Five Ways Real Estate Industry Can Survive the COVID-19 Crisis

It’s safe to say that business is not as usual in the age of a pandemic outbreak. For many enterprises across affected areas, facing the crisis is a matter of business life and death — it is either they fight back or the entire industry shuts down.   

As the global outbreak intensifies, the crisis has left many real estate agencies seeking solutions and thinking about new ways on how to keep the property transactions going. 

What will be the realtor’s new approach to market properties? What will happen to mortgages and house prices? On top of these questions in mind, how will realtors conduct their business online when most of the consumers stay at home?

Everything in the real estate industry is affected by travel restrictions and quarantine instructions being imposed worldwide. This includes the housing market, mortgage, and of course, the real estate agents. Not only does travel restriction take away the opportunity to acquire foreign buyers for luxury homes but it also interrupts the access to construction supplies and other resources for new project developments. Since the outbreak started, we’ve also seen a lot of discounted sale promotions online, causing the average mortgage rate to drop by 3% in the first few weeks of March. And as per real estate agents, they have to adjust their strategies in terms of client meetings, show houses, closing arrangements, and more. 

Despite the significant impact of coronavirus diseases on the real estate industry, there are still several ways to keep the business afloat and re-emerge once everything gets back to normal. Here are a few strategies that top agents are following to cope with the crisis.        

Building Connections through Social Media

The industry of real estate has been highly digital since the beginning of the modern ages but digitisation turned out to be more critical now than ever. Highways may be closed but doors are always open online, which is why taking advantage of available resources is the key to survive the market crisis. 

While everyone stays at home, generally spending more time on social media, your goal as a reputable realtor is to attract potential clients and keep in touch with your current ones through your social media pages. 

Keeping the Website Afloat

Despite the crisis that we are facing today, some people are still interested in purchasing homes, especially when mortgage and house pricing are understably dropping. Hence, make sure to keep your website running and up-to-date to let your potential clients know that you are still operating amidst the pandemic outbreak. You can also share your website link on your social media platforms to help you generate and nurture leads.

Providing Business Listing Info

Level up your listing info by uploading more catchy photos of home areas to grab your audience’s attention. These areas may include closet spaces, built-in cabinetries, appliances, interior and exterior amenities, and even views from the windows. Make sure to provide well-written captions to make your listing stand out.    

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Offering Virtual House Tours

Providing virtual tours to your clients is especially helpful in this trying time. Aside from photos and other means of the listing, virtual tours allow the buyers to look around the property without really having to leave their houses.  

Utilising Apps for Contract Settlement

There are plenty of applications available for realtors to utilise during contract execution and settlement. DocuSign is amongst those helpful apps that will allow you to create and settle contracts electronically. Some companies encourage their agents to get this on their phones or computers so they can enjoy the efficiencies that the apps are offering while stay-at-home orders are still imposed.  

Author Bio: Sarah Contreras is a full-time writer, who likes turning ideas into useful words. Aside from writing sonnets at 6 am, she also blogs for Pilcher Residential, the leading real estate agency in New South Wales.


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