So, the commercial real estate market is changing because of the COVID-19 health event. You can adjust your business methods. The goalposts have moved, and yes, we must do business differently now and for the foreseeable future. The people are still out there; they may be thinking a bit differently, but they still need your help. We can help you with that. So here are some ideas.
Where are you in this cycle? Can you adjust? You are the ‘toolbox’ for commercial real estate in your location; shape your mindset into that. Engaging with people across the telephone is the way of doing business now. It is not hard; it is just different.
Home-Based Offices Work Well
Work from home and use the telephone and your computer comprehensively. Create conversations and talk to people; those that you know and people that you haven’t connected with before. Telephone conversations will help you consolidate your real estate business through all of this change.
Think about this question. Where are your people, clients, and prospects hanging out now and for the immediate future? The simple answer is ‘at home’.
On that basis, you can modify your actions and contact processes. Focus on the person at home, using the telephone and the internet. Engage remotely. That is the way ahead as we adjust to the property market.
Specific New Business Strategies
Let’s help with that. It is time to activate your real estate business differently. Here are some ideas for that:
- Choose your channels of people to connect into. It is better if you select groups of people and consistently talk to them about changing situations. That allows you to ‘tune’ your information and conversations. Share information about how things are, and how you can help. Solutions are a part of any property conversation now.
- Revisit your lists and call down all your client or prospects. The people that you know are a solid foundation of contacts that you can work with. Also, research investors locally and call them to see if they want to buy, hold, or sell.
- Use the business telephone book to contact business owners to see if they want any help with things or to understand what they can do in the property market if they must act. Some businesses will choose to relocate or vacate. Other companies that own the premises in which they currently operate may seek to do a sale and leaseback strategy. That is where you can help, and that is where you can introduce existing investors to the buying cycle in this property market.
- Ask about referrals as you talk with people you know currently. As part of that, you can revisit previous transaction contacts.
- Activate Social Media channels today and frequently update from now on. Post your comments and updates at least three times per week. Don’t just talk about your listings but talk about market changes and opportunities. You must stay on the ‘positive’ side of the information cycle. Be the foundation and the professional to take people forward in real estate when they need you.
- Solve problems and provide ideas to your contacts. You can offer specific solutions relating to marketing and methods of sale that matching to the existing property market and the pressures that exist. Think about the ways of purchase and the means of a lease that may have been traditionally correct over the last 12 months and then adjust those methods to suit the online mode of marketing and negotiating today.
- Connect and converse about the property market across the telephone. Do that for a few hours or more per day.
- Online marketing is escalating now and is so important. You can refresh your listings regularly online to make them more attractive and exciting to different property people. Use your email system to circulate listings and market updates as well.
- Internet keywords and information can be feed into your listings, social media, and website activity. The internet is a ‘problem-solving tool’. Use it in higher frequency, as the people that you work with and serve will refer to the internet in just about all their property requirements and interests for the current property cycle.
So, there are plenty of things that you can do now in your real estate business to stay busy and stay active with your clients and prospects. The telephone is now the business tool of choice for a brokerage for the coming known time.
Things will eventually revert to normal; however, you can optimize your relationships and your opportunities now, continually working through the strategies mentioned above.