. He also founded Rebus University, an online training platform for real estate agents and sales professionals.