The Coronavirus has paralyzed the world. What can professionals linked to the real estate activity, real estate developers, and real estate agents do?
What does history tell us? Let’s look at an international case. In Spain, for example, only 20% of companies in the real estate and construction sectors survived the economic crisis of 2008, which hit the great powers in the world. Today, in 2020 and during the coronavirus crisis, the question that intrigues all investors in the world is: How many real estate businesses will survive this time?
What we want is for you to be part of that 20% that will carry out successful real estate businesses, even in this scenario. Therefore, pay attention to these recommendations, where you will also find several real estate business ideas and a lot of valuable content.
STEP 1: UNDERSTAND
We must be very aware of the situation in which we face, THE WORLD WE KNOW WILL NOT BE THE SAME. This is a complex and highly uncertain situation that pressures us to RETHINK AND REFOR Emulate the different functions of the agents that intervene in the real estate and construction sector: owners, tenants, real estate agents, building managers, bank officials, real estate developers, builders, and everyone who intervenes directly or indirectly in what to do in the real estate sector.
Transactions of purchase-sale, rental, mortgage, usufruct, trusts and all those operations resulting from real estate traffic will be affected, but at the same time they will be transformed considering the new panorama. There WILL be variables that we cannot manage, they are not in our hands, one of them is definitely: Time. So the first thing we will do is locate our real estate business in this period and visualize it in the short, medium, and long term.
Example: If we are Real Estate Developers, we will have to understand that we will take action in the short, medium, and long term. Because? Because real estate development involves:
STEP 2: EVALUATE
We evaluate with statistics. How is our real estate business? Let’s evaluate our experience in the market and how much knowledge we have about it. It depends on it that opportunities arise. From my point of view, there are many opportunities that will flourish as a result of this pandemic. What we have to do is simply adjust to this new reality and turn the situation around. It is important to put ourselves in possible scenarios and anticipate events that may harm our company. Prevention is prosperity. For this we can do simulation exercises:
EXAMPLE: I am a real estate agent, and I must evaluate.
Because of the coronavirus, I will have difficulty showing the properties to my clients, the visits will be reduced or perhaps the potential buyers will only visit the property once, for fear of getting infected, and most likely it will be when they really want to buy.
What do I do? I will have to adapt to the client, see his needs and try to satisfy them.
STEP 3: ADAPTATION
We adapt to the behavior and needs of the client. We will have to be more flexible and sensitive to their new demands. The sales process in relation to contact with the buyer has changed and will be different from now on.
For example, Let’s continue with the activity carried out by the real estate agent or the marketing area of a construction company.
How will you see less human contact, we will have to digitize the sale, that is, we are going to generate a new commercial process, and the calls will have to be through video to generate empathy with our client. Digital advertising is a useful tool, and we should all be trained on the subject. WE WILL HAVE TO DEVELOP VIDEO TOURS to show our clients the property, this being a visual support tool to improve the sales experience.
In other words, we have to replace the face-to-face experience with the virtual one. Real estate projects now more than ever will be sold through renderings. The truth is that some companies already carried out their business processes under these schemes, now all real estate companies that want to survive will have to do so. Blue World City Islamabad Launches Blue World City sports Valley It is one of the biggest sports complex with residential plots. The block is in Early stage so best time to invest in It.
On the other hand, when the client visits the property, we will be prepared through health biosecurity protocols, disinfection, and personal protective equipment, among others. In other words, given the specific situation of my clients, I adapt to their needs.
STEP 4: STRATEGY
We will work strategically using technological resources as main allies, anticipating different scenarios and generating value. Today, the real estate process from 2020 onwards will be 100% digital, let’s forget the traditional commercial process, in which to attract clients we had to create eye-catching printed material or perhaps the use of magazines, these will now be replaced by Network and Marketing Strategy. generator.
As for the shopping experience, the showrooms, the models, and the way of showing the properties will be replaced by virtual tours, video calls, and videos, among others.
The FOLLOW-UP: the Post Office, the Telephone – the Appointments will be updated by an Attention 24 hours A DAY and undoubtedly with commercial intelligence.
In relation to the CLOSING of the sales, the signing of the contract, the checks, the writings will gradually be relieved by electronic signatures and digital documentation.
STEP 5: DISRUPTION
Now more than ever we must be disruptive, which implies the generation of a significant change and a new value proposition through new business models. You must generate disruptive products and always look for differentiated products that can have good commercial performance. In short, those who do not adapt to change may stagnate and may even disappear. Let’s not allow that, you must reinvent yourself to succeed.
These are the 5 steps to follow to be successful, but the KEY IS to train. The professionals who will be leaders in our sector will be those who anticipate problems and overcome the crisis that afflicts us today. For this, it is important to continue training.
That is why, The Real Estate Society, through its team of professionals, is developing a new virtual course called: “PROPERTY SALES STRATEGIES IN THE DIGITALIZATION ERA”, a comprehensive training program that aims to prepare you for the inevitable changes that will take place in our industry and that contains the necessary knowledge so that you can turn around the crisis and find business opportunities. This course is aimed at all professionals or those just starting out in Real Estate or related business. Do not miss this opportunity and become a great leader in the real estate and construction sector.