The current global pandemic is difficult to navigate away from both online and offline. COVID-19 is affecting everyone around the world on varying levels. However, one of the industries that is the most unpredictable at present is the real estate market. With some predictions may have you thinking about packing up shop and digging out an old college qualification to start a new career, and others being optimistic enough to think there is definitely new potential out there, it can be confusing to understand what to do next. And if you do decide to stick with it and go the optimistic route, it can be overwhelming to even start thinking about where to begin. We’d like to take the optimistic route and show you some ways you can be marketing your real estate business to stay competitive.
What are the biggest challenges the real estate industry is facing right now?
The most difficult hurdles in the market now are more strict lending criteria and processes, the need for more time to complete a sale, therefore meaning paperwork needs to be completed earlier than before, and the growing complexities of mortgage underwriting.
These are not necessarily things we can influence massively from our desks, with paperwork delivery times depending on the urgency of clients and underwriting decisions dependent on lenders and underwriters. So, what can we do to maximize the opportunities presented with the current climate of the industry?
Video is the new content king
Introduce high quality video tours to provide a safe option for potential buyers to view new homes and not exclude those who are social distancing. This is also a smart route to go for future viewings to be able to reach a wider potential client base for those who are simply unavailable in person. If you find yourself with more time to try new strategies, this would be a worthwhile time and money investment.
Stay active on social media
Just because things look like they may be slowing down across the industry, it doesn’t mean you should. Stay active and keep engaging potential buyers and sellers on social platforms. Another area you shouldn’t neglect and let become stagnant while trying new things is your blog, if you have one. Stay present and keep sharing relevant and engaging content with your audience. If you don’t have a blog or content strategy, now is the time to create one.
Target your audience also looking to spot the opportunities
Identify those homeowners in your client base looking to take advantage of the all-time low mortgage interest rates and start targeting them with refinancing options. This could be a great way to nurture those clients who have been in your database for the past few years and create some repeat business for yourself without having to spend time sourcing new leads. This is essentially a quick up-sell opportunity, which if you’re lucky and have plenty of opportunities and eligible clients, could provide you with a nice inflow to explore new strategies to then bring in new business.
What are the biggest challenges you have had to face so far? What kind of solutions have you been investigating? Join the discussion below to support fellow mortgage brokers thrive in the current struggling climate.
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