Updated: Jun 9
As the real estate industry takes coronavirus head on, agents all over the nation have scrambled to build new strategies to keep their business afloat. While it might seem weeks, or even months away, some industry experts hope to see a V-shaped recovery post-virus, and we want to ensure we’re ready for when that time comes. If you’re a real estate agent, here’s what you can do today to prepare your business for tomorrow.
Creating a financial plan is step one in keeping your business afloat while business is slow. Evaluate your budget and get rid of anything that is non-essential and can’t be used right now, such as a gym membership. Next, evaluate your business expenses and determine what generates immediate income, and eliminate whatever doesn’t - think long term and short term marketing expenses.
Last Friday, President Trump signed a $2 trillion stimulus package, which amongst other things will provide unemployment benefits for independent contracts and loans for small business owners, as reported by The Real Deal. Reach out to your CPA immediately to see if you qualify to apply. In addition to unemployment benefits, the package includes tax provisions that delay quarterly tax payments until October, so be sure to get in touch with your tax advisor to create a payment plan and go over self-employment tax options.
Real estate is a relationship business, and now is the perfect time to nurture those relationships and strengthen your network. We might be practicing social distancing, but it’s important not to lose the face-to-face experience. Pick up the phone and call, text, Facetime or Zoom with your client - the options are endless! Go as far as sending a small gift to your client to let them know you're thinking of them.
Focus on the future and create a business plan. Once the market bounces back, you will want to come back stronger than ever for your clients. Utilize all your resources and learn about newer tools such as virtual staging and virtual tours. Build your professional skills and concentrate on educational development by earning Continuing Education credits and certifications through NAR. You’ll learn something new and your client will be impressed.
Be the hero your client needs. Become an expert on what’s going on and provide your clients with data and information. Use your social media accounts, newsletters and email marketing to share all that you know. This will reassure current and prospective clients that you’re staying informed and have the answers to all their questions.
Additional source: Inman