There is always opportunity in a market shift. No matter what is happening, people still need and want to buy and sell. We must help them do it safely and navigate these unusual times.
What does all of this mean for your business? That truly depends on you. You have total control over your daily activities. You can choose to do things that are good for your business or you can watch the news and get annoyed and depressed. Quite frankly, a lot of the real estate world has just checked out. What this means for you is that others who choose not to focus on work at this time are going to take 90 days to dig their way out of the ditch. You are going to have a head start and will be able to ride that wave of momentum if you choose to focus on the right things now.
First, you have to take control of your mindset. That can be hard, right? Let’s be honest, we’ve all had our dark moments. At first, this new situation we are facing was really scary. Not just from the health perspective, but from the perspective of what is this going to do to our business? Some of you may have family members that have been impacted in some way. These are hard things that we are all navigating and yet we have to make a choice. We can choose to focus on the dark side or we can take action and show up as a leader.
And isn’t it amazing how quickly the world has embraced virtual technology, specifically Zoom? The world has shifted. You are going to have to learn a few new things. The good news is there will be a few tools that you’ll use again and again. Once you master those, the possibilities are endless. They give you the opportunity to get more done in less time. You’re expanding your range, your reach, and influence in the community and you’re doing it virtually for free or for a very low cost.
In addition to using technology, this really is the time to stay consistent with your marketing. But you must be mindful of the messaging and the approach. I don’t think it’s time to be out there beating the drum of, “I’m number one.” It’s really about being that wise advisor leading with content and value.
Additionally, a lot of agents I work with tell me that they don’t do a good job following up with their leads. 70% of business often comes from lead follow up. We know in real estate that conversion typically occurs about 90 days after you’ve generated the lead. And that was pre-pandemic. I don’t know what it’s going to be now. It might be a little bit longer. However, the average real estate agent gives up on a lead within 30 days. That’s a problem. That means they are missing out on the bulk of the business that’s in front of them because they’re not following up long enough.
People are sitting in their homes right now, some may have lost a job or had a pay cut or had a family member that has been impacted, and others are just waiting for things to go back to the new normal. You have to err on the side of a more gracious, soft approach, and really show up with valuable content and an edge of concern. The same thing goes when you are making your phone calls to your past clients and sphere.
You could start the conversation with, “How are you? I’m checking on you. I hope you are okay. I hope you are doing well. You know, I have a lot of vendors, affiliates, a lot of great contacts and connections. Is there anyone I need to connect you with? Is there anything I can do to be helpful?”
Now, if they are worried or upset maybe just end the conversation right there. If they’re not upset and they turn it around and ask how you’re doing, you could then lead it to real estate by saying, “I’ve had a lot of friends and clients asking me what’s happening in the market and I just thought you might have some questions. Is there anything I could answer for you today?” So again, there’s no push, there’s no pitch, just showing up as that wise advisor.
If they are interested and they’re asking you a lot of questions, you could go to the next level and say, “You know, inside of chaos, there’s always opportunity. Is there an opportunity you are interested in pursuing in real estate this year? If so, let’s talk about how we could maximize that opportunity for you.” So you’re not going to push. You’re going to start with how are they and what information can you provide?
Ongoing follow up could be invitations to educational events or new tip sheets and videos that you are doing. It could even be things that are not necessarily real estate specific, just don’t send them junk. You want them to be happy to hear from you.
And remember, the average real estate agent is looking for excuses not to work, but not you! This is your time to shine.
If you want more guidance on how to grow your luxury real estate practice, you can learn more about the Institute’s training options here.