The Next Thing Big for Realtors in 2021

The Next Thing Big for Realtors in 2021

The real estate industry is undergoing some rapid changes as a result of technological improvements and an inl. The outbreak of the global pandemic has been a hindrance to businesses and their performance, and has left many investors questioning as to where the future of real estate is headed. Despite how unforeseeable times are; realtors are encouraged to plan ahead for the year in order to emerge successful. As easy as it may sound, the precautionary measures that come along with the virus, namely, social distancing and self-quarantine rules has affected traditional real estate practices, making in-person business even more challenging. As a result, it is essential for realtors to rise above with effective strategies, taking all the necessary steps to go about the hurdles and leverage technology in the best way possible. In this article we will walk you through a timeline of what the real estate sector was like pre and post COVID-19. Find out how you as a realtor or your agency can gear yourself up for what’s next and gain a competitive edge, while successfully managing to enhance your business prospects regardless of the COVID-19 impact. 

What was real estate like in 2020?

Conventional real estate and realtor practices were all about scheduling one-to-one meetings, luring in potential prospects and finding buyers the perfect property as you would walk them through numerous listings. Fast forward on to 2020, everything has changed since the COVID-19 outbreak. The real estate sector was off to a rough start as listings were removed from the market and sales declined significantly. By September 2020 stats indicate how the median price spiked up by 11% while the number of days property remained in the market was down by 18%. Though active listings tend to be down by 39%, it seems like the tide is taking a slow, steady turn. 

So what is the future of real estate?

It is important for investors to make the most out of the change in situations, especially as the virus continues to prevail. Investors must understand how every move is vital towards stabilizing the real estate business and gaining credibility in a fiercely competitive market. With limited options to pursue to maximize business potential, lead generation remains a top priority by most agencies, mainly as it happened to be the most affected as a result of the virus. Real estate investors must look into some effective tips that enhances lead generation and approach in 2021 and beyond, here is what you need to do to make the most out of your business:

Lead generation is key

Real estate lead generation is all about developing relationships, it refers to the marketing process that involves inducing interest into a service or product aiming to develop a sales pipeline. A successful lead generation campaign is capable of turning leads into prospects and clients, before finally becoming a closed client. An effective lead generation strategy in place can accumulate more leads, rewarding you with a more successful business overall. 

Below are a few useful strategies you can follow to enhance your real estate lead generation strategy and ensuring you stay on top of other investors in the market:

Generate motivated seller leads

Motivated seller leads have the potential to turn a good investor into a great investor. These leads are individuals who are in a rush to part ways with their property, the reason behind desiring to close a deal quickly could vary and depend on multiple reasons a homeowner may have, however, their need to sell out before time tends to create favorable circumstances for the investor. This is because the demanded price is mostly contingent on how motivated they are, which is usually below the property’s value in the market. 

Identifying distressed homeowners could potentially lead you to generate motivated seller leads for your real estate business. It is important for an investor to be reflective of the motivation of the seller, i.e., though they are motivated, they may not be motivated ‘enough’ to drop down to a specific price point. Therefore, it is always recommended to personally contact the seller, gain their trust and find out about their reason to sell early as they confide in you. Not only will you be able to understand their motive, but you can create a strong relationship with your clientele in the long run. 

Lead generation via social media marketing 

Social media marketing plays a significant role in improving your online presence and reaching the masses. With so many professional and informal platforms to begin with, lead generation has never been made easier. Connect to your audience based on their psychographics and demographics with the handy algorithms that can be leveraged by professionals to enhance your efforts that aim to cater to masses.  Creating a social media sales funnel that increases brand awareness and interest is enough for your customers to be aware of your brand and intrigued enough to click on your ads. 

From content placement and the number of posts shared every day, to following timings and regulating the clicks you receive, there are several elements that must be handled carefully to gain from your social media marketing campaigns. Investors can look forward to informing their audience with periodic updates and new listings in the market, and basically putting out content that encourages your prospects to click on the ad and turn into a conversion. 

Closing more real estate deals

In the light of COVID-19, the importance for closing more deals than ever cannot be signified enough. The real estate sector is already far from being too competitive, therefore, in order to be successful you must close maximum real estate deals for your business to continue operations and rise above other competitors in the industry.

While luring potential clients in, it is important to ask the necessary questions that help you achieve a closing. Such as using the ‘now or never closing technique’ where realtors can throw in a limited time offer that expires within a specific time period, and therefore requires immediate action from the buyer. Similarly, you can choose to sweeten the deal by adding some discounts and offers, that would tempt your clients into closing the deal with you. 

Additionally, you want to ensure that while you’re making any offers, you don’t bombard your clients with excess information and figures they won’t be interested in hearing. Instead, it is best that you give them space, listen and get to know them and their interests better. Knowing what your client really wants will not only allow you to set them up with the best listing but could lead you to closing a deal a lot faster, saving you a lot of time and effort. 

Lead generation via digital marketing

Fortunately, the advancement of digitalization and introduction of social media has impacted real estate sales significantly. While generating organic leads may be quite a challenge, using the right tools, and algorithms can get you through and could possibly expand your real estate business too. Useful digital marketing strategies, helps the investor and the seller to reach their potential leads through effective campaigns and other SME tactics. Additionally, COVID-19 has only empowered social media marketing to the extent where most investors and real estate businesses are relying on digital marketing solely to engage prospects and close leads. 

However, it is important that realtors bear in mind that the progress may be gradual but the results are definitive in the long run. You may fall prey to companies who may be convincing you to acquire their services in exchange for ‘promising results,’ but the harsh reality is, everything takes time and it is quite unlikely much of an impact would happen, regardless of how much is spent. Therefore, it is best that you make the right decision and hire companies that specialize mainly with real estate didgital marketing  and have a reputable experience in the market. This way you will be able to come up with ideal strategies that you can push through overtime, before eventually beginning to witness the desired results. 

Templates for real estate lead generation

A  user-friendly website template is just what you need to guide your leads to a gradual deal. A well-informed customer is better than a confused one. The last thing you would want is for your customer to come across your site and abandon it mid-way due to the over-complicated design that is integrated with it. Keep it convenient, and opt for a minimalistic real estate optimized website, that allows your leads to search through and reach their desired destination without any hassle. Additionally, a responsive chat box should be able to retain your customer for longer and you may even be able to generate customer contact information with the details provided by the visitor. 

We hope you keep these factors in mind the next time you’re looking for ways to close deals faster. While they may be super beneficial in allowing you to enhance your sales journey, or could potentially close your deals ‘faster,’ it is important to be realistic about the results and plough in the effort today to get the expected results tomorrow.  You may not become a millionaire overnight, but you could potentially establish a sustainable sales funnel and pull through a few loyal customers through your deals, this way you could stabilize and expand your real estate business in the long run.