30 Jul REAL(TOR) TALK: The COVID Impact and What Realtors® Should be Doing Now in Light of the CMHC Forecast
REAL(TOR) TALK is a new series that explores current trends and issues faced by Realtors® in British Columbia to give you the honest, real talk information you need to continue running a successful business and stay on top.
It is no surprise that the novel Coronavirus has impacted the livelihood of real estate professionals around the country. Late last month, the Canada Mortgage and Housing Corporation released a report forecasting lower housing starts, sales, and prices for Canada’s major markets. This latest outlook looked at the impacts of the COVID-19 pandemic so far, and estimated when things may return to normal. The forecast indicated that there may be a slower rebound in Vancouver than in some other cities. While this is a concerning outlook for Realtors® in British Columbia’s biggest real estate market, CMHC said it expects things to pick up again toward the end of the year. So, how can BC’s Realtors® stay proactive as things slowly return to normal? In this blog post, we provide three easy lead-generation activities real estate agents can be doing right now to help their business succeed in the Coronavirus crisis.
As they say, when the going gets tough, the tough get going.
As a real estate professional, you already know that the activities that are done right now rarely result in immediate business. Instead, these activities typically generate business down the road. Akin to the Realtors® who proactively prepare for a slow winter in the summer months, these business generation and marketing exercises help create momentum that assists in sales later on in a post-pandemic market.
If you want to continue your success, the Coronavirus crisis is the time to strategize, plan, and prepare.
While the last few months has allowed for a needed sense of work-life balance for many, as real estate professionals, we need to roll up our sleeves now and prepare for the future or run the risk of walking ourselves out of business. Certainly in times like these, real estate agents are going to have to put in the work to stay visible, relevant, make connections, and help the communities they live in. The point? Now is the time to be proactive! Below, we have broken down 3 easy ways you can support your lead generation strategy and frame your future.
TIP 1: Engage your SOI
What’s an SOI? It’s your sphere of influence and it’s as simple as it sounds. The fact of the matter is that an estimated 33% of the market* are first-time home buyers. This means those new-to-the-market-potential-clients haven’t found their Realtor® yet — an opportunity for you to make the connection.
Remember that the SOI work that you are doing now is not going after immediate business. Your SOI activities are all about staying in touch, building rapport, and providing value. If you, as a real estate professional, are visible to potential clients, there to lend a hand, and provide helpful insights into the market, you’re much more likely to be their first call when they are ready to buy or sell.
There are many ways you can add value easily through information sharing:
- Market statistics and insights
- Lists of your favourite local restaurants that are open for delivery/take-out/dine-in
- Lists of weekend activities that are open in your area based on your target customer
- Giveaway contests for your network that support local businesses
- Highlighting a feel good story in your community
TIP 2: Embrace Social Media and Engage Online
One of the easiest ways to continuously connect with your network is via social media and yet, according to statistics out of the US, 48% of all real estate firms cite that keeping up technology like social media is one of their biggest challenges right now. So, if you are already there, you are ahead of the game… But there are many ways you can optimize your social media strategy:
- Create better imagery with user-friendly design apps like Canva
- Stay active online
- 73% of consumers claim that they have been influenced in purchasing decision based on a brand’s social media content
- Be consistent with the 10-10-5 method
- Most social media algorithms favour users who are more active on their platforms
- The 10-10-5 method is a goal of 10 likes, 10 comments, and 5 post shares or direct messages with people in your network
- If you’re interacting consistently, you should be spending about of 15 minutes per day using this method
- Use video
- Not only does video perform better on social media, but research shows that videos are most consumers’ favourite type of content
TIP 3: Video, Video, Video
As you read above, video is cited as a favourite type of content by today’s consumers, but more importantly, research shows that video marketing can get you up to 66% more qualified leads per year! The key here is learning to do this on your own in conjunction with professional videographers. As video consumption online continues to rise, the best thing you can do is learn how to create engaging video content on your own using your phone and some simple online tools (Canva is beta testing for .mp4 downloads now)!
You Can Frame Your Future by Staying on Top of Your Lead Generation Strategy Now
Here’s the main takeaway: 2020 has been a year of big changes so far, but nothing lasts forever and you need to be ready for it. When things begin to normalize, real estate professionals in British Columbia will be there to help with the one of the biggest milestones people go through: buying their home. We believe that to frame your future, you need to start today. You’ve got this.
FRAME is a simple way to get your commission sooner. With no hidden fees, no long applications, and no waiting, you can get the money you’ve earned sooner to help you frame your future. Start today at www.frameyourfuture.ca — sign up by noon today and get your hard-earned money by dinner tonight.