Following the economic downturn that was realized earlier this year, most real estate markets around the country have seen a remarkable turnaround. The combination of the adoption of virtual showing technology with loosening local restrictions has given real estate professionals and their clients alike reason for optimism. As ShowingTime CAO Daniil Cherkasskiy recently noted, the upswing in home showings “will likely continue to push prices higher due to increased competition, but unless new listings come on the market, start slowing down the count of closed sales.”
Of course, the nature of the current uncertainty we face makes it difficult to predict what the next few months will bring. While we’re confident that the industry is prepared to handle whatever comes its way – whether it be prosperous times or a downturn – we’ve compiled a list of proactive approaches to consider in building your business strategy for the months ahead, come what may.
Focus your Marketing Efforts on Providing Peace of Mind
According to the results from a recent survey issued by RISMedia to gauge how agents are handling transactions during the pandemic, 50 percent of respondents said they’re engaging more with clients on social media, while 42 percent said that they’ve increased their spending on marketing in some way. Clearly, marketing for prospects continues to serve as a powerful tool to generate leads.
Now more than ever, prospective clients are looking for an agent who can provide peace of mind as they prepare to take part in what is often considered the largest financial decision in their lives. To demonstrate your eagerness and ability to meet that expectation, refresh your marketing strategy to incorporate messaging that acknowledges and responds to the common concerns of the day, like how you can still conduct safe showings, how their local market is faring and how comparable listings in their neighborhood have been performing.
Identify Inefficiencies and Invest in the Right Tools to Overcome Them
The right tools for any real estate business are those that are useful in any kind of economic climate. That’s because the right tools are designed to help you cut through inefficiencies that can impact your prospects and that can create an unfavorable work-life balance for you, no matter your workload.
That’s why it’s worth it to reflect on how you can create efficiencies today and do your due diligence in researching the available tools that can help you meet your goals. To help with that process, we suggest asking questions like, “What are some of the more demanding regular responsibilities that I have to meet during times of both favorable market conditions and when business is slower?” and “How can I balance my clients’ needs with my own personal needs to unwind?”
No matter your role or business needs, ShowingTime offers solutions that can help you simplify your operations. Take our eight-question, self-paced quiz to identify if there’s a ShowingTime product that is right for you.
Take Care of Yourself
Even as your business prospects improve with a strengthening market, it’s clear that the pandemic will continue to have an impact on our daily lives for some time to come. And, with so many real estate professionals already working from home, it’s no longer a question of bringing their work home with them – it’s about how much work they bring and how much of their day they’re going to commit to make sure it’s complete.
According to a recent joint Harvard Medical School / University of North Carolina Chapel Hill study (PDF) tracking the effects of the pandemic on Americans’ emotional wellbeing, the current situation is taking its toll; 55 percent of respondents said that they were more stressed in May than they were in January. A similar Chapman University study revealed similar findings, with 61 percent of the 4,149 participants reporting that they, too, are feeling more stress.
As you and your loved ones grapple with the continued challenges brought on by the pandemic, make sure you’re taking the time to focus on mindfulness and your overall mental wellbeing. To help you meet this essential goal, check out the COVID-19 Resource and Information Guide put together by the National Alliance on Mental Illness for some great resources on how to navigate through the pandemic by following good mental health practices.
The last few months have shown that the real estate industry is resilient and able to overcome any obstacle. Agents have shown great willingness to adopt new technologies and embrace new strategies to help keep their businesses going. We’re proud to continue to offer new and enhanced products designed to respond to the challenges agents face, so they can be sure that they’ll be prepared to excel in any environment.
We’re committed to helping agents enhance their business operations by offering products designed to create efficiencies. Our sales team is readily available to listen to your needs and to help you find out which ShowingTime product might be best for your situation. Click the button below to reach out to them.