Real Estate Agents Adapt Amidst the Coronavirus

Coronavirus . For many people, life as they know it has been put on hold. For others, life has entered emergency mode. It is as if a major tempest has rolled in, and some people find themselves blown about by hurricane-force winds while others feel as if they are caught in the quiet eye of the storm, with news of people sick and dying all around them. Either way, the current climate has caused everyone to be uneasy. Real estate agents are not immune from the chaos.

It is a strange duality: if you are at home (and not paying attention to your television or computer) it can seem as if nothing much has changed. But if you are out and about – especially if you happen to be a first responder or health care worker – there can be pandemonium everywhere you look. Stores have been overwhelmed. Hospitals have been overwhelmed more. Many states have issued shelter-in-place orders, or at least adopted similar social distancing measures . Businesses have closed and social gatherings have been put on indefinite hold. All while a silent enemy invades our communities.

As the nation and the world wrestle with how to handle living in the thick of the COVID-19 pandemic, what does this mean for your real estate business ? What are some ways that agents adapt in order to stay in touch with their customers, continue to service their needs, and remain a calming and reassuring voice in the middle of the storm?

Challenges and Opportunities

The real estate market reflects this dichotomy. On the one hand, there are countless challenges to agents and their clients. On the other hand, opportunities still present themselves. For example, while many businesses have had to close their doors for the time being to help prevent the spread of the disease, real estate offices remain on the list of “essential services” that remain open in at least some capacity. So do banks and mortgage lenders.

Interest rates have in recent weeks seen record lows. That will attract some buyers to market. Others will be deterred because those rates are volatile right now. Still, there may be a window of time when interest rates are low and sellers are flexible on their prices, a condition that does not happen very often. Some bold buyers will want to take advantage of the downward trend.

Right now, residents of Maryland and other states have been ordered to stay at home . That means no open houses and no in-person property showings without being in violation. Even without such an order (and as agents everywhere become experts in hand sanitizer and public health screening), buyers have become wary of going out to look at houses, and sellers have been reluctant to have strangers in their homes, touching the countertops and turning door handles. As a result, the market has certainly slowed down.

But there are still buyers and sellers in the real estate market that need to move ahead. Some home buyers have recently changed employment and need to relocate. Some sellers have already moved into a new home and cannot afford to hold on to their old one until after the storm passes. Still others find themselves reevaluating and looking for ways to downsize or save money. Those who are intent on purchasing or selling a property are looking for ways to get it done.

And that presents them with an opportunity. Agents too. For example, some potential buyers are understandably concerned about making a move (literally and figuratively) in the midst of a health crisis. So, for those intrepids who brave the market, not by ignoring an executive order, but by searching for creative solutions, there may be less competition for available homes. As an agent, you are in the unique position to offer those creative solutions.

Proven strategies for puzzling times

One of the biggest challenges facing a real estate market with limits on open houses, stay-at-home orders, and the need for social distancing, is that it is all but impossible for you to physically show a property or get your buyers to see a house they are interested in. Instead of scheduling traditional showings, you will have to use alternate strategies to bring them through the front door.

Fortunately, you already have the tools available to do just that. Video tours and 3D virtual tours (such as Matterport 3D Virtual Showcases ) are a proven pathway to get your clients “inside” a property from the comfort of their own living rooms or kitchen tables. In fact, a recent study shows that most real estate buyers and sellers prefer listings with a 3D tour . Coupled with other marketing tools, a virtual tour of a home can be a useful substitute for buyers in the pipeline.

Your tools do not end there. Some suggest that there is nothing that gets a buyer interested more in a property than a powerful picture. High-contrast images highlighting a home go a long way toward garnering interest. While you may be tempted to go out and take pictures on your own, a more suitable option might be to invest in quality professional photography and squeeze as much effectiveness as possible from the strategy. It may be necessary to ask the homeowners to go out for a walk while a photographer captures images of their home, but the service is still available.

Outstanding photography is essential. So is the rest of your toolkit at a time like this. Actually, print advertising is as relevant as ever even in our digital world. Now that person-to-person contact is less likely to happen for a while as social distancing measures are lengthened, direct mail provides you with a direct way into the homes of your clients. Offer an elegant real estate brochure to establish yourself with new prospects or highlight a featured property. Mail out a batch of flyers to announce an online event in your community. Send out a round of postcards with a quick note introducing yourself to a new neighborhood, or reminding your customers that you are still available to serve them. In any case, stay in touch with your community.

Of course, you will not want to ignore your online options. Take advantage of any downtime you have and begin sending out an email newsletter. Keep current on any social media platforms you use, or develop ones you do not. Make sure your website is up to date with your contact information, business updates in light of the coronavirus, and even a blog page. And then link your print and digital efforts by including your website and social media handles on all of your print products – or add a QR code that links back to your website, virtual tour, or other online initiative.

The responsibilities and reassurance of an agent

Of course, your first priority should be your safety, that of your family, your co-workers, and your customers. That begins with following the directives of your local government and the Centers for Disease Control and Prevention to maintain social distancing and personal protection . You have a responsibility to conduct yourself and your business with care.

You also have an opportunity to be a source of reassurance and hope. Now, more than ever, homeowners need a calm and reassuring voice in the community. Especially those who have little choice but to buy or sell a home. As an agent, you remain in a unique position to be a solution to their situations. Come up with a creative cure. While it is always important, what your clients need now is an agent who is knowledgeable, who they can trust, and who can talk through issues with them. In a market of ups and downs, you can be an anchor to help steady the boat and weather the storm.

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