While the news and details are still developing, it appears that some states have proceeded to re-open their guidelines regarding Real Estate. Whether some of you reading this may have already been deemed "essential" for some time or you are just now getting back to work - the below information remains accurate for all parties.
Heres how we are handling it with our Real Estate team, and how we are advising all of our coaching clients to handle it, as well.
1) Get in touch with every single active seller you still have on the market. Let them know of the change, and encourage them to get their home "show ready" this weekend, as we anticipate an increase in showing activity starting after your official "back to work date." Many sellers have been relaxed with virtual showings over the last few weeks and we know that buyers are antsy to get out and begin seeing homes. For this reason, they should be ready for showings to pick back up as soon as restrictions are released in your state.
2) Get in touch with every single "when this is over" lead. Have the "timing analysis" conversation, where we stress the importance of getting on the market ASAP to beat what we are expect to be a rush of inventory when we get some sort of "all clear." If their house isnt "show-stopping ready" being "first on the market" will be an advantage to the list price they have. If you haven't already set appointments with these leads, do so now. In an ideal world, the listing will go LIVE on the the day you are released. A good analogy would be this... You've got one of the prime time commercial spots during the Superbowl. All eyes on you. Don't be one of the houses that advertises after half time at the Superbowl.
3) Get in touch with every "on the fence" buyer you have and be prepared to do a mini re-consultation, where you explain and express how their buying power could likely change when you reopen. Go over the buying power checklist with them, and encourage them to think about how they could make their offer stronger, and not to be caught off guard if they are now entering multiple offer situations. Mentally prepare them for this potential reality.
4) Call, text, email EVERYONE in your database. Since we have already given them a "care" call of some sort at the start of all this, it's only appropriate that we are also one of the first to let them know the news and what it means for the real estate market. Remind them that now is still a time to sell, and ask if they know of anyone who we might be able to help right now.
5) Start preparing a "state of the real estate market" newsletter to go out to everyone in your database. There is a lot of confusion right now as to what this means and what the short and long term implications will be. While we aren't advising anyone to lie, it's important to share with them the facts. Share with them the data year over year, the pricing, and how we as an industry have shifted to create a safer showing experience for our clients. This newsletter or mailer is essentially meant to "Address the elephant in the room" and clear the air on all the thoughts and fears. A hand-written note with this would also go a long way. This is obviously time sensitive and should be mailed out ASAP as soon as you receive word from your state.
6) If you HAVE let your foot off the gas over the last month or so... It's time to step it back up. It's time to re-write your schedule, recommit to your lead generation time block, and dial back up your activity. Remember the video we did on Agent A and Agent B? Well, Agent B misses out on opportunities the longer they wait to get back into action. So, make sure you are prioritizing a HIGH level of activity and action surrounding lead generation and lead follow up, starting immediately.
7) What projects have you started in quarantine that you need to finish? Get these done ASAP.
Ladies and gents, it's time to get back out there. And while we certainly don't expect this recovery to be anything immediate, it's those who will work hard and take immediate action who will reap the most reward in the next 90 days.
Please make sure you are speaking with your coach about you specific plan over the next 30-60-90 days, and make sure you dont wait to take action.
As always, we're still on the ground with you in this and will continue to do so every step of the way.