INTRODUCTION
Historically, the spring and summer months have been the busiest for realtors across the country, generating 2.1 million transactions and 40 percent of annual sales volume.
However, the emergence of the novel coronavirus in the United States has drastically altered real estate trends and how the industry operates.
According to a recent housing trends report, total inventory is down 25 percent compared to the same time last year, and time on the market has increased. While this may seem discouraging, people are still looking to buy and sell.
Following are some tips on how realtors and developers can market their properties during a pandemic.
EMBRACE VIDEO MARKETING
With open houses on hold and limited in-person showings, it’s more important than ever to showcase your properties through video. Pre-recorded video tours of homes allow potential buyers to get an idea of the layout without risking their safety.
Post these videos on your website and social media channels to help spread the word. You may also want to consider running a Facebook/Instagram ad campaign to target people who have interests related to purchasing a home (note: Facebook housing campaigns have some targeting restrictions).
Use Facebook Live or other live streaming services to enhance your efforts. For instance, you could share live video updates about a property or the surrounding neighborhood, or you could host a Q&A session for prospective buyers.
You also could create an virtual open house event, in which you go live at a designated time to tour the home with interested prospects. The video will appear on your page once you’re finished, so those who missed out can watch it later.
GO VIRTUAL WHEN POSSIBLE
During a pandemic, you should always operate with a safety-first mentality, which means embracing virtual options whenever possible. For instance, you could use virtual staging to market a home instead of bringing someone in to physically stage the space.
Host one-on-one showings through platforms like FaceTime or Google Duo to create an interactive experience with potential buyers. This allows them to ask questions and explore the property in a more in-depth and intimate way, similar to what they’d experience in person.
You also should use teleconferencing software, like Zoom, to answer follow-up questions or negotiate contracts.
If you are going to come in contact with potential buyers (e.g. through showings or negotiations), make sure to take extra measures to clean the space or offer masks and hand sanitizer to help protect everyone.