These are challenging times for everyone. Property professionals wanting to survive COVID-19 must act carefully to ensure their business emerges unscathed. There are no magical solutions or quick fixes. But you can make it through this if you’re measured and calm in your approach. With that in mind, Dot Property has two things to do and two things to avoid for property professionals trying to survive COVID-19.
DO: Spend on marketing
Budgets are tight, but you have to spend in order to keep bringing in leads and closing deals. Property professionals can’t sit idle during this time. That means spending on marketing, and more importantly spending on marketing via the right channels, is paramount.
There are still people with cash in hand who understand it is a buyer’s market. For example, a wave of property investors and end users in the Philippines are now moving to close real estate deals while the conditions are favorable. How do you reach this audience?
By spending on marketing with trusted channels, such as Dot Property. We are the only platform in Southeast Asia connecting real estate buyers and sellers from around the world. However, if potential buyers can’t find your properties on platforms such as ours, you won’t reach clients.
AVOID: Be fooled by people trying to make a quick buck
In times of crisis, many businesses try to take advantage of property professionals by offering services they don’t need or making promises they can’t keep. Don’t be fooled by this and end up spending on something that doesn’t deliver.
Some companies with funny sounding names may be making grandiose claims about how they can help property professionals such as yourself. Unfortunately, these firms don’t have the track record or backing to support what they offer. The end result is you’re stuck with a partner that takes your money but doesn’t deliver results.
You will also see a number of technology companies offering products or services at deeply discounted prices. Make sure you vet these firms thoroughly and find out if what they are selling can actually help your business.
DO: Try new things
Get on TikTok. Get that Instagram account active. There are a lot of things you can try during the COVID-19 situation that don’t really cost you anything. Maybe you find something that helps your business long term. Difficult times like this require you to be creative and try new things. Even if something sounds foreign now, it just may be the wave of the future. Think about all those property professionals who built up their Facebook following early. It probably seemed weird at the time, but these efforts paid off big time.
AVOID: Pressuring buyers or give ultimatums
It may sound like common sense, but don’t pressure clients or give them any sort of ultimatums or deadlines for a buying decision. Firstly, property seekers already know it’s a buyer’s market and they won’t respond to this tactic. After all, there are plenty of other property professionals they can turn to instead.
Secondly, the COVID-19 situation has made things more difficult to buy. People may not be able to visit a unit or showroom in person and this could impact the decision making process. Maybe they have other things going on in life. Whatever the case is, just avoid pressuring buyers or giving them ultimatums at this time.