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How Real Estate Agents Should Respond to the Coronavirus

Posted by Pacifico "PJ" Ortiz Luis

Mar 5, 2020 8:30:00 AM

At this point in time, the corona virus is not a pandemic. The government is taking preventative measures to ensure the country's safety. People are ravaging Costcos to prepare for a possible quarantine, reminiscent of the stockpile supplies they hoarded when they thought the Y2K bug would render all technology useles. With this mass hysteria, how should a real estate agent continue running their business?

Corona Virus Real Estate

How Real Estate Agents Should Respond to the Corona Virus

1. Business As Usual

Continue business as usual. Unless you are in an area affected by the virus, there isn't much of a reason to halt all your operations. If you are door knocking, it might be best to focus on social media or cold calling in the interim.

2. Ramp Up Digital Marketing

During the recession, a lot of businesses lost a major percentage of their revenue due to consumers spending less money. The businesses that survived this did so by maintaining their online presence. For example, those not hiring pool maintenance companies during that time still followed local businesses that freely gave out pool maintenance tips on Facebook. After the recession ended, these companies not only survived but saw an increase in business due to the relationships they nurtured.

3. Give Prospects More Time

Some real estate agents are seeing their clients backing out of deals. Homebuyers with money tied in the stock market will need some time for their investments to bounce back before making a purchase. However, sellers with a fear of another recession may have more reason to sell their homes. Bottom line is, some buyers or sellers may use the corona virus as an excuse to backing out. Give them that time, but continue nurturing them.

4. Remind Clients of Their Goals

At the end of the day, people will need a place to live. Whether that means they will buy or rent a home - they still need a place of residence. Remind your real estate clients of their goals, because it's not a zombie apocalypse. Why did they want to buy or sell in the first place? Use their goals to help move them down the pathway to a home sale or home ownership.

5. Leverage Automation

To walk on the side of caution, you should probably take some sick days or "work at home" days just in case you actually are sick. On days where you may need to do less work, or are dealing with real estate leads that have grown less responsive, consider leveraging intellgient automation to continue to nurture those leads. 

If you need help growing your business if the market slows down, Zurple can help.

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Topics: Practical Advice, Buyer & Seller Insights

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