Coronavirus Updates

Business as (Un)Usual: 10 Tactical Moves to Make Now to Survive Coronavirus

Expertise:
6 Articles Written
aerial shot of neighborhood with two-story houses close together

Coronavirus (COVID-19) has left many people uncertain about what the future of the real estate market will look like. Unfortunately, no one knows for sure what impact this will have on the market and economy over the next few weeks.

Want more articles like this?

Create an account today to get BiggerPocket's best blog articles delivered to your inbox

Sign up for free

There will most certainly be a trickle down effect that will have some impact across all industries. We have already seen this start to happen with restaurants, bars, event spaces, etc.

However, there is nothing worse you can do for your situation than going into PANDEMIC PARALYSIS! Don’t let this virus slow down or halt all the progress you have made.

I'm going to provide you with 10 tactical moves you can deploy in your real estate business now. These are the exact systems our volume investors and agents are deploying to overcome this.

10 Tactical Moves For Your Real Estate Business

1. Increase Your Cold Calling

More people (decision makers) are now working from home, staying inside regularly, and not traveling as a result of the pandemic. Furthermore, as the market continues to change, more people will be looking to sell their homes.

Take advantage of this opportunity to generate warm and hot leads by ramping up your cold calling efforts.

If you’d rather have it done for you, cold calling services, such as Deal Dialers, are a great and affordable way to generate tons of motivated seller leads. You simply give them your list, they will skip trace if need be, call the list multiple times through, and send you hot leads in real-time.

Related: What Property Managers Need to Know Amid the Coronavirus Crisis

2. Virtual Open Houses

More and more agents are using the power of live streaming to record open house videos. Set up a time on Facebook or a live streaming app such as Periscope to take your online audience on a virtually guided tour.

There are multiple benefits to this. You now have a guided video you can attach to your listing to increase the chances of selling. Plus, you can edit, share, and re-purpose the video for all your marketing efforts.

People can tune-in from the comfort of their own home and don't have to spend time or money traveling. This is a great opportunity for the agent, as well, to build trust and bring value to your audience.

man on the coast searching house on a real estate application on his smartphone. All screen graphics are made up.

3. Take Advantage of Low Mortgage Rates

Mortgage rates are fluctuating wildly at the moment but are likely to remain lower than usual for a while. Take advantage of this opportunity to refinance your existing properties and to move forward on new purchases.

However, you may experience delayed turnaround times, as lenders are seeing large influxes of business.

4. Follow Up With Leads

Now is the perfect time to reach out to current and past leads to check in and offer assistance. Is there any way you can help them given the current circumstances?

This is an opportunity to build rapport with leads, and let them know you are ready, willing, and available. Make yourself the agent or investor that is top-of-mind for the seller when they are ready to sell.

Like we say around here, “When you’re ready, we’re ready.”

Related: The Impact of Coronavirus on Real Estate Markets

5. Maximize Your Marketing Approach

Use this time to clearly define what your marketing strategy will look like moving forward. This is an opportunity to strengthen your brand and message, as well as map out upcoming campaigns and your implementation plan.

6. Engage Your Audience

Engage your audience through your website, business pages, and social media accounts. Keep them up to date on your plans, and let them know what you are available to help with.

Handsome young African man in shirt telling something and smiling while making social media video

While we’re social distancing and unable to network in-person, it’s important to keep an active social media presence so your audience doesn’t forget about you.

Plus, since more people are stuck at home and many have a lot of downtime, chances are they will be surfing the web on computers and smartphones more frequently. Take advantage of this opportunity!

7. Utilize Virtual Assistants

Virtual assistants are an incredible solution to creating and strengthening three areas of your business: efficiency, scalability, and time freedom. Virtual work is nothing new. Many freelancers, gig economy workers, and so on have been functioning this way for some time. That means less work on your end setting up systems, providing equipment, and spending time teaching and learning when it comes to assigning out remote work.

8. Keep Communication Open

It is very important to communicate clearly, often, and transparently right now. If you're a landlord, send a friendly text, email, or call to check in on your tenants. Ask them if there's anything you can assist with (given you have the ability to safely assist). Do the same with property managers. If you're an agent, make it clear how you'll proceed with clients given the circumstances.

phone-call-hiring

9. Stay Consistent

Consistency, consistency, consistency. I’m going to say that one more time to help drill the point home: consistency! I can’t even begin to explain how important consistency is—especially during uncertain times.

Stay consistent online by posting content and updates on your accounts. Keep your message and intention congruent with your business.

10. Get Creative

Let this be an opportunity for you to really get the creative juices flowing! Instead of viewing this as something that will cripple your business, view it as an opportunity to work on your skills, message, and intention so you will come out of this even stronger than before.

Use this time to sharpen your axe, refine your skills, and strategize how to move forward creatively. Guaranteed, the agents and investors who will come out of this on the other side relatively unscathed have already started to implement these things.

Recession-Proof Real Estate book blog ad

What else are you doing to cope with the current real estate and business environment?

Share in the comment section below.

Bob Lachance has been an active business owner and real estate investor since 2004. Entrepreneurial by nature, he currently owns and operates many different businesses around the world. He helped t...
Read more
    John Rielly
    Replied 6 months ago
    These are all great points! Thank you for the concise recap Bob!
    Bob Lachance Specialist from West Hartford, CT
    Replied 6 months ago
    Thank you John!