Businesses everywhere in virtually every industry have struggled this year thanks to the pandemic. Real estate agents have had to make adjustments to how they show houses and close deals. Times are tough, but there are still things real estate agents can do to grow their business.
Take Advantage of Low Rates
Interest rates for mortgage loans have been trending down in 2020, despite previous predictions that they would increase. Lower interest rates increases the likelihood that people will be more interested in buying a home. Interest rates fluctuate, so when they are low, people tend to want to take advantage of them before they go away. This is especially beneficial if they obtain a fixed-rate mortgage loan.
Expand Your Marketing Efforts
Marketing is everything when it comes to attracting clients. Real estate agents need to market themselves and their business well in order to grow, especially during difficult times. Social media can be a helpful tool. There are multiple platforms realtors can use. There are the usual suspects such as Facebook, Twitter, LinkedIn, and Instagram. Others are more real estate specific and should definitely be leveraged to your advantage. Nearly 180 million people visit Zillow every month. You can boost your effectiveness on Zillow by having a presence on Trulia as well. MeetUp and NextDoor are also worth considering.
Offer Virtual Services
With the social distancing recommendations and the guidance to avoid gatherings with people outside of your household, real estate agents have had to think outside the box a bit when it comes to showing a house. Some agents may be accustomed to holding virtual open house tours for prospective buyers from out of state before these guidelines were put in place. Now virtual tours and open houses are a more popular option than ever. It’s a convenient way for buyers to get a feel for a house, and allows everyone to be safer by avoiding contact with each other. If you let people know you offer these services, they may feel more comfortable coming to you for help buying a house.
The pandemic may have impacted many things, but people still move and still need places to live. This means real estate agents still have an opportunity to grow their businesses. Take advantage of low rates while they last, expand your marketing efforts, and offer virtual services if you don’t already. You’ll be setting yourself up for even greater success down the road.
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