The world has faced dramatic changes as the consequences of Covid-19. The real estate and hospitality industries have suffered the most, with countries being closed down and new quarantine requirements brought up.
However, with the slow recovery, real estate agents and brokers are now wondering how to get their businesses back on track with a “new normal.”
Thailand’s real estate market is highly dependent on foreign investments, and with international travel “new normal” requirements and bans, the economy has severely suffered. (See an image below)
Source: Bangkok Post, Chinese buying shows signs of post-Covid rebound.
The good news is, new data shows that property demand in Thailand could rise as international travel begins, according to Juwai IQI.
So how do real estate agents can succeed and bring new life to their real estate business?
Here are a few ways to keep your real estate business afloat:
1. Be updated on new changes and guidelines
With Covid-19 hitting, rules and regulations are always fluctuating and are different for every province. It is important to be updated as it affects various aspects of the real estate business, like home tours or foreign purchasing guidelines.
As a real estate agent, you have to know what is allowed in your city or province to show clients your market and location knowledge. Moreover, guidelines of the “new normal” do affect the process of buying real estate, especially when it comes to foreign investments.
For example, buyers might not be able to travel to the province or city they are planning to purchase property at due to certain restrictions, so you will need to prepare 360 Virtual tours as an alternative to view desired space.
The global pandemic has impacted all elements of the purchasing and selling process in the real estate market. From viewing to the closing process, and other aspects have faced transformation in regulation, causing delays. It is critical to stay up-to-date and informed of the changes to meet the client’s expectations and needs.
2. Virtual Property Tours are now vital!
Virtual Tours have been taking place even before the pandemic! According to Realtor’s 2019 Home Buyers and Sellers Generational Report, 46 percent of all buyers claimed virtual tours are very useful in the home buying process.
Another research conducted by TIG Global and Omni Hotels showed businesses that are implementing virtual tours for marketing are seeing a conversion increase from 16% to 67%.
More facts on 360-virtual tours:
• 67% of customers want more businesses to have virtual tours
• 360-Virtual tours have a significant impact on millennials customers (age 18-34). They are 130% more willing to book a viewing with a virtual tour.
• Using virtual tours or walk-through videos can keep site visitors 5 to 10 times longer.
By looking at all statistics, it is pretty clear that virtual tours can help agents successfully run their business and engage their customers.
Here are three options to offer to your clients:
• Walk-through video: This way is the least interactive but better than images alone. Record a video while walking through the entire property with a description of a condo or house.
• Lie, video-chat tours: if your client is not comfortable or unable to join viewing during the pandemic, set a video call and chat with them while touring the property.
• 360-virtual tours: a 360-degree virtual tour allows buyers to explore the property from any device. It empowers them to view the entire room, zoom in or out, and have a digital walk-through on their own to understand the floor plan and layout of the property. Check out over 100 projects with 360-virtual tours on our website.
3. Don’t ignore marketing
Marketing is a long-term strategy that can not be put on hold and continued after a while with an expectation of the same or better results. Staying connected with an audience, and building your profile is important, especially when the real estate market is down.
Keep in mind, while people are stuck in their homes, they are constantly scrolling social media and consuming everything they see all-time high.
6 marketing tips to help you grow social media accounts during Covid-19:
- Set up Instagram, Facebook, Tik Tok, and Youtube accounts.
- Develop a content plan ahead.
- Videos bring more engagement and value, so focus on that!
- Reels are the best tool to grow Instagram audience in 2021.
- Post regularly – consistency is the key
- Make your website mobile-friendly.
4. Educate and reassure clients
With all the uncertainty caused by the global pandemic, people reevaluate their needs and adjusting to the “new normal.” Inability to predict the economic future and knowing how to deal with frequent changes make buyers and sellers raise plenty of questions. To be ahead of competitors, real estate agents have to be flexible, knowledgeable, and responsive.
Clients are now looking for agents on who they can rely on clarity and guidance. Educate clients on what they can expect, especially first-time buyers, who can be in doubt of purchasing property in unsteady times. For example, ensure clients that buying property today will have a big advantage in post-Covid.
- Interest rate is low for the time being
- The cost of real estate is lower than usual
- Sellers are more willing to consider buyers deals
The pandemic is not going to be there forever, and you have a chance to make the best out of this situation. Adjust your strategy and workflow, always stay up-to-date with continuous changes, and create client’s purchase experience as comfortable as possible.
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