The Coronavirus real estate impact – How real estate agents are changing the way they do business since the outbreak of the pandemic.
The impact that the Coronavirus has on the real estate market is continuing to unfold before us. We are getting accustomed to this new world. In a lot of ways, we are not going to go back to the way things were before. It is vital that we get our head around that. This race is a marathon, not a sprint.
VIDEO: The Coronavirus Real Estate Impact – COVID 19’s Effect on the Real Estate Industry
Here at Icenhower Coaching and Consulting, we have coaches across Canada and the United States. As a result, we get a nice representation of what’s occurring across North America. A lot of the people that we coach are the highest producing agents, teams, and brokerages in their state or locality. A lot of that has to do with the fact that people who have a coach succeed at the highest level. This is why we end up coaching the majority of the top producers across North America.
We are learning about what our clients are seeing. These leaders in real estate are doing less and less in person. They’re finding it easier as real estate agents to do their business virtually. Virtual business allows Realtors to get more done in a day. You can perform multiple listing consultations virtually in one afternoon, whereas before, that may have been logistically impossible.
The impact of Coronavirus on real estate listing consultations
All of a sudden, it is socially acceptable to do a virtual listing consultation. Now you can do business without waiting in traffic or driving across town. It is now seen as socially irresponsible to not at least offer to meet virtually and provide that higher level of service. Ironically, three months ago if you were to suggest meeting virtually and not going to someone’s house, you might be called a lazy agent. You might be seen as someone who’s trying to cut corners. Not so anymore!
Likely, this switch is going to stick. Certainly for the next year or so until we get a vaccine for COVID-19, it is going to be socially appropriate to at least offer to meet virtually. There will need to be some social distancing in place, regardless. The Coronavirus impact on how we do business as real estate agents is very real.
The longer that these changes are a part of our everyday life, the more it becomes a part of normal society. This is great for real estate agents. Of course, it’s difficult right now because we’re so used to the status quo. Many Realtors like to do things the way that we’ve always done them.
Realtors have seen change in the industry before
Change is hard, generally speaking, for human beings. We don’t like change. That said, most of the changes that we’ve encountered in this industry makes life easier for agents. For Realtors that have been in the business for over 20 years, you may remember when there was no online MLS. We used to get books of listings. The photo quality of the houses was so poor that it looked like an ink blot. Each photo had been scanned and faxed to be printed in this black and white book. Because of this, you had to physically drive to these listings to see what they actually looked like.
When the MLS went online, that was a nightmare. People went crazy when we went online. Realtors hated it. All of our forms went from printed paper to online shortly thereafter, and that was an even bigger nightmare. Many were saying, “This is the end of the Realtor.” A lot of people got out of the business at that technological change because of how uncomfortable they felt.
Now I can’t imagine going back to that world. The thought of going back to how things were is horrifying. We’re at the edge of another major change right now. The Coronavirus crisis has had a huge impact on the real estate industry as we know it. It is becoming not only acceptable but expected that real estate agents can quickly and easily move into a virtual listing, or even buyer consultation.
Benefit of a virtual showing before in-person
There are several reasons that performing a virtual buyer consultation before meeting in person is beneficial to you. Some Realtors say that you should go out and show property right away to an interested buyer. They say, it’s a lead! Don’t waste time waiting around! Yet you’ve probably also heard that it’s not a good idea to do that, for safety reasons, for your time, and for your income.
It’s always better to set a buyer consultation before you start showing property. This is a fact. You will find that all the top producing agents and teams do that, without exception. They don’t just run out and show property. It’s not smart, and it’s certainly not socially acceptable right now. The Coronavirus impact on our real estate business is pushing us to be smarter.
Be the five percent
Your hand has been forced on this one. Whether you like it or not, you must adapt. For those of us in the coaching and training world, we like to see people succeed. We are so happy to see that this change has come to our industry. We know that about 5% of all real estate agents do 95% of the business. The other 95% of Realtors fight for that little 5% of the remaining business. This is because the 5% of Realtors are doing things very differently from the other 95%.
The successful 5% of Realtors are setting consultations. They’re getting buyer agency agreements signed. They’re not doing work until they actually have a client, and they explain the expectations of what being a client means.
We are implementing a lot of these huge shifts in mindset and use of technology with our clients here at Icenhower Coaching and Consulting. Because our clients are often the top producers across the country, they are setting the standard. Everyone else is being forced to follow suit. The Coronavirus impact on the real estate industry is causing this change. We are using Zoom (or any video conferencing platform) to conduct real estate transactions from start to finish. All from the safety of our own home, without ever getting face-to-face.