WHERE ARE THE PROPERTY BUYERS TODAY: REALTORS GUIDE TO COVID-19.
CHUDI KALU
It is certain that the fight against Coronavirus will come to an end. However, its impact on the economy at large will be greatly felt and as a result, another deadly virus that has been in existence but whose voice has been temporarily dominated by the cry of health and safety, shall arise again and come like a rushing whirlwind, ready to devour the earth. This virus is called the “poverty virus”. To escape from this impending doom that will send some people into eternal financial instability, investing real estate can be a major way out and realtors who have prepared themselves will catch the biggest investors and buyers with liquid cash in the real estate ocean.
As the issue of COVID-19 spreads, so also its impacts on the world’s economy increase. Every sector of the economy including real estate are facing a tremendous hit of this novel virus. Many hotels and commercial offices including Nigeria. The questions on the lips of realtors are: how do I get or find buyers and will people even buy real estate this period since restricted movement will not give them the chance to see the property they are buying. These and many more questions form the basis of this article.
This article is to address the realtors who are involved in the sales of land, apartments, houses, duplexes and those involved in renting on how to maximize real-time success and engagement in this period. If you are a realtor, one myth you’ve got to debunk in your heart is that the lockdown is a limitation or hindrance to making real estate sales and even, a moment where real-time transactions can’t be engaged.
My billionaire mentor said, the reservoir of questions you have determines the capacity of your results. The engine of every man is the brain and just as a spark plug ignites the engine of a car, questions ignite the brain. In the end, it reveals whether a result will be gotten or not.
For every critical situation, there is always a way out and no matter how thick a bush is, a pathway can still be created out of it. So, rather than having a limiting mindset, ask yourself what you need to do to ensure an inflow of cash in this period because the heaviest burden any man can carry is an empty pocket. The following questions and answers provide a guide on what realtors can do at this period to increase their sales even while at home.
1. Where are the property buyers?
Due to the stay-at-home order and social distancing rule, the property buyers can’t longer be found on the streets, supermarkets, churches, clubs and other conventional places. So, if they are in this space, where would they be?
They have moved to the digital world. Since the emergence of this lockdown, research has shown that the online participation of people on the social media handles, google (internet) and TV screens in order to see what is currently happening in the world, has drastically increased. Therefore, a realtor who is using the traditional way of sourcing buyers is like a man using bait to catch a whale.
2. What is the state of mind of the property buyers or investors?
The average state of mind of every prospect is tailored to hope, health and survival. Most of them think of life after lockdown and how to scale through the expected recession that is staring at them. In other words, they are thinking on myriads of investment to do that can save them from financial famine.
The truth remains the aftermath of this period will create four categories of people which include:
. people that will lose their jobs.
. people who will climb the ladder of success and become richer than they are.
. people that will remain as they are.
.people who will become poorer as a result of a drop in their financial ladder.
Of all the four categories, people want to stay richer and because of that, they want to invest their money in something that will enhance their financial status.
3. Did money vanish out of circulation?
No, money did not vanish out of circulation. Rather, it has frozen a bit due to the low purchasing power. For instance, if the total amount in circulation is 3 trillion dollars in this COVID-19 period, the amount will remain the same even after the seizure of the pandemic. The level at which people buy commodities has drastically dropped owing to the fact that they are reserving the little cash onhand against rainy days.
4. Who are the people with liquid assets?
A liquid asset is cash on hand or an asset that can be readily converted to cash. Cash on hand is considered a liquid asset due to its ability to be readily accessed.
People with liquid are the ones that can purchase a property due to the fact that they have access to raw cash. As a realtor, these are the people you should target because these prospects /clients are also thinking about investing that will boost their economic lives.
5. Where do I meet with buyers who have liquid cash?
As said early, a lot of people have moved from the traditional space to the digital world. Majority of them are on social media handles and google, sourcing for information and good deals. To get them, you have to share your knowledge of expertise and how you can help them get the kind of property they want to acquire. This is a time to expand and increase your online activities and build your presence in the digital space like most celebrities are doing.
If you can catch up with the trend, you will always be relevant in the market.
6. How do I convince prospects with liquid cash to buy?
After you’ve finally come across a potential buyer, another skill you is the ability to persuade them to buy. The way you convince buyers online especially the ones in the diaspora who can’t access the property they are buying is different from the traditional style. For these buyers, sell hope to them: the hope of their financial health being strong after the recession as a result of investing in real estate that gives them stable and mind-resting ROI
Real estate is not about structure but people, once you have missed the people you have missed everything.
In conclusion, realtors should focus mainly on sales of certain properties in strategic locations that can stand the storm of the forthcoming recession. Such apartments include 1,2 and 3 bedroom apartments with high rental values unlike duplexes or land in locations that not favourable for appreciation. Following the current state of the country, it is a good time for realtors to get good deals for their clients and also to expand (and not shrinking) their marketing activities even in the comfort of their homes.
Expansion gives you an edge over competitors who are overly cautious.
