The lockdown diaries, day #1 : A Black Swan event for the real estate industry?

The industry’s black swan event

One can argue that some biological disaster like this was bound to happen one day. Not if, but when. Now it’s here, you are part of history. The coronavirus epidemic may just well be the (real estate) industry’s black swan event, that defining moment that will elevate some companies, and crush others.

A change in the modus operandi

With this in mind, there has never been a better time for agents to change their modus operandi. You now have a big excuse for better screening your buyers including making pre-qualification mandatory before viewings are conducted. There also has never been a better time to price right. That overpriced home could have been sold before the lockdown started.

Has your real estate business stopped?

I saw some agents posting on LinkedIn that they are closing today and will re-open for business again in 21 days. I guess some will see it as a mini break, while others will see it as the perfect storm to connect with customers and build new relationships. Referrals costs you nothing.

Now is the time to communicate with your clients. You have a captive audience. That square space on the consumer’s phone, is now the most valuable piece of real estate in the world.

You need to interact with your community. Twitter and Facebook has been flooded with questions about occupation dates during lockdown and related questions. Why not post a news article on your real estate website or facebook business page detailing the ins-and-outs.

Tracking the impact on websites

Our team is tracking the impact of the lockdown on client websites and our own portals, including MyProperty. One can measure the impact on website traffic via tools like Google Analytics while our lead import mechanisms can track the change in enquiries received for offices. In Google Analytics we make little annotations like the screenshot below when there are important updates or events. This makes it easier to analyse trends over time.

What to do now?

Don’t stop. Don’t give up.

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Adriaan Grové

Adriaan Grové

I’m the CEO of www.entegral.net, I love working with my remote team to solve real estate problems. Questions everything.