Leaders from across the housing industry provided commentary on how real estate agents can adapt and change their strategies amidst COVID-19 in a recent article from Forbes.
Ed Delgado, Five Star’s President and CEO, was featured in the piece and discussed how agents need to present homebuying as an investment.
“Agents have the responsibility to understand and present views related to future home price appreciation,” he said. “Buyers want to feel that they are making a sound and responsible investment when buying a home.”
Delgado added, “When an agent demonstrates the potential gain in value and equity growth, they are, in effect, guiding the buyer in making the right decision.”
Additional insight from Ted Konigsberg, Infinity Commercial Real Estate, said it is important for agents to understand why sales are falling.
“Is it market conditions, ineffective staff or marketing tools? Consider utilizing publicity in addition to advertising. Raise your profile in the community and become active in social groups, chambers of commerce, etc. Seek out opportunities to raise your corporate profile, such as charitable endeavors and newsworthy articles,” he said.
Anjee Solanki of Colliers International said the current landscape is a great time for clients to seek guidance and learn from others.
“Clients, agents, and companies are sharing insights and creative solutions and this collaboration are more transparent now than in the past. It's critical to be there for one's clients and not selling,” Solanki said.
Pamela Bardhi of the Mosche Group said one way to improve sales is to identify and focus on an underserved market.
“If you are focusing on a specific market that is saturated, you can expand to a new territory that is less saturated. You will be surprised at how well strategies work when you pivot and expand,” she said.
A recent report by the National Association of Realtors found that nearly 47% of home buyers felt that recruiting the help of a real estate professional was even more vital and desired than before the pandemic arose, citing peace of mind as the main benefit of such aid.
Also, 54% of buyers and 62% of sellers agreed that specifically because of the uncertainty swirling around them thanks to COVID-19’s impacts, the extra guidance from an expert was among the top of their must-have list now.
Six out of 10 buyers and sellers surveyed counted real estate professionals—specifically buying and selling of property—to be an essential service. As to which part of this service was most valued and appreciated, a little more than half of those surveyed (51%) revealed that they found online listings most helpful for providing information versus if they would try to discover it of their own accord. Along this same vein, 56% of respondents felt that above and beyond the help of online listings, an actual real estate agent would be beneficial in saving them even more time.
Five Star is also the parent company of FORCE, Five Star's REO member organization comprised of pre-screened, certified, and experienced REO agents.